2024-03-31-accounts - Keyfund Federation Limited

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Company number: 03339120 (England and Wales) C Company harity nu number: mber: 10 03339120 93569 (England and Wales) Charity number: 1093569

K Keyfund eyfund F Federation ederation L Limited imited (A company limited by guarantee)

D Directors irectors R Report eport and and F Financial inancial S Statements tatements F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

Keyfund Federation Limited ( Keyfund A comp Federation any limited Limited by guarantee) C (A on company tents limited by guarantee) Contents F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

	P a g e Page	P a g e Page
Welcome by the Chair and Chief Executive	1	2
eport Directors’ r	3 -	16
Independent Examiner’s Report	17
Statement of financial activities	18
Balance sheet	19
Notes to the financial statements	20 - 31	20 - 31

Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) Welcome from the Chair and Chief Executive Welcome from the Chair and Chief Executive F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

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2023-2024 has been a year of highs and some significant change at The Key from amazing stories of difference from young people sharing how completing the Key+ challenge has impacted their lives, to seeing some of our key team move on to new roles, to securing significant grant and commissioned funding to expand our work and finish the year on a secure financial footing.

As always, our annual awards ceremony was truly inspirational with young people from across the North East coming together to celebrate their achievements and the support received from their facilitators. Young people were very much in the lead with our Youth Voice group leading on all aspects of the awards from planning to hosting and presenting the awards. Key+ groups also arranged entertainment for the evening, which included an escape room that proved too tricky for some. Over 200 young people and adults attended the event with award winners receiving recognition for what they had achieved, e.

Our mission continues to be to create opportunities where young people are inspired to believe in themselves and achieve their potential. We’re here to support young people to believe in their ideas and discover what they are capable of. The demand and need for provision such as ours continues to be clear, with over a third of young people in the North East living in poverty and the gap between those with challenges and those without challenges continuing to grow. 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.

In 2023/24, we continued to work on generating income by applying for funds in closer partnership with the organisations we knew could reach the young people we most wanted to provide opportunities to. This helped us position ourselves in the regional youth services ecosystem in a positive way, securing funds to support delivery by our partners, and providing much needed resource to create the right opportunities for the young people who need them. We were able to significantly diversify our funding streams by embarking on securing commissioned contract funds to support this partnership working. We have also continued to be successful in securing funding from our traditional supporters such as trusts, foundations and grant making organisations. These successes have ensured that we start 2024-25 in a healthy financial position.

We continued to develop our digital platform to underpin our work with young people and trained new facilitators. This has been an iterative process, that continues, as opportunities to develop the system present themselves and as functionality of the platform increases. We have greater understanding of how we can use the platform to demonstrate the impact of the Key+ challenge to funders.

Our Chief Executive Officer, Richard moved on to an exciting new role within the year and whilst sad to see Richard move on from The Key, he provided a thorough handover to our Interim CEO, Maxine Tennet. Maxine provided stability and great support while the board took time to select a permanent CEO who would take forward The Key. We are delighted that Rebecca Maw joined us in May 2024. Rebecca has over 20 years of experience in the community sector, she brings bags of energy and shares our passion of inspiring belief in young people and creating opportunities for young people to flourish.

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We're grateful for our funders' support and flexibility, which has been excellent throughout the year. We were delighted to receive support from NCS - National Citizen Service Trust, Ballinger Trust, A D Charitable Trust, UKSPF Communities, NTCA

Transitions, Vardy Foundation, Paul Hamlyn Foundation, CABWI, Garfield Weston Foundation, The National Lottery Community Fund (Reaching Communities North East and Cumbria Region), Sir James Knott Trust, Wellbank Foundation, Joicey Trust, Barbour Foundation, MEA House Trust, Mazars Charitable Trust, Tesco, LGA Foundation, and Tyne and Wear Community Foundation: 1989 Willan Charitable Trust, Winter Family Fund, Port of Tyne and Vital Sector Support.

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.

L Liz iz Watchorn, Watchorn, C Chair hair M Maxine axine Tennet, Tennet, I Interim nterim C CEO EO R Rebecca ebecca M Maw, aw, C CEO EO

2 2 Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) D Directors irectors Report Report F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

R Reference eference a and nd a administrative dministrative d details etails o of f the the c charity, harity, i its ts d directors irectors a and nd a advisers dvisers

C Charity harity N Number umber 1093569 C Company ompany N Number umber 03339120 R Registered egistered O Office ffice Suite 5, 6th Floor West Hadrian House Higham Place Newcastle Upon Tyne NE1 8AF D Directors irectors Elizabeth Watchorn (Chair) Lieutenant General Robin Brims (Vice Chair) Julian Thomas Leigh Thompson (Resigned 01 February 2024) Emma Richards Mary Youngs Terence Burke (Resigned 22 November 2023) Chris Alete (Treasurer)

K Key ey management management Company Secretary & Chief Executive Officer Richard Haigh (Resigned November 2023) Rebecca Maw (Appointed May 2024) I Independent ndependent E Examiners xaminers Evelyn Partners (Newcastle) Limited 17 Queens Lane Newcastle upon Tyne NE1 1RN B Bankers ankers Co-operative Bank Plc PO Box 101 1 Balloon Street Manchester M60 4EP

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Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) D Directors irectors Report Report (Continued) (Continued) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

The Directors submit their annual report and the independently examined financial statements of the Keyfund Federation Limited (The Key) (the company) for the year ended 31 March 2024 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 2006, the Memorandum and Articles of Association, and the 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 (FRS102).

O Our urr values valuesaluesluesuesess

The golden thread that weaves through our vision, mission and values is that e everything verything we we d do o i is s f for or t the he b benefit enefit o of f young young p people eople — especially especially those those facing facing c challenging hallenging c circumstances. ircumstances.

