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← Redstart Educate

2025-08-31-accounts

Confidential

Trustees’ Report 1 September 2024 to 31 August 2025

Registered in England and Wales (1170297) and Scotland (SC050276). Registered Office: 91 Charterhouse Street London EC1M 6HR, United Kingdom.

Confidential RED

1 September 2024 to 31 August 2025

Thank you for opening this trustees’ report, which covers RedSTART’s financial statements for the period 1 Septmber 2024 to 31 August 2025. Our trustees have adopted the provisions of accounting and reporting in the Charities Statement of Recommended Practice.[1] Each year, we follow the Charity Commission’s guidance on public benefit when we set our strategy. Our trustees aim to ensure that RedSTART’s activities remain in line with our charitable aims.

This applies to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102), effective 1 January 2019.

1 This applies to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102), effective 1 January 2019.

Confidential

Executive summary

Our ambition has always been to make meaningful impact and change the game for children’s financial education in the UK. We aimed to provide evidence to Government that teaching primary school children about money not only increases their level of financial literacy but improves their levels of maths attainment and increases their confidence in their future lives as they grow up and start to link money to earning and the world of work. We have been working to provide that evidence around three key pillars; impact, appetite and scaling.

This year we helped give financial education that counts to primary school children from communities of greater disadvantage across the UK, by:

Our aim has always been to seek opportunities to collaborate with organisations with similar objectives in an industry where there is no shortage of content or providers. This year an opportunity arose to merge with Money Ready, the leading delivery provider of financial education in the sector, with a particular focus on the secondary and young adult space. Having first considered a proposal from the CEO in August 2024, the Board agreed at a meeting in December 2024 to proceed towards a merger and commence formal due diligence. The merger was approved at a Board meeting in June 2025. As a result, with effect from 1 September 2025, RedSTART Educate merged with Money Ready and Change the Game began a new and exciting future as the core primary programme for Money Ready.

2Each participating school must have an Index of Multiple Deprivation level of 5 or below.

Confidential RED

Freddie Ewer – 27 January 1990 – 28 July 2025

Freddie was a co-founder of RedSTART, a trustee, and a lifelong advocate for financial education. His vision, energy and determination helped turn an idea into a movement that has touched tens of thousands of young lives. We remember Freddie Ewer with deep sadness and immense gratitude.

A tribute from our co-founder and Trustee, Rob Gardner

I first met Freddie Ewer in the summer of 2006 when he joined Redington, a Gallagher company as our very first summer intern. We had only just set up the business. Still, Freddie arrived full of curiosity, energy, and a real desire to contribute. He kept in touch, and after graduating from Durham, he returned to join our 2012 graduate programme. Even then, his passion for entrepreneurship and financial education was clear, and it carried through into everything he did.

2012 was also the year of auto-enrolment, when the country began asking how prepared people really were for their financial futures. Freddie and his fellow graduate, Jonathan Letham, CFA , came to me with an idea: what if Redington delivered financial education to young people? At the time, we were searching for a Corporate Social Responsibility initiative that connected directly to our purpose to help people feel confident and in control of their financial future.

“In the early days Freddie put real care into preparing for workshops. I’ll never forget us hauling chairs up from the basement at Mallow Street, or his excitement laying out the RedSTART goodies for students. He was thoughtful, authentic, and someone I trusted for honest advice.” - Jonny Letham

So we started. We invited a class of GCSE students from Islington into our offices to learn about money: how it works and how to make it work for you. The following year, research revealed that our money habits form by the age of seven, and we pivoted RedSTART towards primary schools. We moved from classroom teaching to learning through play, creating our first game, Money Matters, to teach children how to earn, save, and grow money. From there, RedSTART grew year by year.

Confidential RED

Freddie worked at Redington until 2017, becoming an excellent investment consultant, advising some of the UK’s largest pension funds. Whilst at Redington, we also coauthored The Age of Responsibility in 2016 with Lord Hutton, making the case that financial responsibility was shifting decisively to individuals. But he never stepped away from RedSTART. He remained a trustee, an advocate, and a friend. Freddie cared deeply about how we prepare people for this new reality.

