If you have linked your Virgin Red & Flying Club accounts, then no, you only have one balance. The balance showing on your FC account should be the same as the balance showing on your Virgin Red account. As you earn or spend points both balances will be updated to show the latest total. If you have linked your accounts and the totals don't match please contact the Virgin Red Support team for help.
If you haven't yet linked your accounts but would like to, you can do this by heading over to Account>Link accounts in the Virgin Red app or Red Web