F FOCUS: OCUS:CUS:US:S:: Keeping sight of the goal

F FOCUS: OCUS:CUS:US:S:: Keeping sight of the goal We make informed decisions. We set targets and work towards milestones, and we deal with things at the right time. We work in a positive way, and we are true to our roots. We are driven to succeed. We believe that, as a result, we will achieve our mission. © We believe that, as a result, we will achieve our mission.

C COLLABORATION: OLLABORATION: Working together to achieve common objectives

We act with integrity and seek to understand others. We share information transparently, communicate . . . well and treat everyone with respect. We value everyone’s contribution, and we trust and can be trusted. W We e b believe elieve t that, hat, a as s a a r result, esult, we we w will ill a achieve chieve m more ore together together than than b by y acting acting a alone. lone.

G GROWTH: ROWTH: Constantly striving to be the best we can be

We are resilient. We encourage constructive feedback, we are actively curious and questioning, and we are adaptable to change. We nurture others. We believe that, as a result, we will maximise our impact. “~ We believe that, asa result, we will maximise our impact.

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Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) D Directors irectors Report Report (Continued) (Continued)

F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

W What hat i is s K KEY+ EY+ C Challenge? hallenge?

The KEY+ challenge to young people is simple, but highly effective. Young people work together in small teams with the help of a trained Key Facilitator to:

u —_use se their their voices voices and be heard
l lead ead a and nd d deliver eliver p projects rojects and activities which are meaningful to them b build uild s skills kills a and nd c confidence onfidence throughout
B Become ecome a active ctive c citizens itizens by exploring enterprise or tackling social issues

To take on the challenge young people form a group and progress througha five -step process:

t think hink of a project or activity that they want to make happen p plan lan how they will make it happen and what is needed, including a budget p pitch itch their project to a panel of volunteers
d do o their project if given the go ahead by the panel r review eview and reflect on their project and development of skills and confidence

Young Young p people eople c complete omplete this this p process rocess u up p to to three three t times, imes, e each ach t time ime p planning lanning m more ore p progressively rogressively c challenging hallenging p projects rojects w with ith g greater reater p personal ersonal d development. evelopment. Delivering their first KEY+ project is a great achievement for young people. They get 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 planning a project with a larger budget. 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 aim 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 ever for 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.

O Our ur work work during during 2 2023/24 023/24

Our three-year strategy outlines five strategic priorities. Progress towards those priorities during year 2 of the strategy is outlined on the following pages.

S Strategic trategic p priority riority 1 1: : D Deliver eliver t the he K KEY+ EY+ C Challenge hallenge to to young young p people eople a across cross the the N North orth E East ast r region egion

The KEY+ Challenge ensures young people are:

Empowered to u use se t their heir voice voice and be heard
Trusted to l lead ead a and nd d deliver eliver p projects rojects and activities that are meaningful to them
Supported to b build uild t the he s skills kills a and nd c confidence onfidence they need to thrive Inspired to b become ecome a active ctive c citizens itizens by exploring enterprise or tackling social issues

5 5 Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) D Directors irectors Report Report (Continued) (Continued) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

We seek to measure the impact of KEY+ under three headings:

R Reach eachachchh

In 2023/24, The Key exceeded our target by reaching and engaging with more individual young people than we had aimed for, marking an increase from the numbers in 2022/23. We also saw a rise in the number of groups participating in the KEY+ Challenge and in the distribution of micro-grants, allowing more young people to implement their plans. These gains reflect our ongoing recovery and growth following the impact of COVID-19.

During 2023/24, 995 different young people engaged in at least one stage of the KEY+ Challenge (up from 886 young people the year before). Those young people dreamt up, pitched and delivered 248 of their own projects and activities (an increase on 220 projects in 2022/23)

Examples of inspiring activities generated by young people this year included:

R Rock ock n n R Roll oll S Sausage ausage R Rolls olls gained a sense of their influence and impact through the KEY+ Challenge. Together they set about making a difference to their community and used their personal experiences to drive change. They completed all three stages of the KEY+ Challenge and even moved onto participating in KEY+ Changemakers too.
2 2 S School chool 4 4 K Kool ool took a unique view of the cost-of-living crisis and how it was impacting families in a variety of ways. The five young women decided to do their bit to help by running a free uniform event for young people in secondary school to come along and receive free or low-cost uniform goods.
N Nature ature G Gang ang ran a school wide art competition to promote friendship and kindness. They chose two winning designs and transformed them from ideas to reality onto two wooden benches. The group then donated their painted benches to a local shelter supporting refugee families.
~— Funky Funky P Phoenixes hoenixes tackled climate change with their KEY+ Project but made sure they galvanised others in the process. They launched a recycling competition in school after being shocked at the amount of single use plastic being binned. The group got the school on board and made it a house wide challenge which helped them make a big impact.
E Everyone veryone a and nd a a g guy uy named named K Kevin evin took on the KEY+ Challenge as a group of friends in the West End of Newcastle. They thrived through the first two stages and wanted to push themselves at Stage 3. They chose to run a community focussed comedy night from their youth club which turned out to be a real crowd pleaser and a fully maxed out event.

I Impact mpactpactactctt

Impact mpactpactactctt

Our priority is to ensure that the KEY+ Challenge continues to positively impact the lives of young people and their wider communities. In 2023/24, young people’s lives were enriched through their involvement in KEY+, delivering activities of their own design. At a time when increasing numbers of young people reported feeling lonely, 995 individuals seized the opportunity to connect with friends through KEY+, leading and delivering a diverse range of trips, activities, and social action projects. In doing so, they used their voices and developed their sense of purpose. By the end of KEY+, 98% of participants reported increased confidence.

Our data indicates that a cycle of KEY+ means young people score an average improvement of 25% against the 12 KEY+ Skills. Those skills include agreeing on responsibilities, searching for information, communicating, making decisions, problem-solving, and coping with stress.

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We know that completing all three stages of the KEY+ Challenge has the greatest impact on young people and during 2023/24 we have seen 282 young people completing more than one stage of KEY+. We would like this to be higher and are looking for ways to improve the number of young people completing all three stages.