Today, RedSTART reaches over 150 schools and 40,000 children, with our Change the Game programme providing a continuous journey from Reception to Year 6. It is backed by one of the strongest evidence bases in the sector, thanks to our partnership with King’s College London. And in September, we became part of Money Ready, the UK’s largest financial education charity, supporting people from 4 to 40. T hat is a legacy Freddie can be deeply proud of.

Freddie and I often shared a favourite passage from Roosevelt’s Man in the Arena. It’s a fitting reflection of his life: he stepped into the arena, gave his best, and left behind something lasting.

Freddie, I miss you as a colleague, a cofounder, and a friend. But know that your legacy will continue to shape the financial future of generations to come.

Confidential

Stronger together

Our CEO, Sarah Marks, and the CEO of Money Ready, Leon Ward, had been exploring opportunities for collaboration since the beginning of 2024. As their conversations progressed, it became increasingly obvious that there was also an opportunity to merge the two organisations with potential benefits for both organisations. A project to examine the benefits in more detail began in August 2024, and a working group was established. This identified highly complementary cultures, purpose and propositions, and significant additional benefits that could be realised by combining the two charities. As a result, the RedSTART & Money Ready (known at that time as MyBnk) Senior Leadership teams with the support of the Trustees Working group requested approval to proceed towards a merger of the two charities, subject to the trustees receipt of confirmatory legal advice, at an exceptional Board meeting in December 2024.

The high level case for the merger and the detail of the programme and geographical fit are shown below:

The compelling case for the merger

Combined proposed delivery model to each age cohort

Confidential

Combined proposition

Greater geographical reach Greater depth of intervention All age service combining deep expertise

Combined proposition to each age cohort (left) and region (right)

*Adulthood is within scope of the MyBnk strategy, and will be increasingly targeted as the strategy is rolled out

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Confidential
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Following completion of the due diligence work, it was agreed that 1 September should be the target date for the merger as that is the financial year end for both RedSTART and Money Ready and the start of the academic year. Lawyers were appointed to provide legal assurance to the Trustees around the merger paperwork and review the work done in due diligence. They attended the June Board meeting and were able to advise the Trustees that they were satisfied that the Trustees could sign the legal paperwork and progress with the merger.

Confidential

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What has
RedSTART achieved?
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RedSTART has given the UK’s most disadvantaged children a head start on their financial futures and life outcomes.

We have provided financial education to transform the life chances of young people across the country. We have done this in partnership with major financial institutions, local businesses and over 800 volunteers in seven key locations across the UK.

The initial aim we had set ourselves, of financial education being placed on the primary school curriculum in England just as it is in the rest of the devolved nations of the UK, has been achieved with the publication of the Curriculum and Assessment Review in the Autum of 2025, the recommendations contained therein having now been supported by the Government and passed to the Department for Education (DfE) for implementation.

We have always maintained that we know that the work doesn’t end there. Even where financial education is part of the curriculum, as it has been for the last 10 years in secondary schools, we have seen that it is not delivered consistently. The key now will lie in the detail of the delivery and the way in which it is implemented in schools.

We have created a tried-and-tested blueprint for implementing financial education effectively in primary schools. We can also offer options for scaling up the programme, which could be adopted by Government.

We always aimed to close the charity down once our objectives had been met, and we had set ourselves a target of 2030 by which to achieve this. We will now achieve this goal through the merger with Money Ready. The Change the Game primary programme and King’s research will continue as the core primary offering, and we will develop a similar programme for the secondary schools into which the children will move as they leave our primary programme, and we will continue to work with Government on the implementation of the financial literacy programme as an integral part of Money Ready.

Confidential RED

Our achievements from 1 September 2024 to 31 August 2025

We continued the momentum from 2023/24 and delivered on all our key objectives. Here are some of the highlights

Supporting more schools and working with more year groups

Supporting more schools, seeing more children and working with more volunteers in more places

At the start of the 2024/25 academic year, we had 85 eligible member schools enrolled in the Change the Game programme. 25 were new to the programme and 60 were in their third year. At the start of the 2025/26 academic year, we had 145 eligible schools enrolled in the programme, 60 of which were new members.

None of the new member schools will form part of the King’s research. Their role will be to test appetite and help us prove scaling. We delivered 539 (up from 443 the year before) school-based activities and workshops in the 2024/25 academic year, 113 (up from 99 the year before) of which were Year 6 workshops delivered in corporate offices, city council offices, sports venues, on university campuses and at other places of work.

