Compwry nber. 03339120 lErnI arnl Wab) Chaiity number. 1093569 key Keyfund Federatlon Umlted IA company limited by Buaranteel Dlreclor5 Report and Flnandal Ststements Forthe yearended 31 Marth 2023
Keymnd Federation L6mlted (A company Ilmlted by guardntee) Contents For the year ended 31 March 2023 Welcome by the Chair and Chief Executive Directors, report 3-17 llldependent Examinerf5 Report 18 Statement of financial activitie5 19 Balance sheet 20 Cash fTow Statement 21 Note5 to the firAncial statements 22-33
Keyfvnd Federntion Umlted {A company limited byguaranteel Welcome from the Chalrand Chlef Executlve Forthe arendj 31 March 2023 key Welcome to The Kerfs Annual Report and Audited Accounts for 2022-23 On the 4th of july 2023, we held our annual award5 evening to celebrate the achievements of young people involved with The Key during the 2022-23 financial year that we are reportin@ on. Young people dominated the evening and so they Should, with some of them wotking closely with us to plan, host. and present the awards. Many others were there as part of 8roup5 ntsminated for the brilliant efforts and projects th8t they delivered by taking part in the KEY+ Challenge. And of course, some were there as award winners- receiving recognition for what they had achieved, in front of more people than we've ever had before. For us, the Awards night is that time of the year where The Kevs mission to create a world where all young people are inspired to believe in themselve5 and achieve their potential is at its most visible. We're here to support young people to believe in their Ideas and discover what they are capable of. Attending an evening where so much of this is evident Is a significant reminder of what young people can do when provided with and respond to high-quality opportunities and youth work. The need for this type of provksion remains as stark 35 ever. Taking part in the KEY+ Challenge empowers young people to use their voices, participate in activities, develop their skills and become more involved in their communities. Here in the North East, the most recent child poverty figures leave no doubt about the numbers of youn8 people who face additional barriers and whose need5 are still yet to be met by the current provision offered, which mear)s the risk of getting stuck is too high. In 2022123. The Key did a lot of thinking about where we fit in the changing youth services ecosystem. We knew we needed to rethink how The Key works more effectively wlth partners who want to work with us to provide the ri8ht opportunitie5 for the young people who need them. We focused on refreshin8 our proven pro8ramme, now known a5 the KEY+ Challenge. We built a new digital platform to underpin our work with young people and retrained all our delivery partners to use it alongside the KEY+ Challenge. In addition, we also built a new website to tell our stories more effectively. While all that development work tODk place, we continued to build back up the number of young people participating in KEY+. These numbers have been rlsing ever since COVID-19 and its assoclated periods of lockdown. Alongside this, we began to work on 8enerating income by applying for funds In closer partnership with the organisations we knew could reach the youn8 people we most wanted to provide opportunities to. All of these achievements took place againstthe backdrop of common challenge5 facing the charitsble sector. We searched for ways to mitigate cost pressures and reduced the si2e of our team to operate in the most streamlined way p055ible. On two occaslons, we tried unsucce55fully to recruit new staff, challenging the existing team. volunteers and associates, but who responded to the situation with commitment, flexibility and hard work. The income generation climate remains a challenging one. We focused on carefully selecting opponun1ties and started exploring more partnership fundin8 Opportunities with organisation5 we knew could work with us to provide KEY+ opportunities for the young people who need it most. Careful management of cost5 and perslstent fundraising meant that The Key finlshed the year on 3n even ba13nce, working with more youn@ people than the previous year and with a sense of momentum as much of our development work began to bear fruit.
Keyfijnd Federdtion Umlted {A company limited by8uaranteel Welcome from the Chalrand Chlef ExecuiNt For the year ended 31 Marth 2023 The work done in the last two year5 to13unch KEY+, develop the new digital platform, and build a new website to tell the best storie5 are 3n essential foundation for our next Steps. We are now well positioned tts offer KEY+ as an excellent way to play a SiEnificant role in the government's National Youth Guarantee, which envi538es youn@ people will have access to regular out-of-school activities, development of skllls, and opportunities to volunteer. We're grateful for our funder5' SUPPOrt and flexibility, which has been excellent throughout the year. We were dellghted to welcome Vardy Foundation. Wellbank Foundation, Postcode Neighbourhood Trust, The National Lottery Community Fund, William Leech Charity, #iwill Fund, and Bernicia Foundation, amongst others. as new funders durin8 the year. We were also thrilled to receive 5UPPOrt again from those who have previously funded The Key, including Paul Hamlyn Foundation, Sir James Knott Trust, County Durham Community Foundation, Garfield Weston Foundation, the Wellesley Trust. CABWI and more. Our diverse and talented Board of Trustees worked similarly hard throughout the year to provide invaluable support to the team. As ever. The Key offers a profound thank you to all our supporters, volunteers, and employees, without whom the achievements In this report would not have been possible. Uz Watchom. Chalr Rlchard Hal8h, CEO
Keyfvnd Federation MIted (A cunpany limited by8uaranteel Dkectots Report Forthe yearended 31 March 2023 key Referen and admln15trative detsi15 of the char5ty, Its director5 and adserS Charlty Number 1093569 Company Number 03339120 Re8iStered Office Mea House Ellison Place Newcastle upon Tyne NEI 8x5 Dlrector5 Eli2abeth Watchorn eutenant General Robin Brims Julian Thomas Leigh Thompson Emma Richards Mary Youngs Teren Burke Chris Alete Ichairl Ivice Chairl Key manaBement Company Secretary & Chief Executive Officer Richard Haigh Independent E)3mlne Haines Watts 17 Queens Lane Newcastle upon Tyne NEI IRN Bankers Co-operative Bank PIC PO Box 101 18alloon Street Manchester M604EP
Keyfund Federation timlted IA company Ilmlted byguaranteel Dlrectors Report {Contlnued) Forthe year ended 31 March 2023 key The Directors submit their annual report and the unaudited financial Statements of the Keyfund Federation Limited (The Keyl (the companyl for the year ended 31 March 2023 which are also prepared to meet the requirements for the directors report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2CX)6, the Memorandum and Articles of Association, and the Accounting and Reportin8 by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 Our values The golden thread that weaves through our vision, mission and values is th3t everythin8 we do is for the benefft of yTh8 people-especlalty those facln8 thallenglng clrcumstsnces. F(u5. Keeping sight of the goGI We make informed decisions. We set targets and work towards milestones. and we deal with things at the ri8ht time. We work in a positive way. and we are true to our roots. We are driven to succeed. We believetha¢ a5 a result, we will achiebp ourmi$510n. COUABOR4TION.. Working together to tschieve common objectives We act wlth integrity and seek to understand others. We share information transparently, communicate well and treat everyone with respect. We value everyone's contrlbution, and we trust and can be trusted. We belleve that as a resuK we will aChIe mre togetherthan by acting alone. GRowfH.' Constontlystriving to be the best we c(Fn be We are resilient. We encoLJrage constructfve feedbacl we are actively curious and questioning, and we are adaptable to change. We nurture others. We believe that as a resulL wewlll MamLe ourlmpact.