Our delivery partner organisations indicated that over 13,000 community members benefitted from projects and activities dreamt up and delivered by young people. This year, KEY+ groups delivered impactful community projects ranging from Family Funday’s, Heritage Afternoon Tea for older people, and a Community Foodbank project supporting 4 local foodbanks.

Q Quality ualityalitylityitytyy

As well as monitoring who we work with and what difference KEY+ makes, we also strive to monitor how well The Key is operating as we support a wide range of organisations across the North East to provide the KEY+ Challenge to young people they engage with.

It has been a priority to diversify our funding streams and to generate income to support the delivery costs of partners. During 2023/2 4 we successfully secured NCS and UKSPF contracts to support the development of our ‘Three Part Recipe’ strategy. This sees The Key secure projects funds for young people, staff costs for partners to deliver KEY+ and the core funding needed for The Key to support delivery. This leads to a higher quality experience for young people as it provides partners with much needed KEY+ delivery time and capacity.

We have continued to embed our digital platform which supports our drive for quality, gathering impact date and standardisation of delivery, whilst allowing partners flexibility to meet the needs of the young people they support. A key part of this work has been to standardise the ‘Pitch to Panel’ element of the challenge, allowing consistent questioning a nd reporting from our volunteer panel members.

S Strategic trategic e enablers: nablers: t the he t things hings we we k know now a are re c central entral t to o r reaching eaching o our ur g goals oals P Putting utting young young p people eople a at t the the c centre entre o of f what what we we d do o

The KEY+ Awards held in July 2024 celebrated the achievements of the 2023/24 financial year. We had more attendees than ever before, with over 200 in attendance. The young people themselves dominated the whole evening both as planners, performers, event hosts, award presenters and receivers of awards in ten categories celebrating their brilliant projects and endeavours. Our youth voice group were instrumental in supporting us to make the night the success that it was.

Our youth voice and influence work with young people now has three strands:

a) Development of a youth voice and influence group. This group will take on 'task and finish' projects as designed by themselves or as offered by The Key.

b) Increasing the involvement of young people as panel members themselves and at the Board level.

c) Changemakers Pilot projects took place in 2023/24 and we will use the learning gained from this pilot to shape future programmes that go beyond the current three stage Key+ Challenge.

This continues to be challenging work due to the breadth and range of disabilities, and learning needs young people accessing KEY+ face.

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Keyfund Federation Limited ( (AKeyfund A c company omp Federation any limited limited by Limited by guarantee) guarantee) Directorsrectorsectorsctorstorsorsrss Directors irectorsrectorsectorsctorstorsorsrss Report Reporteportportortrtt (Continued) (Continued)Continued)ontinued)ntinued)tinued)inued)nued)ued)ed)d))

Directorsrectorsectorsctorstorsorsrss Reporteportportortrtt (Continued)Continued)ontinued)ntinued)tinued)inued)nued)ued)ed)d)) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

O Our ur S Staff taff and and Volunteers Volunteers

During 2023/24 our team has grown. We welcomed Jess, our Finance and Administration Coordinator, and Alfie, our Operations Support, in October 2023 before welcoming Sari as Youth Projects Coordinator in January 2024.

Our CEO, Richard left The Key for an exciting opportunity within the NHS, we ensured a thorough, smooth and effective handover to our interim CEO, Maxine Tennet, a safe pair of hands whilst the trustees took time to find a permanent replacement. This took longer than initially expected; however, the trustees took the brave decision to find the right candidate that will lead The Key into the future on a permanent basis.

This inevitably created a period of uncertainty for the team however, their commitment, flexibility, and resilience in the face of these and other challenges were extraordinary. We responded creatively by carefully monitoring and deploying freelance support, funded by a ring-fenced annual allocation from the Paul Hamlyn Foundation. As a result, we not only achieved our goals for the year but also made significant savings, leading to a strong financial position by year-end.

The Key relies on the support of our dedicated network of volunteers to deliver the KEY+ Challenge to young people. We currently have 40 active volunteers, including 6 new recruits trained during the year. This has increased the number of young people supported in bringing their projects to life. Our volunteer panel members remain essential to running the KEY+ Challenge, and this year we have strengthened their digital engagement with The Key.

We want to take this opportunity to thank all of our volunteers for their loyalty and dedication and hope that they continue to support us in 2024-25.

F Financial inancial P Performance erformance

The Directors submit their annual report and the independently examined financial statements of The Keyfund Federation Limited (The Key) (the company) for the year ended 31 March 2024 which are also prepared to meet the requirements for the directors' report and accounts for Companies Act purposes.

Key Funds representing funds received for distribution to groups of young people to implement the Key projects they have planned by participating in KEY+;

Project Funds (Core Income) representing funds received to support delivery of KEY+ to young people.

It has been a priority for us to diversify our income stream and this year we have worked hard to secure £160,858 project costs and £25,404 Key Funds from contracting arrangements with National Citizen Service and the North East Combined Authority. This allows us to support the delivery of the Key+ challenge to a wider audience (income included in Restricted Project and Key Funds below).

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We started 2023-24 with an opening restricted Key Funds balance of £100,324. Total incoming Key Funds for the year amounted to £80,154. The total Key Funds expended (including restricted and unrestricted Key Funds) was £73,369, leaving a total Key Fund balance, after transfers, to carry forward into 2024/25 of £86,217.

At the start of 2023-24 we had restricted Project Funds of £48,694. Total incoming restricted Project Funds for the year amounted to £293,312. The total restricted Project Funds expended was £226,172. £120,834 of restricted Project Funds was carried forward into 2023-24.

We started the year with £189,454 of unrestricted General Funds (i.e. reserves). The total incoming unrestricted General Funds for the year amounted to £123,236. The total unrestricted Core Funds expended was £81,466. £231,224 of unrestricted General Funds was carried forward into 2024/25.

