Three Redbridge schools are running on a deficit, according to a provisional schools’ budget report.

As of March 31 this year, King Solomon High School in Fairlop ward, Mayfield School in Mayfield ward and Ilford County High School in Ilford Town ward all reported deficits at the end of the last financial year.

All other schools out of the 61 in the borough are running on substantial or marginal surpluses.

Ilford County High School reported the largest overall deficit at 9.18 per cent of overall income for 2017-18.

King Solomon High School, which boasts Lord Alan Sugar as a registered president, reported a deficit of 6.83 per cent for the 2017-18 financial year.

Mayfield School, rated ‘good’ by Ofsted, reported a 2.46 per cent deficit for the same year.

The total school balances at the end of 2017-18 increased by £1.429 million, or one per cent, compared to the previous year and stands at £17.49 million.

A total of 38 schools, or 62 per cent of schools, are in the black.

But Redbridge Council is keeping a close eye on schools with excessive surpluses that are piling up cash.

The report said: “Where schools are holding significant balances which have continued to build up over a number of years, the local authority proposes further scrutiny is applied to these schools.”

There are currently 37 schools, or 60 per cent of council-run schools in the borough, which are currently holding balances “significantly in excess of the threshold of seven per cent.”

A council spokesperson said: “This is a report to inform the schools forum of the balances the individual schools hold.  In 2016 it was expected that schools would face significant financial challenges so no attempt was made to claw back excess money.

“The latest figures show that 62 per cent of schools still hold balances above what is considered necessary so the council is now proposing further scrutiny of individual schools, including monitoring the intended spend of balances.

“We are though very conscious of the increasing financial difficulties facing schools. We are working closely with the schools in deficit to support them to balance their budgets and we have no plans to redistribute school surpluses to schools in deficit.”