So, to bring this to a conclusion, having started to dismantle things to get a better look it became very clear that this red stuff was indeed coolant. The radiator had a leak behind the fan cowling and the stuff you can see in the pictures is antifreeze that's been heated and is nearly dried out. A new radiator and system bleed and problem solved.
What have I learned? Firstly, this forum is an amazing sounding board and just fantastic for dipping into people's accumulated knowledge and Bongo experience, thereby allowing you to consider different options and solutions. From a personal perspective, when I looked at the location of some of the "red stuff", my brain said, "this has to be from the radiator, otherwise it's defied gravity" whereas my sense of touch and sight identified concentrated antifreeze as "red oil" with oil cooler or power steering the likely culprits. Anyway, it's fixed!