We started the year with £93,111 of designated Project Funds. The total incoming designated project funds for the year amounted to £63,250. The total designated Project Funds expended was £20,301. £136,060 of designated Project Funds was carried forward into 2023-24.

We started the year with £27,280 of designated Key funds. The total incoming designated Key funds for the year was £0. The total designated Key funds expended was £98. £27,182 of designated Key Funds was carried forward into 2024-25.

We started the year with £27,500 of designated development funds. These funds were intended to be spent on improving IT including our online platform KIT. The costs of hardware and KIT development were able to be covered within project costs, and therefore the balance has been transferred out. In addition to the unspent IT development fund, a number of historic underspends from project funds and Key Funds totaling £15,919. These have been collated to provide a total designated development funds pot of £43,419 to take forward into 2024-2027. These funds will support increasing the capacity of the staff team and provide Key Funds to support new groups and young people from across the North East with particular focus on areas that we are not currently active in and aimed at those young people who have multiple challenges.

We were delighted to welcome support from NCS - National Citizen Service Trust, UKSPF (Communities and Place), North of Tyne Combined Authority (Education Improvement), The National Lottery Community Fund (Reaching Communities North East and Cumbria Region), MEA House Trust, Tesco Community Fund, Mazars Charitable Trust and from funds distributed by The Community Foundation serving Tyne & Wear and Northumberland including the Port of Tyne Fund, Winter Family Fund and the Vital Sector Support Fund.

A D Charitable Trust, Ballinger Trust, CABWI, Garfield Weston Foundation, Vardy Foundation, Sir James Knott Trust, Wellbank Foundation, Joicey Trust, Barbour Foundation, R W Mann Trust, as well as funds from Trusts distributed by The Community Foundation serving Tyne & Wear and Northumberland including the 1989 Willan Charitable Trust and Northumberland Village Homes Trust.

R Reserves eservesserveservesrvesvesess p policy olicylicyicycyy

The Directors have reviewed and approved the Reserves policy, which is designed to create a buffer to cover six months cost commitments that would have to be paid in the event of business wind-up at any given time, including Redundancy payments for all staff beyond 1 year of service, due to imminent potential changes in HR policy. At 31 March 2024, there were unrestricted reserves of £231,224, which represents 6 months of fixed costs and redundancy payments.

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Keyfund Federation Limited Keyfund Federation Limited ( (A A company li . mited by guarantee) company limited by guarantee) Directorsrectorsectorsctorstorsorsrss Directors irectorsrectorsectorsctorstorsorsrss Report Reporteportportortrtt (Continued) (Continued)Continued)ontinued)ntinued)tinued)inued)nued)ued)ed)d))

Directorsrectorsectorsctorstorsorsrss Reporteportportortrtt (Continued)Continued)ontinued)ntinued)tinued)inued)nued)ued)ed)d)) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

P Plans lans f for or t the he F Future uture

W What hat we we a are re p planning lanning t to o d do o i in n 2 2024-25 024-25

Our strategy is based on three themes: People, Partners, Product. The current strategy was due to come to an end in March 2024, however, due to the timing of the CEO recruitment, we have extended the strategy to cover the period to end of March 2025. During 2024/25 we will take the time to develop a three-year strategy for the period of 2025-2028

Within those themes we have identified four strategic priorities we are focusing on across the three-year period. In addition, we have also identified seven enablers that we know are critical to achieving our strategy.

Strategicpriorities Annual objectives for 2024-25	Strategicpriorities Annual objectives for 2024-25
1. Deliver The KEY+ Challenge to young people across the NE region 2. Increase the numbers of underserved young people using KEY+	1.1. R E A C H as many young people as we can with the KEY+ offer. 1.2. Achieve the most I M P A C T we can with the KEY+ Challenge. 1.3. Deliver the KEY+ Challenge in the highest Q U A L I T Y way. 2.1. Develop schools' transitions work with regional delivery partner across operational area. 2.2. Develop Youth Voice and actively recruit Young People facing disadvantage. REACH IMPACT QUALITY

S t r a t e g i c p r i o r i t i e s A n n u a l o b j e c t i v e s f o r 2 0 2 4 - 2 5 Annual objectives for2024-25	S t r a t e g i c p r i o r i t i e s A n n u a l o b j e c t i v e s f o r 2 0 2 4 - 2 5 Annual objectives for2024-25
3. Build more funded partnerships with delivery partner organisations 3.1. Build on 2023/24 template and establish more KEY+ activity through funded partnerships.
4. Develop, launch and continually refine KEY+ ~~a~~	5.1. Review alternatives to the 12 skills model ~~a~~

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Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) D Directors irectors Report Report (Continued) (Continued)

F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

We will also be working to specific objectives for our enabler areas which we have identified as follows:

E2. Fully embrace our digital potential

E3. Ensure that young people have voice and influence

E4. Actively work towards equity, equality, diversity and inclusion

E5. Develop a strong team of staff and volunteers

E6. Generate the income needed to achieve our strategic aims

E7. Effective marketing to achieve our strategic aims

P People eople

people face additional barriers, and where levels of KEY+ activity are low. From street-level youth nights to colleges, KEY+ will be an excellent way to reach all kinds of young people facing diverse challenges in different environments.

Our work throughout the year will create a rich variety of stories which will continue to evidence that when young people are given the right platform, we can provide them with opportunities outside of formal 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.

P Partners artners

We will continue to grow our community of partners to increase our reach across the North East, targeting organisations supporting young people who are most in need of the KEY+ Challenge.

Using our learning from 2023/24, we will strengthen our offer to partners across three main strands: Strengthening our membership offer: The Key will work closely with partners to understand the value we add to their provision and continue to make our membership offer the best it can be for our much-valued partners.