Keyfund FederaOn Umlted IAeompany limited byguarnnteel Dkectors Report fcontlnmlj For the yearendeil 31 March 2023 What is KEY+ ChallengeP The KEY+ Challenge to young people is simple, but highly effective. Young people work tosether in Small team5 Wlth the help of a trained Key Facilitator to.. use theirvoices and be heard lead and dell¥er projects ar)d activities which are meaningful to thern build skilLq and cOnfkIen throughout Becom actlve cltlzens by explorinE enterprise or tackling social issues To take on the challenge young people form a group and progress through a five-step process.. thlnk of a project or activity that they want to make happen plan how they will make it happen and what is needed. includin8 a budget pltch their prolect to a panel of volunteers do their project if 8iven the go ahead by the panel reW and reflect on their project and development of skills and confidence Youn8 people complete this process up to three times. each time planning more pro8resslvelychallen8lng projects 8reater personal development. Delivering their first KEY+ project 15 a great achievement for young people. They set to grips with the KEY+ five-steps and deliver their first pitch to panel. At Stage two, young people are stretched further and enhance their skills by plannin8 a project with a larger budeet. At Stage 3, they explore enterprise or social action with their project, providing a way to take action and contribute to their communities. Once young people have completed the KEY+ challenge we alm to support their continued growth through bespoke opportunities, work experience or volunteering. Participation in KEY+ provides young people with the opportunity to discover their passions, talents and realise what they are capable of. It's a way to cement positive connections with peers. In short It promotes friendship and purpose- which we believe are needed more than everfor young people today. As well as the young people who take the KEY+ challenge members of the wider community also benefit as a direct result of the projects that young people plan for the benefit of the wider community. Our work during 2022123 Our three-year Strategy outline5 five strategic priorities. Progres5 towards those prioritie5 during year 2 of the 5trate8V IS outlined on the following pages. Strate8ic priority I: Deliverthe KEY+ Challenge toyOU people acrDSS the North East reBlon The KEY+ Challenge ensuffts young people are.. EmpOWed to use the1rvo1 and be heard Trusted to lead and dellverprolects and activities that are meaningful to them Supported to buikl the skills and tonfidence they need to thrive Inspired to become active citizens by exploring enterprise or tackling social issues
Keyfund Federallon Umlted IA company Ilmlted by8uafdnteel Dlrectors Report fcontlnued) For the year ended 31 Marth 2023 key We seek to measure the impact of KEY+ under three headin85'. The first heading focuses on how many young people we worked with and how many projects they dreamt up and delivered. In 202¥23. we've reached more individual young people than we aimed to. We've increased the number of eroups who took on the KEY+ Challenge and the nutnber of micro-8rants distributed to young people to carry out their plans compared to the previous year a5 we continue to build back after COVID-19. Dijrlng 2022123, 886 different young people engaged in at least one Stage of the KEY+ Challenge lup from 788 young people the year before) Those young people embarked on 220 projects lan increase on 190 projects In 20211221. The Key raised and distributed £85,357 for the projects that young people pitched to panels lan in¢ase on the £67,000 which funded projects the previous yearl. Examples of inspiring activities generated bv voung people this yeai included.. WilfEs Warrlors took on the KEY+ Challen8e to make entering care more personalised and less daunting. Working from their own experiences. these young women created care packa8es for chil(Iren and young people entering care to comfort them on their first night in new surroundings. The Llones5e5 transformed throughout the KEY+ Challenge and becarne youn8 entrepreneurs. Together they battled many personal challenBes but managed to launch their mini candle business using recycled jars and materials. Communlty Hope completed all three stages of the KEY+ Challenge and made a community impact with each of their projects. These young people from South Tyneside even put on a three-cour5e Christmas Dinner for people struggling with fin3nci31 issues or social isolation in their local. They ran a gift donation drive and brou8hl everyone toeether on Christmas Day. They even wrote and performed their own Geordle Nativity. One fDr All used their KEY+ Project to raise awarenes5 of their experiences as young refugee5 living in County Durham. Together, they worked with 3 songwriter and created a moving son8 and music video to illustrate what life is like and the challenge5 they have fad. Impart The second heading we use focuses on what difference going through the KEY+ Challenge made for young people and their wider communities. Firstly, young people's live5 were enriched by being involved in KEY+ and delivering activities of their own design. At a time when increasing numbers of younE people reported loneline55, 886 different young people took the chance to come together with friends through KEY+ and lead and deliver a hugely diverse range of trips, activities. and social action prDjects. In doing so, they used their volces and developed their purpose. At the end of that process, 94% of those young people reported increased confidence. Our (Jata Indicates that a cycle of KEY+ means young people score an average improvement of 25% against the 12 KEY+ 5ki115. Those skiI15 include agreeing on responsibilities, searching for information, communicatin& making decisions. problem-solving, and coping with stress.
Keyfund Felleraorb Llmlted IA company limited by8uaranteel Dlrectors Report(ContlnuedJ Forthe yearended 31 Marth 2023 Our delivery partner organisations prowded information with young people indicating that over 15.000 different people in communities benefitted from projects and activities dreamt up and deliVed byyoung people through planning and putting evenls on such a5 a free haunted house Halloween party for young people, a Winter Extravaganza for families struggling In the c05t-of-living crisis and a trip away for young mums to reduce social Isolation and build friendships with those in similar situations. Over the last couple of years, we have deliberately focused on increasing the proportion5 of groups progressing through one or more stages to experience an even greater development journey. We were pleased thai in 2023123 that nearly 35% of 3118roups were stage two or above. Quallty As well as monitorin8 who we work with and what difference KEY+ makes, we 3150 strive to monitor how well The Key is operating as we support a wide range of organisations across the North East to prowde the KEY+ Challenge to young people they engage with. Nearly nine out of ten organisations who pledged to work with The Key used the KEY+ Challenge with a group of young petsp at least once this year, which compares wlth closer to five out of ten the year before. This was a deliberate effort in 2022123 to move towards a more focused active Set of delivery partners rather than potentially larger but inactive numbers. This meant that over 72 organisation5 ran at least one KEY+ Challenge with youn8 people compared to 53 last year, further evidence that our efforts to ensure that what we do meets the need5 Of or8anisations were SucsSfUl. StratebC priority 2: Incre35e the number of under-served young people using The Key Our evidence 5U8gest5 that nearly 80% of the young people undertaking the KEY+ Challenge face additional barriers or are livin8 in situations of disadvantage. In 2022123, we focused on two specific aa$ to learn whether KEY+ could work well for voung people experiencing disadvantsges and barriers. The first of those was employability. KEY+ Employability builds on the potential that KEY+ can be used to engage those not in employment, education, or trainin8 and who require support and up5killin8 around work readiness. We started a pilot for KEY+ Employability, whereby stage three included an Opiion to focus oll enterprise actiwty. We utilised supportand funding from CABWI 5pecificallyfor this purpose. Three partners (Bilton Hall. Groundwork Northeast and Gateshead Learning and Skills) committed to worklng with us to focu5 on supporting young people not in edUtiOn, employmenL or training INEETI through KEY+. Throu8h workin8 With our partners, we have embarked on trialling the use of KEY+ Employability with young people not in educalion, employment, or training. Multiple groups of young people have completed all stages of the KEY+ Challenge, developing their employability skills and applying them to an enterprising activity. The individuals have seen the benefit of using KEY+ in thi5 way, reporting growth in confiderKe and some even making all critical transitions into further opportunities. such as employment and training. The second focus group throughout the year was to build on our 501id background of working with organisations that ensure young people with a disability can experience the KEY+ Challenge, All Ability KEY+ developed from the growing number of partners using KEY+ with young people with disabilities and additional needs. The initiative responded to partner feedback that KEY+ is valuable to vse with young people but that they often had to make adaptations throughout the proeramme. This continues to be challenging work due to the breadth and range of disabilities, and learning need5 young people accessing KEY+ face. This year we have eng38ed partners and young people in sharine their ideas tsf how KEY+ could be made more accessible for those with dibilitIeS and additional needs, which revealed some InteStin@ insights into how, through several improvements. KEY+ can provide evell more significant benefits to those affected. Our team continues working wth partners and those with expertise to develop these adaptstion5 and incorporate this learning.