We were supported by over 800 volunteers, who, between them, attended over 1,200 workshops across both school and workplace venues. The number

of supported activities is higher than the number of volunteers because people volunteered more than once, which is a reflection of the value they place on the programme and the impact they can see they are having on the children. People do not give up their free time repeatedly and travel out to schools, unless they feel it has value.

We continue to work on leading, training and supporting member schools to self deliver the in-school workshops and school based activities and achieved 20% teacher led delivery in the 2024/25 academic year, up from zero the year before. Some of the new member schools have accepted this from the start and require very little support while other member schools are more nervous and have issues with staff turnover which means they will need extra help.

Our Change the Game’ programme is a seven-year evaluation in partnership with KCL, measuring the impact of financial awareness on primary-school children. Ultimately, we hope to put financial education on the primary school curriculum in England and ensure that ongoing education is delivered in a consistent and meaningful way.

Confidential RED

Schools

In 2024/25 Control schools were paid c.£500 per year group for a 2 form entry school in lieu of delivery, as a thank you for completing the surveys, as the children we were tracking were in Y5, and deemed too close to the Y6 delivery point. Delivery has recommenced in these schools in 2025/26 with Reception.

The growth in school numbers has come largely from organic referrals and recommendations from within the teaching community. We have already received several applications from schools across the country to join the programme in 26/27. This substantial organic growth provides concrete evidence of the appetite in primary schools to deliver the programme. This is important as we shift from focusing on establishing the longitudinal study that measures impact to demonstrating scalability and sustainability.

In the 2025/26 academic year, we are continuing to coach and support all our teachers to deliver the in-school programme themselves, rather than having a RedSTART or Money Ready team member leading every session. New member schools will also be recruited on the basis that their teachers will deliver all the in-school activities and workshops with support from a Money Ready team member during the first 12 months.

Confidential RED

The third annual report from the longitudinal study, expansion and future plans

The National Pupil Database content, which provides lower-level data for analysing variations in impact by factors such as ethnicity, gender, or Special Educational Needs and Disabilities (SEND) status, had no effect on the outcomes and conclusions in KCLs report. This confirms that the programme is working well for all children.

The academic year 2023/24 was the last one where we added new schools to the longitudinal study, which we aim to run until the children who are part of the study finish primary school.

Almost 1,800 children in Year 4 (in England) and Primary 5 (in Scotland), across 45 schools, participated in the third year of the impact evaluation of Change the Game. The children at the treatment schools had joined the programme at the start of Year 2, so had now had the benefit of three years of the intervention.

The Policy Institute, Kings College London (KCL) published the third of its annual reports in September 2025, covering the 2024/25 academic year. Johnny Runge, Acting Director of Evaluation, Policy Institute at King’s College London made the following comment:

“

Our independent evaluation shows that pupils participating in Change the Game achieve significant gains in financial knowledge compared with their peers. After three years, they demonstrated stronger understanding of money management and the role of money in society, alongside more positive attitudes towards money. We look forward to continuing to track these impacts in the coming years as pupils move through the rest of primary school.

Confidential RED

Outcome Impact

Financial Knowledge +5.6% (medium effect) Financial Ability +16.8%

Financial Mindset +3.6%

Financial Connections +6.0%

Maths Confidence +5.1% (early signs)

Financial Behaviour No impact

Maths Attainment No impact

Teacher & Pupil Feedback

• 94% of teachers found the programme easy to run.

• 90% of teachers enjoyed delivery; pupils were highly engaged and ‘loved’ the games.

• Teachers saw pupils discussing saving and spending beyond lessons.

Policy Context

• 100% of staff in treatment schools support financial education in primary.

• The Curriculum and Assessment review (2025) highlights the need for early financial education.

Key Lessons

  1. Primary pupils can meaningfully learn financial concepts early.

  2. Consistent delivery sustains learning gains.

  3. Teacher buy-in and low burden are essential.

  4. Well-designed, age-appropriate resources make programmes effective.

The fourth year of research (2025/26)

Cohort 1 will complete their final Year 6 surveys in 2025/26 and will be the first cohort to have received 4 years of the Change the Game programme. They will provide the first impact data for this year group.