Growing the three-part recipe: We will continue to seek opportunities that enable us to grow our three-part recipe partnership work. 2023/24 proved there is significant appetite from partners to collaborate on funded projects that provide the projects funds for young people as well as the KEY+ delivery costs for partners and The Key. This was evident in the first instance in our successful pilot funded by The National Lottery Community Fund and then built upon as we successfully secured a large NCS grant to enable funded KEY+ activity to take place across the region with 18 of our partners. A real milestone in getting government funding through the doors of grassroots organisations and one we know will continue to add value across the region.

Increasing KEY+ in Schools: The Key will continue to make KEY+ available in schools in a variety of ways. We will build on our existing work commissioned by the North East Combined Authority which sees us collaborate with partners to deliver KEY+ as a targeted intervention for young people struggling with the transition to Key Stage 3. We aim to grow this intervention across the region and work with even more partners to deliver funded KEY+ in schools with pupils most in need. 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 continuing to work more intentionally with organisations who are working with the underserved young people we want to prioritise.

We will embark on a two-year development programme that will explore and support the areas that we are looking to grow and expand. We have identified funds within our budget as designated funds to support this work. There is both Key Funds and Core Costs within an assigned budget of £83,264. These funds will support increasing the capacity of the staff team and provide Key Funds to support new groups and young people from across the North East with particular focus areas that we are not currently active in and aimed at those young people who have multiple challenges. These funds will also support the development and implementation of our Strategy 2025-2028.

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Keyfund Federation Limited ( Keyfund A comp Federation any limited Limited by guarantee) (A company limited by guarantee) D Directors irectors Report Report (Continued) (Continued) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

P Product roductoductductuctctt

KEY+ will continue its development as a highly valued programme that can be used by any organisation, at any scale across the area we o perate. We'll focus specifically on how we prompt young people to think about and reflect on what skills they use during the KEY+ Challenge, incorporating this learning to update KEY+ support tools and resources too. We'll also get stronger at providing young people with better evidence of their achievements by participating in the KEY+ Challenge so that they have something more tangible to use as they continue to progress.

Our digital platform will be valued by partners, easy to use, and capable of producing rich, consistent data to learn from even though KEY+ is used in diverse environments with a wide variety of young people.

By the end of 2024/25, KEY+ will be increasingly recognised as an excellent kitemark for organisations who want to evidence high-quality skills development work with young people to enable voice, activities, skills development and community involvement.

E Enablers nablers

r young

people who have been through KEY+ to volunteer, be employed by, and shape what The Key does in new and creative ways.

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 highqualit y youth experiences. We'll continue to develop links with the North East Combined Authority and are positioning ourselves to explore the opportunities a new Government and Elected Mayor may bring.

four main functions:

a) Providing the KEY+ Challenge to empower young people to use their voices, lead activities, develop skills and confidence and become active in their communities.

b) Supplying the training, support and inspiration to enable organisations to run high-quality KEY+ Challenge sessions with young people.

c) Supporting volunteers to provide high-quality panels for young people to pitch their ideas to.

d) Sourcing and linking funders with groups of young people to provide them with the resources needed to carry out their ideas.

S Strategy trategy D Development evelopment

During 2024/25 a significant priority for the team will be to develop a three-year strategy that will set The Key up for the future. Our permanent CEO, Rebecca Maw started her employment in May 2024 and hit the ground running. In order to achieve a strategy that is sustainable and continues to meet the needs of young people and the sector in which we operate we will tackle this through:

Exploring our value to and relationships with partners, members and stakeholders, past and present
Undertaking research into policy and strategy that impact the region and the sector in which we operate. This will focus particularly on those strategies that impact on the present and future of young people growing up in the North East.
Conversations with funders, grant makers, investors and commissioners to further understand the future funding landscape

1 12 2

Commissioning underpinning strategies and pieces of work that will support practical delivery such as a Marketing Strategy, a Quality Framework and an Impact and Evaluation Strategy.

Most importantly, we will be utilising the strength of the voice of young people to shape the strategy. A significant focus will be on how the KEY+ Challenge continues to meet their needs and meets them where they are, both geographically and in their life journey.

S Structure, tructure, G Governance overnance a and nd M Management anagement

C Constitution onstitution 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 as amended by Special Resolution dated 10 October 2020 and is a registered charity (number 1093569).

R Recruitment ecruitment a and nd a appointment ppointment o of f D Directors irectors

Our diverse and talented Board of Trustees continued to provide invaluable support to the CEO and staff team. Their unique 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 as our Chair. We would like to thank Andrew for his unwavering commitment to The Key and we wish him all the best for his future endeavours. We were pleased to welcome Liz Watchorn, an existing Director 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 Trustees, who are also the directors under Company Law, are responsible for the management and administration of the charitable company.

The current Directors were recruited and appointed by an open and efficient process managed by the Directors using 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 2023-24. A Finance and Risk Sub-Group have also met on six occasions during 202324. Currently the Board is well balanced and includes expertise from the private, public and third sectors.

The Board of Directors were appointed using a skills audit. The areas of expertise covered between them are:

Financial management, budget management, chartered accountancy
Strategic planning, change management and project management
Youth policy, voluntary youth work, statutory youth provision
Sales, marketing, PR and communications
Corporate social responsibility
Human resources, equality and diversity, policies and procedures and recruitment Learning and skills development
High growth in small to medium enterprises

The Directors consider that they have complied with their duty to have due regard to public benefit guidance published by the Charity Commission.

1 13 3

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Our organisational structure consists of a core team of 6 staff working under the guidance of our CEO. Further work is provided by a small team of freelance staff as and when it is needed. KEY+ is delivered by trained and supported Key Facilitators who have a trusted relationship with their group of young people and are employed by, or volunteer for, our delivery partners. In 2023-24 we were delighted to have delivery partners in all local authority areas 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 under the policies, procedures and insurances of their employing / supporting Member organisation.