Keyfvnd Federati Llmited (Acompany limited by8uaTrnteel Dlrectors Rert (Contlnued) Forthe year ended 31 March 2023 key We also made a concerted effort to ensure young people seeking asylum were offered the KEY+ opportunity. During the vear. we began working with NEST (North East Solidarity and Teachingl to see how effectively usin8 KEY+ can be utili5ed with these 8roups. Strategic priority 3.. Bvild more funded partnershlps wfth delivery partner organiSatnS Post COVID-19, we are developin8 a way for The Key to continue to source the fundin8 for youns people's actiwties whilst also supportin8 delivery partners to access running costs to open their doors and work with young people. During the year, this approach to generating income began to show potential. and we secured funded arrangements wlth seven different orEanisations. We didn't reach ourtarget forthi5 Stream in 2022123, but we did apply successfullyto ReachingCommunitie5 and Some smaller funds. Critically this work set us up to submit a major bid to the National Citizenship Servi, with near 20 organisations pledging to carry out the KEY+ Challenge with 80 groups per year. A decision on this bid Is due in july 2023. Strategic priority4'. Increase demand for and use of the KEY+ Challenge We worked hard throughout 2022123 to continue to learn and test how the KEY+ Challenge can best fit into the ecosystem of services and establishments lor young people. We realised that we needed to refocu5 on the core thing that we do. We focused on the fact that the primary reason both young people and delivery partners will want to use our programme is because it's an excellent experience for young people, which plays a material part in helping them to have a positive pro8re5sion Journey, both as a group and as an individual. All development and work must flow from f(Kusin8 on creating high-quality youth process that answers what society, young people and our (Jelivery partners need. For example, many organisations told u5 they want to use The Key's programme with young people but were 5trugglin8 to obtsin the running costs needed to open their d(K>r5 or to have enough staff to allow for dedicated group work We also focused on learning why some young people and organisations carried out one stage of KEY+ and then stopped without progressing to a second stage. Tsking part in one stsge has g¢)od value in and of its own right, but other groups went through all three stsees, which offered a greater progression journev. We have developed several tools to motivate delivery partners, Such 35 Partner touchpoints designed to reach out to those whose activity levels have dipped, impact report5 and opportunities to gather feedback throughout the year. Our data focusing on reach, impact, and quality suggests changes we made to KEY+ We light. a5 evidenced by the levels of young people, active organi58tions, and projects completed steadily increasing year after year after COVID-19. Within the North East. we have focused on using the launch of the refreshed KEY+ programme to generate inc3$ed vse. We are seeking to bulld closer partnerships with organisations that can work to use KEY+ at scale, where delivering it acheS particularly marginalised groups or where delivery shows the potential for clear learning. Strategic priority 5- Develop. launch and continually improve the KEY+ Challenge During 2022123, the team worked hard with young people to redesign the previous Key Framework and relaunch it as the KEY+ Challenge. KEY+ is simpler and clearer. It also allow5 young people to play a more significant role in entering their data via their deVIS and engaginB with their growth. We re-engineered the pitch to panel experience to ensure it provided a real challenge to youn8 people. and we stsrted to work on providing young people greater recognition and evidence for their achievements. 2022123 w35 the year when we launched KEY+ alongside a new di8ltal platform. This meant retraining nearly 100 organi$3tions so they could all be transferred from the previous digital platform, which was no longer fit for purpose, to the new one launched in May 2022.
Keyfvnd Federatlon Umited IA company limited by guarantee) Exrectors Report {CondnLedJ Forthe yearended 31 March 2023 key The third and vital development durin8 the year wa5 building a new website to tell the stories of youn8 people's achievements. We know that rhose stories. alongside our analytics data, help us demonstrate impact and learn. as well as provide ideas and inspiration for other young people and organisations to use KEY+. Strate8ic enablers.. the thlngs we know are central to reaching our goals Putting young people at the ntre of what we do The KEY+ Awards held in July 2023 celebrated the achievements of the 2022123 financial year. We had more attendees than ever before, with over 2 in attendance. The young people themselves dominated the whole evening- both as planners. performers, event hosts. award presenter5 and receiver5 of awards in six categories celebrating their brilliant project5 and endeavour5. Our youth voice group were instrumental in supporting us to make ihe night the success that it was. Our youth volce and influence work with young people now has the strands. al Development of 3 youth voice and influence group. This @roup will take on 'ta5k and finish, projects as designed by thetnselves or as offered by The Key. bl Increasing the irivolvement of youn@ people as panel members themselves and at the Board level. During the year, we began to explore offering members of the youth participatlon group the opportunity to engage with our board. either through participatin8 in board meetings or by producing feedback and insight into i55ues that are importsnt to them. cl Develop new streams of work with young people in addition to KEY+ delivery. This year this has included working with Ratio to apply for funding to pilot their Voice, Choice and Action work with young people from Newcastle College. Ourstsff and Volunteer5 The team went through a dUCts.0n in Size following our case for change process at the start of 2022123. Our capacity was then further reduced by needing to carry two vacancies when two staff moved to roles elsewhere, and like other charities. we experienced difficulties in recruiting replacements. The team's commitment. flexibility, and resilience in the face of this and other uncertaintie5 was excellent. We responded to the challenges by creative and carefully monitored deployment of freelance support Iwhich we receive a ring-fenced annual amount for as part of our Paul Hamlyn Foundation funding). Due to this. we both realised our goals forthe year and made some significant savings leading to a solid financlal position at the end of the year. However, as the year ended and we secured some considerable investment, we know we need to recruit to increase our capacity to reach our 8oals for 2023/24. Our staff currently commit to 3 hybrid model- ensuring that 60% of the time is spent collaboratirig in the office or at events- with flexibility on where they work for the maining 40%. The Key 15 reliant upon the help of Dur network of volunteers to deliver KEY+ to young people. Nearly 30 volunteer5 trained during the year. meaning that we can staff the panels that young people were pitching thelr ideas to, and those community panel members remain an essential part of our ability to run the KEY+ Challenge. We want to take this opportunity to thank all of our volunteers for their loyalty and dedication and hope that they continue to 5UPPOrt us in 2023-24.