• Cohort 3 (now in Year 2) will also be surveyed in 2026 after 3 years of provision, starting in Reception. This group will allow us to compare these results with those of children who were surveyed two years ago, at the start of Change the Game, having had no delivery prior to Year 2.

KCL would like to broaden the study with the children by incorporating additional work with parents, carers, and families within the home, while also continuing to follow a subset of the children beyond their primary school years. The first cohort of these children will be leaving primary school at the end of the 2025/26 academic year. We share their interest in this and will agree an extension to the current contract if we secure a funding stream sufficient to support the work.

Confidential RED

A steady funding stream with long-term support from our strategic partners

During this year we maintained our income level thanks to the support and generosity of our funding partners. During the period from 1 September 2024 to 31 August 2025, RedSTART received £940,766 in funding and we have a commitment of £544,437 for the next financial year. We carried £710,255 across to the next financial year and following the merger this will be reported on by Money Ready. This sum allows for existing commitments, including expenditure for the KCL research, final invoices related to RedSTART Educate, and resources for schools joining the programme in the 2025/26 academic year, which will soon require payment. We also recognised the risk that several significant multi-year agreements were coming up for renewal. While we enjoy a good relationship with our sponsors, engage with them regularly, and have received overwhelmingly positive feedback about the merger, we cannot rely on all of our funders rolling forward into what for many will be a fourth year of support with a new organisation and strategy. We have therefore assumed that we will retain 60% of our current funding stream and have ensured that we started the next financial year with a significant cash buffer.

Developing the Money Management App

In December 2024, we held a brainstorming session with a teacher steering group and developed a scoping document to seek developer quotes for a non-physical version of the App. This revised version would retain the same structure, with rewards centred on certificates, stickers, and optional avatar items for the children to buy, such as clothing and pets.

Following the merger, the app needs to fit in with the digital strategy of Money Ready. The maintenance and hosting agreement remains in place while a decision is made and the developers, SALT, gave a demonstration of the App to the CEO and the Senior Systems Manger at Money Ready post the merger in order that it can be considered in the wider context of the digital plans at Money Ready.

Fond farewells

During this period, RedSTART said goodbye to Christina Lartey, Regional Manager for South London. She was not replaced, and her schools and corporate contacts were allocated to other team members serving our communities in London, and with increased flexibility across the team we delivered everything that we were committed to deliver from January to July 2025. This allowed us the time we needed to re-sign some of the multi year contracts that were coming up for renewal in Spring/Summer 2025 and to consider the structural implications following the merger with Money Ready.

Serving regions in greater depth

As of 31 August 2025, our structure was as follows:

The Vendor and Project Manager role was made redundant at the point of the merger as the content of that role is managed across multiple roles at Money Ready. All other roles were transferred across to Money Ready on a “lift and shift” basis under TUPE regulations.

The Regional Manger for the North East decided not to transfer to Money Ready and left RedSTART at the point of merger on 31 August 2025.

Confidential RED

Where we work

At the start of the 2025/26 academic year, our Change the Game programme is being delivered to 145 member schools in seven regional hubs – London (inside the M25), the North East, Edinburgh, Bristol, Suffolk, South Wales, and Sussex.

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43,000
children In 202 5 / 26
Edinburgh, Fife and Scottish Borders
22
Newcastle, Sunderland
& & Gateshead
21
Lowestoft &
Suffolk/Norfolk borders
7
Cardiff – new hub for
23/24 academic year
30
Bristol, Bath and Weston
Super Mare
23
; ——_
London, inside the M25
Sussex (Crawley & [41]
Brighton) new hub for
23/24 academic year
1
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Confidential RED

Thank you for your support

We would like to say a huge thank you to the following organisations:

For being a strategic partner in 2025:

For supporting us financially over multiple years in the classrooms, in your offices and so much more:

For providing financial support in this financial period:

For providing professional expertise and the people to help us get things done:

Confidential RED

Structure and management

RedSTART is a Charitable Incorporated Organisation (CIO), whose only voting members are its charity trustees. Its governing document is its constitution.

How do we do it?

New trustees are identified by the current trustees and appointed for a term of three years. There must be at least three charity trustees and a maximum of 12.

In selecting individuals for appointment, the charity trustees ensure they have regard to the skills, knowledge, and experience required for the effective administration of the CIO.

All new trustees are interviewed by the board, vetted, including disclosure and barring service checks (DBS), and given a full induction.