Our KEY+ Facilitators range from youth work professionals, community volunteers, youth offending team staff, detached youth workers, care workers, uniformed group leaders and learning mentors, to name but a few. Our networks also contain individuals who become Volunteer Panel Members. These individuals volunteer directly for The Key and are trained for the role of hearing from young people about their KEY+ ideas.

R Related elatedlatedatedtededd p party artyrtytyy r relationships elationshipslationshipsationshipstionshipsionshipsonshipsnshipsshipshipsipspss

The Key works with a diverse range of organisations as members, to support young people across the region. Each either employs or supports a small team of Key Facilitators. These organisations include youth work / detached work projects, schools, alternative education providers, youth justice programmes, democracy projects, church groups, BME groups, sports groups, voluntary groups, guides/scouts, mental health projects, secure units, training organisations, FE colleges, and health groups. Each organisation is supported in their day-to-day activity by The Key.

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, The National Lottery Community Fund, Sir James Knott Trust, Wellbank Foundation, Joicey Trust, MEA House Trust, LGA Foundation, Ballinger Trust, and Paul Hamlyn Foundation.

The Key continues to work with private sector partners and their foundations too. We are delighted to be working once again with Tesco, Barbour Foundation, A D Charitable Trust, Mazars Charitable Trust, Vardy Foundation, and CABWI.

In 2023/24, The Key successfully secured a large partnership grant from NCS (National Citizen Service Trust) to lead on their targeted grants programme across the North East. This project was the first funding of its kind for The Key and it supported the diversification of funds, reduced the reliance on traditional Trusts and Foundations whilst also supported the costs of our partners delivery. These funds along with funding and commissions through UKSPF and North East Combined Authority (previously North of Tyne Combined Authority) have proven the strength of The Key as a leading organisation in this area. Our skills of partnership development and project management have developed through this work, and we are now viewed as a strong lead in this area within the region. We believe this to be a growth area in 2024/25 with further commissioned work being secured.

P Pay ay p policy olicy o of f s senior enior s staff taff

The Board of Directors (who are The Key’s trustees and the Chief Executive) comprise the key management personnel of the charity in charge of controlling, running and operating The Key on a day-to-day basis. All directors give their time freely.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in other charities of a similar size. 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 responsibilities. If recruitment has proven difficult in the recent past, a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role.

1 14 4

Keyfund F Federation ederation L Limited imited Keyfund (A company limited by guarantee) (A company limited by guarantee)

D Directors irectors R Report eport ( (Continued) Continued) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

R Risk isk management management

The Directors have overall responsibility for establishing and maintaining The Key’s risk management policy and for reviewing its effectiveness. 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 including health and safety, client safeguarding, event management, fundraising, compliance, relationship management and, more recently, the COVID-19 pandemic.

Risk management 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 and compliance has been designed to manage key risks and to provide reasonable assurance that planned business objectives and outcomes are achieved. These are recorded monthly by the executive team and are discussed at bi-monthly Finance and Risk Sub-Committee Meetings. If required, issues are tabled at full Board meetings for further debate or decision.

A key element in the management of financial risk is the distribution of clear and transparent 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.

P Public ublic b benefit enefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

1 15 5

S Statement tatement o of f D Directors irectors R Responsibilities esponsibilities

The Directors (who are also trustees of the Keyfund Federation Limited for the purposes of charity law) are responsible for preparing the Directors’ 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 Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP 2015 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Directors are responsible for keeping adequate accounting records that disclose 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 assets 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 report is approved:

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 examiners are aware of that information.

I Independent ndependent E Examiners xaminers

A resolution proposing that Robson Laidler be appointed 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.

This report was approved by the Directors on 24 October 2024 and signed on its behalf, by:

L Liz iz W Watchorn atchorn C Chair hair 1 16 6

Keyfund Federation Limited Keyfund Federation Limited (A company limited by guarantee) I (A nd company ependen limited t Exami by ner guarantee) s Report to the members of Keyfund Federation Limited Independent Examiners Report to the members of Keyfund Federation Limited F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2024 which are set out on pages 18 to 31.

R Responsibilities esponsibilities a and nd b basis asis o of f r report eport

As the charity trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the prepa ration of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for in dependent examination, | report in respect of my examination of your charitable company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

I Independent ndependent examiner's examiner's s statement tatement

the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts 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 a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

C Craig raig H Henderson enderson F FCCA CCA

E Evelyn velyn P Partners artners ( (Newcastle) Newcastle) L Limited imited

17 Queens Lane Newcastle upon Tyne NE1 1RN 24 October 2024

1 17 7

Keyfund Federation Limited Keyfund Federation Limited (A company limited by guarantee) (A company limited by guarantee)

S Statement tatement of of F Financial inancial Activities Activities ( (incorporating incorporating t the he i income ncome a and nd e expenditure xpenditure a account) ccount) F For or the the year year ended ended 3 31 1 M March arch 2 2024 024

				R e s t r i c t e d Restricted	U n r e s t r i c t e d Unrestricted	D e s i g n a t e d Designated	D e s i g n a t e d Designated	T o t a l Total	T o t a l Total
				F u n d s Funds	F u n d s Funds		F u n d s Funds	2 0 2 4 2024	2 0 2 3 2023
		N o t e s Notes		£ £	£ £		£ £	£ £	£ £
I n c o m e f r o m : Income from:
Donations			4	-	6,769		-	6,769	4,626
Charitable activities			5	373,466	115,022		63,250	551,738	474,084
Investment income			6	-	1,445		-	1,445	899
				_	_		_	_	_
T o t a l i n c o m e Total income				373,466	123,236		63,250	559,952	479,609
				_	_		_	_	_
E x p e n d i t u r e o n : Expenditure on:
Charitable activities			7	299,541	81,466		20,399	401,406	387,224
				_	_		_	_	_
T o t a l e x p e n d i t u r e Total expenditure				299,541	81,466		20,399	401,406	387,224
				_	_		_	_	_
N e t i n c o m e b e f o r e Net income before	t r a n s f e r s transfers			73,925	41,770		42,851 158,546	158,546	92,385
Transfers				( 15,892 )	-		15,892	-	-
				_	_		_	_	_
N e t m o v e m e n t i n f u n d s Netmovement in funds				58,033	41,770		58,743	158,546	92,385
R e c o n c i l i a t i o n o f f u n d s Reconciliation offunds
Total funds brought forward				149,018	189,454		147,891	486,363	393,978
				_	_ _	_	_	_	_
T o t a l f u n d s c a r r i e d Total funds carried	f o r w a r d forward			207,051 _	231,224 _		206,634 _	644,909 _	486,363 _