Keyfvnd Federation LSmlted IA company limited by guarantee) Dlrector5 ReFQrt fcontlnued) Forthe year ended 31 March 2023 The Kels income streams are divided into.. al Key Funds- representin@ funds received for distribLJfjon to groups of young people, in order to implement the Key projects, they have planned by participatin8 in KEY+ bl Project Funds (Core Incomel- representing funds received to support delivery of KEY+ to young people This income wlll be allocated to unrestricted, restricted or designated funds as appropriate during the year. We have worked hard to fundraise throughout the year and a pleased that were able to attract £103,573 of Key Fund5 aÉainst B target of £105k and £374,986 of core funding against a target of £370k. Durin8 the year we have minimised costs where p055ible and our staff team has a150 ieduced. through natural progression, $0 our total expenditure of £387,224 is 30% lower than the prioryear. This has enabled u5 to report net income for the year of £92,385 compared to a prioryear net expense of £126.943. We started the year with unrestrlcted fund5 of £147,549 and the aim of building these reserves into the equivalent of 6 months of core operating costs. We will end the year with £189,454, which represents a little over 6 months, please see our reserves policy for further information. We continue to strive for diversity in our Income streams and to strenhen our financial SlIpenCe and have Impmented a five-year buslness plan in order to try and realise this aim. This busine55 plan recognises seven distinct incorne streams and work ha5 commenced against each of those. We were delighted to welcome Vardy Found3tion, The National Lottery Community Fund. Wellbank Foundation, 8ernici3 Foundation, The Wellesley Trust and Squires Foundation as new funders during the year. We were also thrilled to receive support once again from funders who previously 5UPPOrted us includin8 County Durham Community Foundation, St James's Place Foundation, Sir james Knott Trust, 29, May 1961 Charlty, and mo. io
Keyfund Feder8tSon Llmited (Acompany Ilmlted by8uardnteel Dlrector5 Report Icontlnuedj For yearendeil 31 March 2023 key ReseNes pollcy Our reserves are an integral part of the Kevs strategic planning process. Our reserves policy is revlewed by the Directors annually and amended as necessary. During the year, the Director5 have designated £27,500 of reserves for the continuing implementation and development of The Key's new digital platform which underpins delivery of KEY+ throughout the region. The Directors have considered the current reserves policy and the level of unrestricted reserves within the organisation. They have decided that it is appropriate to malntain the unrestricted reserves at a level representing a buffer to cover 51X months costs commitments that would have to be paid in the event of a business wind up at any given time. At 31 March 2023 there were unrestricted reserves of £189.454 which represents 6.8 months. Plans for the Future What we are planning to do in 2023-24 Our current strategy is based on three themes.. People, Partner5, Product. Within those themes we have identified five strateEiC priorities we are focusing on acros5 the three-year period. In addition, we have also Identified seven enablers that we know are critical to achieving our strategy. Themes People Strate ic priorities l. Deliver The KEY+ Challenge to young people across the NE region Annual obkctfves for 2023-24 1.1. REACH as many young people as we can with the KEY+ offer. 1.2. Achieve the most IMPAcf we can with the KEY+ Challenge. 1.3. Deliver the KEY+ Challenge in the highest QUAUTY way. 2. Increase the numbers of undersetved young people using KEY+ 2.1. Establish delivery in two new areas with high deprivation rates where we do not currently have any KEY+ activity. 2.2. Develop a 5hortli5t of five organisation5 cUrntlY focusing on work with underserved young people and work with them to deliver KEY+. li
Keyfvnd Federatlon Umlted IA company limited byguaranteel Directors Report fcontinuedj For the year ended 31 Marth 2023 Themes Partners Strategic priorities 3. Build more funded partnerships with delivery partner organisations Annual oblethes for2023-24 3.1. Build on 2022123 template and establish more KEY+ activity through funded partnerships. 3.2. Develop and refine a unit costing model for consistent use in funded partnerships. 4. Increase demand and usage from delivery pèrtners 4.1. Identify five KEY+ priority partner5 then work more closely with them to increase delivery (priority either because they work with under-serveij young people or can deliver at volume). Product 5. Develop, launch and continually refine KEY+ 5.1. Review alternatives to the 12 skills model 5.2. Refine KEY+ 50 that it can be used outside the North East by individual organisations. 5.3. All young people to receive per50n3lised evidence of achievement. Young People Many of the young people who take the KEY+ challenge WTII come from disadvantaged and diverse backgrounds. We'll be helping to see KEY+ used where it Is needed most. We'll continue to focu5 on young people Whe employability is an issue. or where young people are experiencing additional barriers to reali5ing their potential because of a disability. Those young people will have a genulne voice to steer resources towards the activities and projects that they want to see happen. This wlll give them real agency to influence their experiences. Therfll be involved in enriching activities that happen due to their ideas and the work they have put in using the 12 Key Skills as they go. For the fi1 time yOLJng people will interact directly with The Kevs new di8ltal platform by entering their own information and assessments onto the digital skills wheels. This will help them to reflect with theirgroups about how they are developlng and what skills they are using. A higher proportion of groups will use KEY+ for more than one stage and for activities that benefit others in the community, providing a real sense of achievement for young people and meaninB members of the community benefit from theiractions. We will also be working to specific objectives for our enabler area5 which we have identified a5 follows: El. Be a 'learnin8 organisation E2. Fully ernbrace our digital potential E3. Ensure that young people have voice and influence E4. Actively work toward5 equity. equality. diversity and inclusion E5. Develop a stron8 team of staff and volunteers E6. Generate the income needed to achieve our strategic aims E7. Effective marketing to achieve our strategic aims 12
Keyfvnd FederaOn UmSted IA company limlted by8uarnnteel Olrectors Report (contInrd) Forthe year ended 31 March 2023 People We'll be workin8 across the North East with a renewed focus in areas where deprivation and poverty are prevalenL where young people face additional barriers, and where leve15 of KEY+ activity are low. From street-level youth nights to Colleges, KEY+ will be an excellent way to reach 811 kinds of young people facing diverse challenges in different environments. We'll explore whether KEY+ has the potential to work outside of the North East and whether we can meet the needs of young people elsewhere. This will involve solving two practical barriers identifying funding bodies in those areas and finding a viable way to establish and maintain volunteers for panels wherever organisations use KEY+. Our work throughout the year will create a rich variety of stories which will continue to evider)ce that when young people are given the right platform, we can provide them with opportLJnities outside of forrnal education that help them to understand that they are someone, that they can make things happen, and that they have the potential to do more. Partners Our partners who help to deliver the KEY+ Challenge to young people will complete their first full year of providing the refreshed KEY+ and using our