The current trustees ensure they give new trustees a copy of the current version of the constitution and the latest Trustees’ Annual Return.

All trustees provide their services as trustees for free.

No funds are held by custodian trustees on behalf of others.

There are no exemptions from disclosure.

Chief executive officer (CEO)

Our CEO is responsible for the day to day-to-day operation of the charity and manages the staff of the charity on behalf of the trustees. Our CEO, Sarah Marks, has been in the role since 1 August 2021.

Risk management

The trustees have assessed the risks the charity faces and have drawn up a risk matrix which identifies the major risks by type, the likelihood of the risks happening, and the measures taken to manage them. The trustees review this risk matrix regularly at their board meetings. The most significant items identified at the June board meeting were merger related:

Due diligence concerns cancel or delay merger

Financial concerns cancel or delay merger

The trustees are satisfied that systems are in place, and/or arrangements are in hand, to manage the risks that have been identified. The following mitigation measures are in place:

manage the risks that have been identified. The following mitigation measures are in
place:		 manage the risks that have been identified. The following mitigation measures are in
Item Mitigation
Due diligence
concerns
cancel or
delay merger		 g
•
Requires successful due diligence and both Trustee Boards
sign off to proceed
•
There has been full disclosure for several months with no
issues raised
•
Eastside People will perform confirmatory due diligence by
30 June
Financial
concerns
cancel or
delay merger		 •
RedSTART CEO has shared the funding situation with
MoneyReady’s CEO, so there should be ‘no surprises’. Part of the
merger rationale is improved access to diversified funding
sources and use of a dedicated fundraising team.
•
The transfer will be on a restricted basis such that RedSTART’s
assets will only be usable by Money Ready in line with RedSTART’s
current objects and any further necessary restrictions required by
RedSTART’s current funding or other arrangements. Trustees need
to approve the merger and will be aware of the financial
positions of both entities

Confidential RED

Trustee declarations

Rhodri Mason, Chair of Trustees

Rhodri is an active chair and provides support and guidance to the CEO. He ensures that the charity is run in line with the board’s mandate, and he meets the CEO regularly for progress updates and discussion.

Rob Gardner (Founder)

Rob is one of the founders and the lead trustee for fundraising. He works to promote RedSTART and supports the CEO with sales and marketing activity.

Cath Lane

Cath is the lead trustee for education. She leads on safeguarding policy and all decisions related to our work with our schools.

Johnathan Letham

Jonny is the lead for Scotland. He works to promote RedSTART within the Edinburgh community and provides support for the regional manager.

Cerian Williams

Cerian is the lead for finance. With changes to cashflow, there is a greater need for oversight, and she works to ensure that the budget is regularly reviewed.

Comment from the Chair of Trustees

"This report covers the final period of RedSTART’s existence as an independent charity, before its successful merger with Money Ready.

On behalf of the entire Trustee Board, I would like to express our sincere thanks and admiration to Sarah Marks and her wonderfully talented team at RedSTART for their unwavering commitment to bringing personal financial education to primary school children across the UK. Together they have made an enormous difference, supported both by the positive research data collected by King’s College London, and by positive feedback from thousands of children, teachers and parents.

With RedSTART now forming the primary school offer of Money Ready, we look forward to an even brighter future together in years to come.”

Confidential

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2025 audited
accounts
Financial Review
Income
Expenditure
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Income for the period totalled £941,413 (2024: £671,791) of which £940,766 was received as donations and legacies.

Expenditure totalled £925,377 (2024: £695,428).

Total funds carried forward for the period amounted to £710,255 (2024: £694,219).

Reserves policy

RedSTART Educate aims to achieve reserves of three to six months of payroll and operational costs each year in order to be able to continue to provide a service to our beneficiaries. This amounts to c. £125,000 - £250,000

REGISTERED CHARITY NUMBER: 1170297

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR REDSTART EDUCATE (CIO)

THP Limited Chartered Accountants and Statutory Auditors 34-40 High Street Wanstead London E11 2RJ

REDSTART EDUCATE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Page
Reference and Administrative Details 1
Report of the Independent Auditors 2 to 4
Statement of Financial Activities 5
Balance Sheet 6
Cash Flow Statement 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15 to 16

REDSTART EDUCATE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2025

TRUSTEES J Letham R Gardner R R Mason C A Williams C Lane REGISTERED OFFICE C/O Stone King LLP Boundary House 91-93 Charterhouse Street London EC1M 6HR REGISTERED COMPANY NUMBER CE009103 (England and Wales) REGISTERED CHARITY NUMBER 1170297 AUDITORS THP Limited Chartered Accountants and Statutory Auditors 34-40 High Street Wanstead London E11 2RJ

Page 1

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF REDSTART EDUCATE

Opinion

We have audited the financial statements of Redstart Educate CIO (the 'charity') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.