The Statement of Financial Activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

1 18 8

Keyfund Federation Limited Keyfund Federation Limited (A company limited by guarantee) (A company limited by guarantee)

B Balance alance S Sheet heet As As a at t 3 31 1 M March arch 2 2024 024

		N o t e s Notes
			2 0 2 4 2024		2 0 2 3 2023
			£ £		£ £
F i x e d a s s e t s : Fixed assets:
Tangible assets		11	187		1,934
			_		_
			187		1,934
C u r r e n t a s s e t s : Current assets:
Debtors		12	65,551		10,752
Cash at bank and in hand			610,900		495,387
			_		_
			676,451		506,139
L i a b i l i t i e s : Liabilities:
Creditors: amounts falling
due within one year		13	( 31,729 )	( 21,710 )
			_		_
N e t c u r r e n t a s s e t s Net current assets			644,722		484,429
			_		_
N e t a s s e t s Net assets			644,909 _		486,363 _
T h e f u n d s o f t h e The funds ofthe	c h a r i t y : charity:
Unrestricted funds			231,224		189,454
Designated funds			206,634		147,891
			_		_
			437,858		337,345
Restricted funds			207,051		149,018
			_		_
		14	644,909 _		486,363 _

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Directors on 24 October 2024 and signed on their behalf by:

L Liz iz W Watchorn atchorn C Chair hair C Company ompany Number: Number: 3339120 3339120

The notes on pages 20 to 31 form part of these financial statements.

1 19 9

Keyfund Federation Limited ( Keyfund A comp Federation Limited any limited by guarantee) N (ANotes o company tes t to o t the he limited f financial inanc by ial s statementsguarantee) tatements f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

1 1. . Accounting Accounting P Policies olicies

1 1.1 .1 B Basis asis o of f preparation preparation

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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared under the historical cost convention or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1 1.2 .2 G Going oing c concern oncern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant 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 assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1 1.3. .3 F Funds unds Unrestricted funds are available for use at the discretion of the Directors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds comprise 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 funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charitable company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2 20 0

Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) N Notes otes to to the the financial financial statements statements (Continued) (Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

1 1.4 .4 I Incoming ncoming r resources esources All incoming resources are included in the Statement of Financial Activities 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 grant funding is subject to specific performance conditions and is recognised as earned. Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with reasonable certainty. Income received to deliver services over a specific period covering more than one financial year is accounted for over the specific period; related expenditure is accounted when incurred.

Investment income relates to interest earned through holding assets on deposit.

1 1.5 .5 E Expenditure xpenditure a and nd i irrecoverable rrecoverable VAT VAT

All expenditure is accounted for on an accruals basis and has been classified under 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 obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1 1.6 .6 S Support upport cost cost allocation allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity.

1 1.7 .7 I Intangible ntangible fixed fixed a assets ssets and and a amortisation mortisation

Intangible assets represent the operating system used by the company and an online manual for licences.

These are amortised over the expected useful life of the assets on the following basis:

Operating system	-	3 years straight line
Online manual	-	2 years straight line

1 1.8 .8 Tangible Tangible f fixed ixed a assets ssets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

2 21 1

Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) Notes to the financial statements (Continued) Notes to the financial statements (Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

1 1.8 .8 Tangible Tangible f fixed ixed a assets ssets ( (Continued) Continued)

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office equipment 10% straight line - Computer equipment 33% straight line

All assets costing more than £500 are capitalised.

1 1.9 .9 D Debtors ebtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1 1.10 .10 C Cash ash a at t b bank ank and and i in n h hand and

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1 1.11 .11 C Creditors reditors and and p provisions rovisions

Creditors and provisions are recognised where the charity has a present obligation 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 provisions are normally recognised at their settlement after allowing for any trade discounts due.

1 1.12 .12 F Financial inancial i instruments nstruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1 1.13 .13 P Pensions ensions

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 are charged to the Statement of Financial Activities.

1 1.14 .14 Tax Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2 22 2

2 2. . L Legal egal s status tatus

Keyfund Federation Limited is a company limited by guarantee, registered in England and Wales, (number 03339120) and not having a share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3 3. . S Statement tatement o of f F Financial inancial Activities Activities for for the the p prior rior year year

				R e s t r i c t e d Restricted	U n r e s t r i c t e d Unrestricted	D e s i g n a t e d Designated	D e s i g n a t e d Designated	T o t a l Total		T o t a l Total
				F u n d s Funds	F u n d s Funds		F u n d s Funds	2 0 2 3 2023		2 0 2 2 2022
		N o t e s Notes		£ £	£ £		£ £	£ £		£ £
I n c o m e f r o m : Income from:
Donations			4	-	4,626		-	4,626		13,081
Charitable activities			5	272,450	130,679		70,955	474,084		413,909
Investment income			6	-	899		-	899		-
				_	_		_	_		_
T o t a l i n c o m e Total income				272,450	136,204		70,955	479,609		426,990
				_	_		_	_		_
E x p e n d i t u r e o n : Expenditure on:
Charitable activities			7	253,991	66,559		66,674	387,224		553,932
				_	_		_	_		_
T o t a l e x p e n d i t u r e Total expenditure				253,991	66,559		66,674	387,224		553,932
				_	_		_	_		_
N e t i n c o m e b e f o r e Net income before	t r a n s f e r s transfers			18,459	69,645		4,281	92,385	( 126,942 )
Transfers				240	( 27,740 )		27,500	-		-
				_	_		_	_		_
N e t m o v e m e n t i n f u n d s Netmovement in funds				18,699	41,905		31,781	92,385	( 126,942 )
R e c o n c i l i a t i o n o f f u n d s Reconciliation offunds
Total funds brought forward				130,319	147,549		116,110	393,978		520,920
				_	_ _	_	_	_		_
T o t a l f u n d s c a r r i e d Total funds carried	f o r w a r d forward			149,018 _	189,454 _		147,891 _	486,363 _		393,978 _