new digital platform. The Key will focus on partners who are most active and working with the young people we are most focused on. Those partners will value The Key as we work increasingly closely with them, attending sessions ¥Mth their young people and providinE support, ideas and inspiration wherever p055ible. We'll build on our understanding of the youth ecosystem by applying for funding in partnership with delivery partners who will commit to being funded to deliver KEY+ specific sessions to young people. This involves contiriuing to work more intentionally with organisations who are workin8 Wlth the tJrnderVed young people we want to prioritise. Product KEY+ will continue its development as a highly valued progr3mme that can be used by any organisation, at ally scale across the area we operate in the North East. We'll focus specifically on how we prompt young people to think about what skills they use during a KEY+ Challenge, and we'll incorporate this learning to make changes to the KEY+ tools if needed. We'll also get stronger at providing young people with better eiidence of their achievements by participating in a KEY+ Challenge so that they have something more tangible to Use as they continue their journeys. The KEY+ digital platform will be valued by partners, easy to use. and capable of producing rich, consistent dats to learn from even though KEY+ is used in diverse environments with a wide Variety of young people. By the end of 2023124, KEY+ will increasin8ly be reco8nised a5 an excellent kitemark for or8anisations who want to eviden high-ouality skills development work with youn8 people to enable voice, activities, skills developrnent and community involvement. Enabler5 We will have successfully recruited to build our capactty and deliver a strong year of KEY+ activity. As an orEanisation, we'll embody what The Key sets out to do by providsng opportunities within our organisation for young people who have been through KEY+ to volunteer, be employed by. and shape what The Key does in new and creative ways. The Key's role involves being a highly effective distribution vehKle for funde who want to facilitate the'four pillars, (voice, activities, skills, community) in the most accessible way to diverse young people and organisations. We will have identified funders both within the North East and nationally who are interested in how they can use KEY+ to fund a network of high-quality youth experiences. We'll continue to develop links with the North of Tyne Combined Authority and have positioned ourselves well to take advantage of opportunities that arise from the forthcoming North East Combined Authority. 13
Keyfvnd Federayon Umlted (Acompany Ilmlted by8uardntsel Dlrector5 Report (Contlnued) For the ar ended 31 Marth 2023 key In summary, we'll contlnLJe ourjourney to excel at our four main functions.. al Providing the KEY+ Challenge to empower young people to use their voices, lead activities. develop ski115 and confidence and become active in their communities. bl Supplying the trainin& support and inspiration to enable organisations to run high-quality KEY+ Challenge sessions wlth young people. cl Supporting volunteers to provide hi8h-quality panels for young people to pitch their ideas lo. dl Sourang and linking funders wlth group5 of young people to provide them with the resources needed to carry out their ideas, Financial Targets Our primary financial aim is to generate sufficient Core and Key Funds to deliver against our strategic priorilie5 for the year. Beyond this, our budget for 2023124 3im5 to turnover £456,646 with a combined Core and Key expenditure of £447,465. This is made up of £342,646 Core Fund5 and £114.000 Key Funds. Strutture, Governance and Management Constitution The company is a charitable company limited by guarantee and was Set up by its Memorandum and Articles of Association on 25 March 1997. The company's constitution is dated 25 March 1997 a5 amended by Speci31 Resolution dated 10 October 2020 and 15 3 registered charity Inumber 10935691. Recruitment and appointment of Directors Our diverse and talented Board of Trustees Continued to provide Invaluable support to the CEO and stsff team. Their unlque blend of enthusiasm, specialist expertise and local knowledge has added significant value to our work. During the course of 2022-23, Andrew Silver retired from the Board, much of which was spent a5 our Chair. We would like to thank Andrew for hi5 unwavering commitmenttoThe Key and we wish him all the best for hi5 future endeavours. We We pleased to welcome Liz Watchorn, an existing 01CtOr into the role of Chair of Trustees. Liz brings a wealth of experience and skills to the role. and a strong commitment to our values and cause. The Tru5tee5, who are also the d1CtorS under Company Law. are responsible for the management and administration of the charitable company. The current Oirectors were recruited and appointed by an open and efficient process managed by the Directors usin8 the network of public, private and voluntary sector organisations that are involved or aligned to the work of The Key. The Board met on six occasions during 2021-22. A Finance and Rlsk Sub-Group have also met on six occasions during 2021- 22. Currently the Board is well balanced and includes expertise from the private, public and third sectors. The Board of D1CtorS were appointed using a skills audit. The areas of expertise covered between them are.. Financial management, budget management. charted accountancy Strategic plannine, change management and project management Youth policy, voluntary youth work, statutory youth provision Sales, marketin& PR and communications Corporate social responsibility Human resources, equality and diversity, policies and procedure5 and recruitment Learnin8 and skills development High growth in small to medium enterprises 14
Keyfund Federation timited (A company Ilmlted by8uafdntee} Directors Report fContlnLedJ Forthe yearended 31 March 2023 The Directors consider that they have cornplied with their duly to have due regard to public benefit guidance published by the Charity Commission. Our organisational structure consists of a core team of 6 staff working under the guidance of Dur CEO. Further work is provided by a small team of freelan staff as and when it is needed. KEY+ is delivered both directly by Key employees and IndiCtlY by trained and Supported Key Facilitators who link to our delivery partners. In 2022-23 we had delivery partner5 in all local authority are35 across the North East. Each delivery partner pays a small annual organisational membership fee designed to confirm commitment. All delivery partners are DBS checked and all operate vnder the policies. procedure$ and insurances of their employin8 / supporting Member organisation. Our Key Facilitators ran8e from yoijth work professionals. community volunteers, youth offendin8 team staff, detached youth workers, care workers, uniformed @roup leaders and learning mentor5, to name but a few. Our networks also contain individuals who volunteer to become Community Panel Members. These individuals volunteer directly for The Key and are trained for the role of heèrin8 from young people about their KEY+ ideas. Related party relatlonships The Key works with a diverse range of organisation5 as members, to support young people across the region. Each either employs or supports a small team of Key Facilitator5. These orEanis3tions include.. youth work I detached work projects. schools, alternative education providers. youth justice programmes, democracy projects, church groups, BME groups, sports group5, voluntary groups, guides/5COUts. ment31 health projects, secure units, training organisations, FE colleges, health groups and social housing provider5. Each organisation is 5UPPOrted in their day to day activity by The Kev. Grant making trusts and foundations again provided much needed support with core funds by investing in building the capacity of the staff team and the longer-term viability of the organisation. Such investors included Garfield Weston Foundation, Paul Hamlyn Foundation, Tyne and Wear Community Foundation, The National Lottery Community Fund, Sir Jame5 Knott Trust and more. The Key continues to work with private sector partners and their foundations too. Our partners have 5UPPOrted us with our core work. We are delighted to working once again with Stjames's Place, 8ernici3 and CABWI. Pay poliry of sensor stsff The Board of Directors Iwho are The Key's trustees and the Chief Executive) comprise the key management personnel of the charity in charge of controlling, runnin8 and operating The Key on a day-to-day basis. All directors give their time freely. Details of directors. expenses and related party transactions are disclosed in the notes to the financial statement5. The pay of the senior staff is reviewed annually and ftormal increased in accordance with average earnings. In view of the nature of the charity. the directors benchmark against Pay leve15 in other charities of a similar siie. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 30% for any additional iesponsibilities. If recruitment ha5 proven difPicult in the recent past. a market addition is 3150 paid with the pay maximum no Ereater than the hi8he5t benchmarked salary for a comparable role. 15
Keyfund Federdtlon MIted (Acompany Ilmlted byBuarnnteel key Dlrectors Report (Continuedj For the year ended 31 March 2023 Risk management The Directors have overall responsibllity for establishing and maintaining The Kerf5 risk management policy and for reviewing its effectlveness. Strategic risk assessment is carried out by the Finance and Risk Sub-committee of the Board on all activities to ensure all major risks to which the charity is exposed have been considered as well as the overall impact they would have on the organisation. These risks are varied and cover areas includin8 health and safety, client safeguarding, event management, fundraisin& compliance, relationship mana6ement and. more recently, the COVID-19 pandemic. Risk man88ement is carried out by developing approaches to mitigate each risk identified in the assessment, which are monitored at regular intervals. Procedures are then established to manage these risks. A system of internal controls ar)d compliance has been designed to manase key risks and to provide reasonable assurance that planned busines5 objectives and outcome5 are achieved. These are recorded morTrthly by the executive team and are discussed at bi-monthly Finance and Risk Sub-committee Meetin8s. If required, issues are tabled at full Board meetings for further debate or de¢i5i0n. A key element in the Anagement of financial risk is the distribution of cle3r and trar)sparenl monthly management accounts and cash flow forecasts to the Directors and executive team. this is in addition to the monthly production of our strategic objective reports. Public benefft The trustees have paid due regard to guidance issued by the Charity Commission In deciding what activities the charity should undertake. 16
Keyfund FederatSon Umlted IA company limited bY8rantee} Dlrectors Report fcontlnuedj For the yearended 31 March 2023 key Statement of Directors Responsibilities The Directors Iwho are H150 trustees of the Keyfund Federation Limited for the purposes of charity lawl are reswnsible for preparin8 the D1CtOrS. port and the financial statements in accordan with applicable law and United Kingdorn Accounting Standards (United Kingdom GeneraSly Accepted Accounting Practi¢el. Company law requires the Directors to prepare financial ststements for each financial year which 8ive a true and fair view of the stste of affairs of the charitable company and of the iricoming resoLJrces and application of resources, includin8 the income and expenditure. of the charitable company for that period. In preparing these financial stslements, the Director5 are QuIred to.. select suitable accounting policies and then apply them consistentlv: observe the rnethods and principles in the Charities SORP 2015 IFRS 1021,. make judEements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any tnaterial departure5 disclosed and explained in the financial statements,. prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charitable company will continue in Dration. The Directors are responsible for keepinE adequate accounting records that disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 355ets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Directors is aware at the time the repon is approved.. there is no relevant information of which the charitable CDmpan¢s independent examiners are unaware, and the Directors have taken all Steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examillers are aware of that ir)formation. Independent Exarniner5 A re501ution proposing that Haines Watts be reappointed as independent examiners of the charitable company will be put to the Annual General Meeting. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. str This report was approved by the Directors on Sy.W¥023 and signed on its behalf, bv.. z Watcknm Chalr 17
Keyfund Federalon Ltmlted IA company Ilmlted by guardnteel Independent Eyamlners Reportto the membets of Keyfund Federation Med For the year ended 31 March 2023 key I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2023 which are set out on pages 19 to 33. Responslbllths and basL% of report As the charity trustees of the charitsble company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wlth the requirements of the Companies Act 20061'the 2006 Acl'l, Having satisfied myself that the accounts of the charitsble company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable companf s accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. IndeperKlenteyamlnerfs Statement sin the company's gross income exceeded £250.[ your examiner must be a member of 3 body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examlnalion. I confirm that no matters have come to my attention in connection with the examination 8iving me cause to believe that in 3ny material respect.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2(KJ6 Act.. or the accounts do not accord with those records- or the account5 do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not 3 matter considered as part of an independent examination,. or the account5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and porting by chaiities applicable to charitie5 preparing their account5 in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention Should be drawn in this report in Order to enable a proper understanding of the accounts to be reached. 1SNDvbèr2O22 IB F*rsder50n ACCA Haines Watts Newcastle Date 17 Queens Lane Newcastle Upon Tyne NEI IRN 18
Keyfvnd Federdon Umlted (A company limited byguaranteel ststement of Fln?nclal Actmtles (Incorporang the income and eynditure account) Forthe yearended 31 March 2023 Restricted Funds Unrestricted Deslgnated Fund5 Funds Totsl 2023 Totsl 2022 Notes Income from: Donations Charitable activities Investment income 4,626 130,679 899 4,626 474.084 899 13.081 413,909 272.450 70,955 Totsl Income 272,450 136,204 70,955 479,609 426,990 ExpeThYlture on.. Charitable activities 253.991 66,559 66,674 387.224 553,932 Totsl expendmure 253,991 66,559 66.674 387,224 553.932 Net Inccrfne before trdnsfe 18,459 69,645 4.281 92,385 1126.942 1 Transfer5 240 127,740 1 27,51K> Netmovement In fvnd5 18,699 41,905 31.781 92,385 1126.942 1 Recorbdlktlon of fijnds Total funds brouBht forward 130,319 147,549 116.110 393,978 520.920 Totsl carrfed forym 149,018 189,454 147,891 486,363 393,978 The Statement of Financial Activities include5 all gains and losses recognised in the year. All incoming resouffts and resources expended derive from continuing actNlties. 19