In auditing the financial statements, we have concluded that the trustees' use of the alternative basis of accounting in the preparation of the financial statements is appropriate.

As the activities of the Charity were transferred to a new entity on 1 September 2025, the Trustees have prepared these accounts on an alternative basis.

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

We have considered the disclosures made in relation to this matter within these financial statements and can conclude that they are adequate.

Material uncertainty related to going concern

We draw attention to note 1 to the financial statements, which explains that subsequent to year end Redstart Educate merged into Money Ready, transferring its activities, assets and liabilities on 1 September 2025, and as a result the trustees have prepared the financial statements on a non-going-concern basis.

As explained in note 1, these events indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our 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 non-going-concern basis of accounting is appropriate. Our evaluation of the trustees’ assessment of the charity’s ability to continue to adopt the going concern basis of accounting included consideration of the completed merger and the transfer of all activities to Money Ready.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 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.

Page 2

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF REDSTART EDUCATE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF REDSTART EDUCATE

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THP Limited Chartered Accountants and Statutory Auditors 34-40 High Street Wanstead London E11 2RJ 23/12/2025 Date: .............................................

Page 4

REDSTART EDUCATE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

year ended
31.8.25
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
940,766
Investment income
3
647
Total
941,413
EXPENDITURE ON
Raising funds
4
52,790
Charitable activities
5
Financial education
872,587
Total
925,377
NET INCOME/(EXPENDITURE)
16,036
RECONCILIATION OF FUNDS
Total funds brought forward
694,219
TOTAL FUNDS CARRIED FORWARD
710,255		 period
1.1.24
to
31.8.24
Total
funds
£
671,483
308
671,791
86,524
608,904
695,428
(23,637)
717,856
694,219

These notes form part of the statutory financial statements

Page 5

REDSTART EDUCATE

BALANCE SHEET 31 AUGUST 2025

2025 2024
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Intangible assets 11 126,939 165,765
Tangible assets 12 619 5,448
127,558 171,213
CURRENT ASSETS
Debtors 13 131,567 133,288
Cash at bank **546,462 ** 505,332
678,029 638,620
CREDITORS
Amounts falling due within one year 14 (95,332) (115,614)
NET CURRENT ASSETS **582,697 ** 523,006
TOTAL ASSETS LESS CURRENT LIABILITIES 710,255 694,219
NET ASSETS 710,255 694,219
FUNDS 15
Unrestricted funds 710,255 694,219
TOTAL FUNDS 710,255 694,219

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 22/12/2025

............................................. R R Mason - Trustee

These notes form part of the statutory financial statements

Page 6

REDSTART EDUCATE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

year ended
31.8.25
Notes
£
Cash flows from operating activities
Cash generated from operations
19
48,763
Net cash provided by operating activities
48,763
Cash flows from investing activities
Purchase of intangible fixed assets
(8,280)
Interest received
647
Net cash used in investing activities
(7,633)
Change in cash and cash equivalents in
the reporting period
41,130
Cash and cash equivalents at the
beginning of the reporting period
505,332
Cash and cash equivalents at the end of
the reporting period
**546,462 **		 period
1.1.24
to
31.8.24
£
156,645
156,645
(71,325)
308
(71,017)
85,628
419,704
505,332

These notes form part of the statutory financial statements

Page 7

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

Subsequent to year end, Redstart Educate merged with another UK based registered charity, Money Ready, Charity Registered No 1123791, which shares the objectives of Redstart Educate. The charity, via a transfer agreement, transferred at book value all ongoing activities, assets and liabilities into Money Ready.

The charity is therefore not a going concern and these accounts have been prepared on an alternative basis.

Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Donations and legacies

Donations, legacies and grants of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Donated goods, services and facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - Straight line over 3 years

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 8

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES - continued

Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Software development costs

Software development costs relating to the Charity's educational money management app are capitalised and amortised over 5 years on a straight line basis.

The Charity applies the rules set out in FRS102 when considering the capitalisation of software development costs. Therefore, the charity only recognises an intangible asset as an asset if, and only if:

(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and

The asset is initially recognised at cost, where cost comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Any expenditure carried forward is amortised in line with the expected future life of the asset less any accumulated impairment losses.

All other computer software costs are expensed in the SOFA in the year incurred.

2. DONATIONS AND LEGACIES

year ended
31.8.25
£
Donations
940,766
Donated goods and services
-
940,766
3.
INVESTMENT INCOME
year ended
31.8.25
£
Deposit account interest
647
4.
RAISING FUNDS
Fundraising costs
year ended
31.8.25
£
Staff costs
48,715
Website expenses
216
Legal & professional fees
3,859
52,790		 period
1.1.24
to
31.8.24
£
665,483
6,000
671,483
period
1.1.24
to
31.8.24
£
308
period
1.1.24
to
31.8.24
£
74,280
144
12,100
86,524

continued...

Page 9

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

5. CHARITABLE ACTIVITIES COSTS

Financial education
6.
SUPPORT COSTS
Financial education
Financial education		 Direct
Costs
£
600,224
Management
£
115,794
Administration
Human
and other
resources
costs
£
£
12,080
53,505

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

period
1.1.24
year ended to
31.8.25 31.8.24
£ £
Auditors' remuneration 8,700 8,160
Bookkeeping and payroll fees 15,174 8,189
Depreciation - owned assets 4,829 3,220
Software development costs amortisation 47,106 30,300

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the period ended 31 August 2024.

Trustees' expenses

No trustees have had expenses reimbursed, either in the current or prior year.

9. STAFF COSTS

year ended
31.8.25
£
Wages and salaries
391,084
Social security costs
36,456
Other pension costs
32,429
459,969
The average monthly number of employees during the year was as follows:
year ended
31.8.25
Total staff
9		 period
1.1.24
to
31.8.24
£
251,998
24,695
23,750
300,443
period
1.1.24
to
31.8.24
9

continued...

Page 10

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

9. STAFF COSTS - continued

No employee received emoluments between £60,000 and £70,000 (2024: 0). No employee received emoluments between £70,000 and £80,000 (2024: 0). One employee received emoluments between £80,000 and £90,000 (2024: 0).

Key management includes the Trustees, the Chief Executive and the Vendor & Project Manager. The compensation paid to key management staff for employee services is £163,306 (2024: £105,730).

The above total compensation paid to key management staff includes £8,457 paid on redundancy. No other such payment was made in the year.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 671,483
Investment income 308
Total 671,791
EXPENDITURE ON
Raising funds 86,524
Charitable activities
Financial education 608,904
Total 695,428
NET INCOME/(EXPENDITURE) (23,637)
RECONCILIATION OF FUNDS
Total funds brought forward 717,856
TOTAL FUNDS CARRIED FORWARD 694,219
11. INTANGIBLE FIXED ASSETS
Software
development
costs
£
COST
At 1 September 2024 227,250
Additions 8,280
At 31 August 2025 235,530
AMORTISATION
At 1 September 2024 61,485
Charge for year 47,106
At 31 August 2025 **108,591 **
NET BOOK VALUE
At 31 August 2025 126,939
At 31 August 2024 165,765

continued...

Page 11

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

12. TANGIBLE FIXED ASSETS

COST
At 1 September 2024 and 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Funds receivable
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Accruals and deferred income
15.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.9.24
£
694,219
694,219
Incoming
resources
£
941,413
941,413		 2025
£
23,500
108,067
131,567
2025
£
21,892
15,890
57,550
95,332
Net
movement
in funds
£
16,036
16,036
Resources
expended
£
(925,377)
(925,377)

continued...

