Charity registration number 226766 (England and Wales)
Company registration number 00064740
RED BANK SCHOOLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RED BANK SCHOOLS LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees and directors
K Roberts
G M Appleton
M E Jones
C A Fogarty
Secretary
S Hymes
Charity number (England and Wales)
226766
Company number
00064740
Registered office
Legal Services, Town Hall
Victoria Square
St Helens
England
WA10 1HP
Auditor
BK Plus Audit Limited
7 Waterside Court
St. Helens
Merseyside
United Kingdom
WA9 1UA
RED BANK SCHOOLS LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 13
RED BANK SCHOOLS LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The object of the charity for the public benefit is to advance in life and help young people by:

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

The charity, in partnership with St Helens Council, continues to offer specialised education for children with special educational needs through Willow Bank School in Newton-Le-Willows, which is sited on land owned by the charity.

 

In furtherance of the charity's objectives, by the granting of a a long lease to the Council, the charity and the Council facilitated the redevelopment of a former disused building and grounds to provide accommodation for the school.

Financial review

The charity has a net deficit for the year of £3,446, 2023 £8,179. Total reserves at the year end were £458,431, 2023 £461,977. Restricted or designated funds at the year end were £Nil, 2023 £Nil.

Going concern

Red Bank Schools Limited continues to work closely with St Helens Council to facilitate the accommodation of the Willow Bank School.

 

Maintenance, security and insurance expenditure for the school continue to be borne by the Council, on the basis that the historical assistance will be recognised as a first call on a realisation of any future capital receipt of the Charity.

 

The trustees believe, having taken into account all information that could reasonably be expected to be available, it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

Policy on reserves

 

Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with The Financial Reporting Standard (Charities SORP) defines reserves as income which becomes available to the charity and is to be spent at the trustees' discretion in furtherance of any of the charity's objectives, but which is not yet spent, committed or designated.

 

At the year end the charity held such free reserves of £458,531, 2023 £461,977. The trustees are of the opinion that the level of free reserves is adequate enough to enable the charity to continue to further its objectives.

RED BANK SCHOOLS LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Structure, governance and management

Red Bank Schools Limited is a registered charity and is limited by guarantee. It was established and is governed by the Memorandum and Articles of Association dated 10th January 1900, amended on the 2nd March 1964 and most recently on the 31st January 2010. The liability of the members in the event of the charity being wound up is limited to £10 per member.

 

The charity is governed by its Board of Trustees, which meets on a regular basis. The Board, together with the senior management team, is responsible for formulating the strategy and policies of the organisation. Trustees are drawn from a variety of backgrounds to ensure the Board has the required expertise. All new trustees are subject to an induction process which includes the opportunity to meet with senior managers and staff and to visit the school to see how it is operated.

 

The charity may, by ordinary resolution, appoint a person who is willing to act to be a trustee and determine the rotation in which any additional trustees are to retire.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

K Roberts
G M Appleton
M E Jones
C A Fogarty
Auditor

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

C A Fogarty
Trustee
25 February 2025
RED BANK SCHOOLS LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The trustees, who are also the directors of Red Bank Schools Limited for the purpose 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).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RED BANK SCHOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RED BANK SCHOOLS LIMITED
- 4 -

Opinion

We have audited the financial statements of Red Bank Schools Limited (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet 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 charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

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 charity’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.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the 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 our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

RED BANK SCHOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RED BANK SCHOOLS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within 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, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

RED BANK SCHOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RED BANK SCHOOLS LIMITED
- 6 -

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

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.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RED BANK SCHOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RED BANK SCHOOLS LIMITED
- 7 -

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 as a body, for our audit work, for this report, or for the opinions we have formed.

Darren Leigh FCCA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
United Kingdom
25 February 2025
RED BANK SCHOOLS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Investments
2
5,000
-
Total income
5,000
-
Expenditure on:
Other expenditure
6
8,446
8,179
Total expenditure
8,446
8,179
Net expenditure and movement in funds
(3,446)
(8,179)
Reconciliation of funds:
Fund balances at 1 April 2023
461,977
470,156
Fund balances at 31 March 2024
458,531
461,977

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 13 form part of these financial statements.

RED BANK SCHOOLS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
521,080
521,080
Current assets
Debtors
9
54,009
54,009
Creditors: amounts falling due within one year
10
(116,558)
(113,112)
Net current liabilities
(62,549)
(59,103)
Total assets less current liabilities
458,531
461,977
The funds of the charity
Unrestricted funds
11
458,531
461,977
458,531
461,977

The notes on pages 10 to 13 form part of these financial statements.

The financial statements were approved by the trustees on 25 February 2025
C A Fogarty
Trustee
Company registration number 00064740 (England and Wales)
RED BANK SCHOOLS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Charity information

Red Bank Schools Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Legal Services, Town Hall, Victoria Square, St Helens, WA10 1HP, England.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

No depreciation has been provided on land and buildings as the site is well maintained by St Helens Council.

RED BANK SCHOOLS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

 

2
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
5,000
-
3
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
4,740
4,020
4
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
5
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
RED BANK SCHOOLS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 12 -
There were no employees whose annual remuneration was more than £60,000.
6
Other expenditure
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Audit fees
4,740
4,020
Legal and professional fees
3,706
4,159
8,446
8,179
7
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

8
Tangible fixed assets
Freehold land and buildings
Education and training centre
Total
£
£
£
Cost
At 1 April 2023
9,080
512,000
521,080
At 31 March 2024
9,080
512,000
521,080
Carrying amount
At 31 March 2024
9,080
512,000
521,080
At 31 March 2023
9,080
512,000
521,080
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
54,009
54,009
10
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
111,818
105,072
Accruals and deferred income
4,740
8,040
116,558
113,112
RED BANK SCHOOLS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
11
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
461,977
5,000
(8,446)
458,531
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
470,156
-
(8,179)
461,977
12
Financial commitments, guarantees and contingent liabilities

At the balance sheet date there is a potential liability that relates to maintenance, security and insurance expenditure for the Red Bank School site incurred by St. Helens Council totalling £939,722 (net of vat).

No provision has been made in these accounts on the basis that historical assistance with the maintenance, security and insurance of the land and property at the Red Bank site will be recognised as a first call on a realisation of any future capital receipt.

13
Related party transactions
During the year the charity entered into the following transactions with related parties:

The company was under the control of the Board of Trustees during the current and previous year. Two members of the board, C A Fogarty and M E Jones, who served during the year are employees of St Helens Council and the council has a controlling interest in the company.

 

At the year end £54,009, (2023 £54,009) was due from St Helens Council, in respect of monies transferred to the council in earlier years.

 

During the year the company's net administration expenses of £3,446 (2023 £8,179) have been paid for by St Helens Council. At the year end £111,818, (2023 £105,072) was due to the council.

 

The charity appreciates the funding support from the council and acknowledges that at some stage in the future these monies will have to be repaid to St Helens Council.

 

St Helens Council have also been paying for the maintenance, security and insurance costs of the site and these amounts totalling £939,722 as at 31 March 2024, (2023 £821,810) have not been included in the accounts as a provision or liability (see note 12).

 

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