Keyfund Fedevallon Llmlted (A company limited by guarantee) Balance Sheet As at 31 Marth 2023 2023 2022 Flxed assets: Tangible assets li 1,934 3,277 Currentassets.. Debtors Cash at bank and in hand 12 10,752 495,387 14.368 404,685 506,139 419,053 Uabirits. Creditors.- amounts falling due within one year 13 121,7101 128,3521 Net current a55ets 484.429 390.701 Net assets 486,363 393,978 The funds ofthe charity. Unrestricted funds Designated funds 189,454 147,891 147,549 116,110 337,345 149,018 263.659 130,319 Restricted funds 14 486,363 393,978 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the Small companies regime. Approved bv he irectors on 2023 and siened on their behalf by.. Chris Treasurer ComwnyAlurnber.' 3339120 The notes on Ee5 22 to 33 form part of these financial statements. 20
Keyfund Federation Umlted IA company limited by8uaranteel ststementof Cash Flow5 Yearended 31 March 2023 key Notes 2023 2022 Netcash flowfrom operdting activlties.. Netcosh prothby/(u5edlnJ operatlnqactmtles 17 89,803 1128,6981 Cash flows from thbestin8 tIltIeS InVestent income received Purchase of tangible fixed assets 899 12,3271 Netcosh (ttsedlnj Investlng urtfvldes 899 12,3271 Chary In cash and cash equlvalents In the portin8 Feriod 90,702 1131,0251 Cash and cash equivalents at the beginning of the year 404,685 535,710 Cash and cash equlvalents at the eNI of the year 495.387 404,685 Cash and cash equfvalents c(sIst of. Cash at bank and in hand 495,387 404.685 21
Keyfund Federdtion MIted IA company Ilmlted byBuaranteel Notes to the financial 5tstements forthe yearended 31 Mh 2023 Accountln8 Polldes 1.1 Basis of preparatlon The charity Constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companie5 Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared under the historical cost convention or transaction value unless otherwise ststed in the levant accounting policy notelsl. The financial statements are prepad Sn Sterling which is the functional currency of the charity and rounded to the nearest £. The snIfICant accounting policies applied in the preparation of these financial statements are set out below. These policies have been conslstently applied to all years presented unless Otherwise stated. 1.2 Goiryg conom The financial statements have been prepared on a Èoing concern basis. The Directors have rewewed and considered leVant information, including the annual budget and future cash flows in making their assessment. In particular, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios alongside the measures that they can take to mitigate the impact. Based on these a55es5ments. given the FHe3sures that could be undertaken to mitlgate the current adverse conditions. and the current resoLJrces av3ilable, the Directors have concluded that they can continue to adopt the 80in8 concern basis in preparing the annual report and accounts. 1.3 Fund5 Unrestricted fund5 are available for use at the discretion of the Directors in furtherance of the general objectives of the charitable company and which have llot been designated lor other purposes. Designated funds c¢)rnprise unrestricted funds that have been set aside by the Directors for a particular purpose. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are fund5 which are to be used in accordance with specifK restrictions imposed bydonors which have been raised by the charltable company for particular purposes. The cost of rai5in8 and administerin8 such funds are charged a83inst the speafic fund. The aim and use of each restricted fund is set oijt in the notes to the financial statements. 22
Keyfvnd Federation Umlted (A company Ilmlted by8uarantee) Noles to the financlal ststements Icontlnuedj forthe yearended 31 Marth 2023 1.4 Incomln8 resources All incoming resources are included in the Staternent of Financlal Activitie5 when the charity has entitlement to the funds. any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Income from charitable activities includes income received under contract or where entitlement to Brant funding is subject to specific performance conditions and is recognised as earned. Grant income included in this category provides funding to 5UPPOrt perfoimance activities and is reco8nised where there is entitlement. certalnty of receipt and the amount can be measured wlth re350nable certainty. Income received to deliver services over a specific period covering more than one financial year is accounted for over the specific period. related expenditu Is accounted when inCurd. Investment income relate5 to interest earned through hokling assets on deposit. 1.5 Eynditure and Irrecoverable VAT All expenditure 15 accounted for on an accruals basis and has been classified urider headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it Is probable that the settlement will be required and the amount of the obllgation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 1.6 Supportcost allctation Support costs are those that a5515t the work of the charity but do not directly represent charitable activities and include office costs. governance cost5 arid administratlve payrdl costs. They are incurred directly in support of expenditure on the object5 of the charity. 1.7 Intanglble fixed assets aThJ amorti5ation Intangible assets represent the operating system used bythe company and an online manual for licences. These are amortised over the expected useful life of the a5set5 on the following basis.. Operatin8 System Online manual 3 years Straight line 2 years straight line 1.8 Taryglble flxed assets Tangible fixed assets are ststed at cost lor deemed costl or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of oper3tinB a5 intended. 23
Keyfund Federaon Umlted IA company limsted by8uaranteel Notes to the financkl ststements (Contlnuedj forthe year ended 31 Mch 2023 1.8 Tangible fiyod assets fcontlnuedj Depreciation 15 provided on all tangible fixed assets, at rates cakulated to write off the cost. less estimated residual val ue, of each asset on a systematic b35is over its expected useful life as follows.. Office equipment Computer equipment IO% straight line 33% straight line All assets c05ting more than are capitali5ed. 1.9 Debtors Trade other debtors are recoEnised at the settlement amount due after any trade discount Dffered. Prepayments are valued at the arllount prepaid net of any trsde discounts due. 1.10 Cash atbankand in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three moDth5 or less from the date of acquisitlDn or opening of the deposit or similar account. 1.11 Credltors and provisK)ns CdItorS and provisions are recognised where the charity has a present obli8ation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision5 a normally recognised at their settlement after allowing for any trade discounts due. 1.12 Flnancial Instruments The charityonly has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are Inltially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequelltly measured at amortised cost usin8 the effective interest method. 1.13 Pens10rys The charitable company contributes to a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charitable company. The annual contributions payable a charged to the Statement of Financial Activities. 1.14 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charitie5 Act 2011 and is considered to pa55 the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meet5 the definition of a charitable company for UK corporation tax purposes. 24