Page 12

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as		 At 1.1.24
£
717,856
717,856
follows:		 Net
movement
in funds
£
(23,637)
(23,637)		 At
31.8.24
£
694,219
694,219
Unrestricted funds
General fund
TOTAL FUNDS
16.
OTHER FINANCIAL COMMITMENTS
Contracted but not provided for in the financial statements		 Incoming
resources
£
671,791
671,791		 Resources
expended
£
(695,428)
(695,428)
2025
£
79,772		 Movement
in funds
£
(23,637)
(23,637)
2024
£
143,465

The above balance relates to the amounts committed towards the charity's "Change the Game" study and hosting/maintenance of a money management app for RedSTART Educate.

17. RELATED PARTY DISCLOSURES

The charity holds a licence agreement with a Trustee such that RedSTART has the use and reproduction rights of the material in a book authored by the Trustee, at no cost.

During the year the charity received a £151,188 (plus gift aid of £37,500) from a Trustee. This represents 20% of the total donation income in the year.

£150,000 of the balance donated was done so under a funding deed in accordance with the charity's standard format. As a result, no special conditions were placed upon the use of these funds. No conditions were attached to the remainder of the donation.

18. POST BALANCE SHEET EVENTS

Subsequent to year end, on 1 September 2025 Redstart Educate merged with another UK based registered charity, Money Ready, Charity Registered No 1123791, which shares the objectives of Redstart Educate. The charity, via a transfer agreement, transferred at book value all ongoing activities, assets and liabilities into Money Ready.

continued...

Page 13

REDSTART EDUCATE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

19. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

year ended
31.8.25
£
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
16,036
Adjustments for:
Depreciation charges
51,935
Interest received
(647)
Decrease in debtors
1,721
(Decrease)/increase in creditors
(20,282)
Net cash provided by operations
48,763		 period
1.1.24
to
31.8.24
£
(23,637)
33,520
(308)
64,072
82,998
156,645

20. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.9.24
£
505,332
505,332
**505,332 **		 Cash flow
At 31.8.25
£
£
41,130
546,462
41,130
546,462
41,130
**546,462 **

21. CHANGE OF ACCOUNTING PERIOD

In the previous period, the charity shortened its accounting period to 31 August 2024. This was to align the year end with that of schools. The comparative income and expenditure figures shown in these accounts therefore represent an eight-month period and are not comparable.

Page 14

REDSTART EDUCATE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

period
1.1.24
year ended to
31.8.25 31.8.24
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 940,766 665,483
Donated goods and services - 6,000
940,766 671,483
Investment income
Deposit account interest 647 308
Total incoming resources 941,413 671,791
EXPENDITURE
Fundraising costs
Wages 40,002 61,989
Social security 4,599 6,265
Pensions and benefits 4,114 6,026
Website expenses 216 144
Legal & professional fees 3,859 12,100
52,790 86,524
Charitable activities
Wages 254,830 107,018
Social security 23,072 10,038
Pensions and benefits 17,558 7,985
Travel and entertainment 24,758 25,554
Merchandise costs - kit bags for schools 60,618 48,730
Product development 215,844 201,225
Volunteer training 3,544 4,251
600,224 404,801
Support costs
Management
Wages 96,252 82,991
Social security 8,785 8,392
Pensions and benefits **10,757 ** 9,739
115,794 101,122
Finance
Finance costs 112 115
Software 703 444
815 559
Information technology
Security and consultancy 40,848 22,634
Sundries 153 423
Website hosting and maintenance **1,902 ** 1,331
42,903 24,388
Human resources
Background checks 9,131 9,172
Carried forward 9,131 9,172

This page does not form part of the statutory financial statements

Page 15

REDSTART EDUCATE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

period
1.1.24
year ended to
31.8.25 31.8.24
£ £
Human resources
Brought forward 9,131 9,172
Training 572 450
Software licences 1,477 907
Sundries 121 129
Entertainment 779 19
12,080 10,677
Administration and other costs
Postage and stationery 974 1,271
Recruitment fees - 8,853
Advertising and marketing 596 348
Development costs 47,106 30,300
Computer equipment 4,829 3,220
53,505 43,992
Governance costs
Auditors' remuneration 8,700 8,160
Bookkeeping and payroll fees 15,174 8,189
Insurance 831 2,794
Legal and professional fees **22,561 ** 4,222
47,266 23,365
Total resources expended 925,377 695,428
Net income/(expenditure) 16,036 (23,637)

This page does not form part of the statutory financial statements

Page 16

Confidential RED

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing accounts the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

22/12/2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

...............................................................

R R Mason - Trustee