Keyfund FederaOn Umlted IA ctynpany Imnited byBuaranteel Notes to the financlal ststements (Contlnuedj for the year ended 31 Marth 2023 key L ststys Keyfund Federation Limited is a company limited by guarantee, reglstered in England and Wales, Inumber 033391201 and not having a share capital. In the event of the company being wound up, the liability in respect of the guarantee is Ilmited to El per member of the charity. Ststementof Financial ktMtie5 forthe prioryear Restrirted Fund5 Unrestrlcte(l Deslgnatsd Funds Funds Totsl 2022 Nots5 Income from: Donations Charitable actimties Investment income 13,081 147,877 13,081 413,909 175,532 90,500 Totsl Income 175,532 160,958 90,500 426,990 ExFendlture on: Charitable activities 216,044 155,427 182,461 553,932 Totrl elPeIltY 216.044 155.427 182.461 553,932 Net Income before ts3nsfers 140.512 1 5.531 191.961 1 1126.9421 Transfers Netmovewnt In fvnds 140,512 1 5,531 191,9611 1126,9421 Reconclllatlon of fijnds Total funds brought forward 170,831 142,018 208,071 520,920 Total fiJnds carrled fonvard 130,319 147,549 116,110 393,978 25
Keyfund Federatlon Llmlted IA company1Smlted by guarantee) Note5to the financlal ststements Icontlnued) for the year ended 31 Marth 2023 key Income from donatlons 2023 2022 Donations 4,626 13,081 4,626 13,081 The Trust benefits greatly from the involvement and enthu51aStic suppx)rt of its many volunteers. detalls of which are given in our annual report. In accordance with FRS 102 and the Charities SORP IFRS 1021. the economic cOntributn of general volunteers is not recognised in the accounts. Income from chahtsble actyvStle5 2023 2022 Grants receivable Membership income 441,324 32,760 386,417 27,492 474,084 413,909 Investment Income 2023 2022 Interest receivable 899 26
Keyfund FelleraOn Umlted IA company limbted by8uaranteel Notss to the financbal ststements (Contlnuedj forthe yearended 31 March 2023 Anaty515 of expenditure on charitsble actIS 2023 2022 Staff costs Depreciation and impairment Direct project cost5 Staff related costs Travel expenses Property costs Office costs T costs 185.590 1.344 80,567 2,132 1,913 13,098 2.899 14.598 18,326 34.807 636 276,762 1,561 75,288 6,681 2,921 23.042 2,676 9,187 11,958 103,672 638 Advertising and PR Legal and professional Bank charges 355.910 514,386 Share of supporr costs Share of Éovemance costs 22,246 9.068 32,235 7,311 387,224 553,932 Analysis by fund Unrestricted funds - general Unrestricted fund5- designated RtrIcted funds 66,559 66,674 253,991 155.427 182,461 216,044 387,224 553,932 Analysis of SUPF#)rt costs Support &)vernan Costs Costs 2023 Totsl Support Go¥*emarte Costs Costs 2022 Totsl Staff costs Examination and audit fees Meeting costs 22,246 22,246 5,220 3,848 42,608 42.608 5,740 1,571 5,220 3.848 5.740 1.571 22,246 9,068 31,314 42,608 7.311 49,919 Governan costs include5 payments to the auditors of £5,22012022- £5.7401 for the examination12022'. audit) of these flnancial statements. 27
Keyfvnd Federdtion MIted IA company Ilmited by8uaianteel Notes to the financial ststements fCt7ntlnuedJ forthe year ended 31 March 2023 key Analy51s ofstsff costy trustee remuneTrticffl and eynse5, and the cost of key mana8ement petsonnel Staff costs were as follow5.. 2023 2022 Wages and salaries social security costs Other pension c0515 180,684 14,927 10.680 269,993 22,248 16,756 206.291 308,997 The avege monthly number of employees and full tiffle equivalent IFfEI during the year was as follows.. 2023 Number 2023 2022 Number 2022 Charitable activities io io There was 012022.. 11 employee who earned more than £60,00D. The charity trustees were not paid or received any other benefits from employment in the year12022- £1 neither were they reimbursed expenses during the year12022 - £ nill. The key management personnel of the charity comprise the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £66.41112022 - £70,956). Staffing reductions atthe yearend were due to a planned StruCtUre. completlon of a digital project, and two staff vacancie5 which The Key were seeking to fill. 28
Keyfvnd Federntlon limited IA company limitsd by guarantee) Notes to the ffinancial statements (Condnuedj forthe year ended 31 Marth 2023 key io. ntan8ble foxed assets Opera11 System & On4ine Manual At l April 2022 and 31 March 2023 6,120 AJnort15aon At l April 2022 and 31 March 2023 6,120 Net book alue Al 31 March 2023 At 31 March 2022 ii. Tanglble fixed assets Furnlture Fittings & Equlpment At l April 2022 Additions 24,621 At 31 March 2023 24,621 Depreaatic At l April 2022 Charge for the year 2J,344 1,344 At 31 March 2023 23.090 Net bk value At 31 March 2023 1.934 At 31 March 2022 3,277 29
Keyfvnd Federallon Llmlted (A company Ilmlted by 8uaranteel Note5 to the flnanckl ststements (Contlnuedj for the year ended 31 Marth 2023 12. Debtor5 2023 2022 Trade debtors Prepayments and other debtors 2,600 8,152 14,368 10,752 14,368 13. Creditors.. amounts falling due wthin one year 2023 2022 Trade creditors Social security Costs Accruals and deferred income Other creditors 9,037 3,954 6,765 1.954 7,308 8,802 12,242 21,710 28,352
Keyfund Federayon Umltsd (Acompany Ilmlted by8uarnntsel Notes to the financlal ststements (cttInued) forthe yearended 31 March 2023 key Fund reconclllatlon Yearended31 Murch 2023 Brou8ht Forward Carried Forward Iorne endlturE TSferS Unrestricted funds General fund5 147,549 136,204 166,5591 127,7401 189,454 DesLgnated funds Project fund5 Keyfunds KIT IT Implementation 96,535 19,575 63,250 7,705 166,674 1 93.111 27.280 27.500 27.500 Totalunrestrlctedfunds 263,659 207,159 1133.233 1 12401 337.345 Restricted fvnds Key funds Project fund5 Ipreviously CO fund51 72,860 57.459 111,940 160,510 184,716 1 169.275 1 240 100,324 48,694 T0tolresrtedfvd 130,319 272.450 1253,991 1 240 149.018 Total fijtwjs 393.978 479,609 1387,2241 486,363 Included in the above funds are amounts that need to be Separately disclosed relatin8 to funds received from Virgin Money Foundation.. Brought Forward Carried FoThRrd Income E*endIre Transfers Key funds 1,662 1721 1 941 31
Keyfvnd Federation Umlted company Ilmitsd by8uardntee) Note5 to the finarKlal ststements fcontlnuedj forthe yearended 31 Marth 2023 14. Fund recondl1aon Icontlnuedj Yeorended31 Morch 2022 Brought Forwdrd Carrled Forward Income Eypendlture Transfers Unre5trlcted fvnds General funds 142,018 160,958 1155.4271 147,549 Desated funds Project funds Keyfunds 188,321 19,750 90.5CO 1182.286 1 11751 96,535 19,575 Totolunrestrlctedfvnd5 350,089 251,458 1337,8881 263,659 Restrfcted fund5 Key funds Project funds Ipreviou51y core fundsl 80,230 ,601 59.5 116,032 166,870 1 1149,174 1 72,860 57.459 rotalrestrirtedfvnds 170,831 175,532 1216.0441 130,319 Totsl fvnds 520.920 426,990 I S53,932 1 393,978 Included in the above funds are amounts that need to be separately disc105ed relatin8 to funds received from Vir8in Money Foundation.. Brought Forward Carfed Forward Income Eynditure Transfer5 Key funds Project funds 14,414 6,474 112,752 1 16,474 1 1,662 Keyfvnds Represent funds received for dlslribution to grDUPS of young people in order to implement the Key projects they have planned by participating in The Key Framework. Projert funds Iprevloustycore fvndsl Represents funds received to support delivery of The Key Fratnework to young people. KIT IT Implementstk)n During the year, the Director5 have designated £27,5CK) of reserve5 for the continuing implementstion and development of The Key's new digital plarform which underpins delivery of KEY+ throughout the region. 32
Keyfvnd FedeTrtlon Llmlted {A company limited by guarantee) Notes to the fin¢la1 ststsments Icontlnued) fortt* ar ended 31 Marth 2023 15. Penslon Defined contrlbutbn penston The charity operates a defined contribution penslon plan for its employee5. The amount recognised as an expense in the period was £10.68012022- £16.7561. There was no liability due to the pension provider at the 31 March 202312022- £nlll. 16. Related party transaciions There have been no transactions incurred with related partie5 during the period12022- none). 17. Re£onclllaUon of net Incomellexpendlturel to netcash flow from operatin8aftpitie5 2023 2022 Net lexpenditurelj income for the year Investment income Depreciation of tangible fixed assets Decreasellincreasel in debtor5 IDeceasel/increase in credltors 92.385 1126.9421 18991 1.343 3,616 16,642 1 1.561 19,9771 6,660 Net cash flow frorn operating attivities 89,803 1128,6981 33