2 23 3

Keyfund Federation Limited ( Keyfund A comp Federation any limited Limited by guarantee) (A company limited by guarantee) N Notes otes to the to the financial financia statements l statements (Continued) (Continued)

f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

4 4. . I Income ncome from from d donations onations

Donations

2 0 2 4 2024	2 0 2 3 2023
£ £	£ £
6,769	4,626
_	_
6,769 _	4,626 ______

The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

5 5. . I Income ncome from from c charitable haritable a activities ctivities

5 . I ncome come ome me e from rom om m c haritable aritable ritable itable table able ble le e a ctivities tivities ivities vities ities ties ies es s 5. Income from charitable activities
	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Grants receivable	525,508	441,324
Membership income	26,230	32,760
	_	_
	551,738 _	474,084 _

6 . 6.
	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Interest receivable	1,445	899
	_	_

2 24 4

Keyfund Federation Limited Keyfund Federation Limited ( (A A company limited by guarantee) company limited by guarantee) N Notes otes to to the the financial financial statements statements (Continued) (Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

7 7. . Analysis Analysis o of f expenditure expenditure o on n c charitable haritable a activities ctivities

	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Staff costs	152,810 185,590	152,810 185,590
Depreciation and impairment	1,747	1,344
Direct project costs	114,083	80,5667
Staff related costs	12,512	2,132
Travel expenses	2,592 1,913	2,592 1,913
Property costs	18,125	13,098
Office costs	7,834	2,899
IT costs	13,731	14,598
Advertising and PR	7,257 18,326	7,257 18,326
Legal and professional	55,068 34,807	55,068 34,807
Bank charges	1,670 636	1,670 636
	_	_
	387,429 _	355,910 _
Support costs	7,356	22,246
Governance costs	6,621	9,068
	_	_
	401,406 _	387,224 _
A n a l y s i s b y f u n d Analysis by fund
Unrestricted funds - general	81,466	66,559
Unrestricted funds designated	20,399	66,674
Restricted funds	299,541	253,991
	_	_
	401,406 _	387,224 _

8 8. . Analysis Analysis o of f support support c costs osts

	S u p p o r t Support	G o v e r n a n c e Governance	2 0 2 4 2024	S u p p o r t Support	G o v e r n a n c e Governance	2 0 2 3 2023
	C o s t s Costs	C o s t s Costs	T o t a l Total	C o s t s Costs	C o s t s Costs	T o t a l Total
	£ £	£ £	£ £	£ £	£ £	£ £
Staff costs	7,356	-	7,356	22,246	-	22,246
Examination and audit fees	-	5,220	5,220	-	5,220	5,220
Meeting costs	-	1,401	1,401	-	3,848	3,848
	_ _ _ _ _ _	_ _ _ _ _ _	_ _ _ _ _ _	_ _ _ _ _ _	_ _ _ _ _ _	_ _ _ _ _ _
7,356	7,356	6,621	13,977 22,246	22,246	9,068 31,314	9,068 31,314
	_	_ _	_ _ _	_	_ _	_ _

2 25 5

Keyfund Federation Limited ( Keyfund A comp Federation any limited Limited by guarantee) (A company limited by guarantee) Notes to the financial statements (Continued) Notes to the financial statements (Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

9 9. . Analysis Analysis o of f staff staff costs, costs, trustee trustee r remuneration emuneration a and nd e expenses, xpenses, a and nd t the he c cost ost of of k key ey management management p personnel ersonnel

Staff costs were as follows:

Staff costs were as follows:
	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Wages and salaries	139,375	180,684
Social security costs	8,967	14,927
Other pension costs	10,279	10,680
	_	_
	158,621 _	206,291 _

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

	2 0 2 4 2024	2 0 2 4 2024	2 0 2 3 2023	2 0 2 3 2023
	N u m b e r Number	F T E FTE	N u m b e r Number	F T E FTE
Charitable activities	5 _	5 _	6 _	6 _

There was no (2023: £nil) employee who earned more than £60,000.

The charity trustees were not paid or received any other benefits from employment in the year (2023 £nil) neither were they reimbursed expenses during the year (2023 - £ nil).

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 £36,778 (2023 - £66,411).

2 26 6

Keyfund Federation Limited ( Keyfund A comp Federation Limited any limited by guarantee) (A company limited by guarantee) N Notes otes to the to the financial financial statements statements (Continued) (Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

1 0 . I n t a n g i b l e 10. Intangible	1 0 . I n t a n g i b l e 10. Intangible	1 0 . I n t a n g i b l e 10. Intangible	f i x e d fixed	f i x e d fixed
					O p e r a t i n g Operating
						S y s t e m & System &
						O n - l i n e On-line
						M a n u a l Manual
						£ £
	C o s t Cost
	At 1 April 2023 and 31 March 2024	At 1 April 2023 and 31 March 2024	At 1 April 2023 and 31 March 2024			6,120
						_
	A m o r t i s a t i o n Amortisation
	At 1 April 2023 and 31 March 2024	At 1 April 2023 and 31 March 2024	At 1 April 2023 and 31 March 2024			6,120
						_
	N e t b o o k v a l u e Net book value
	At 31 March 2024					- _
	At 31 March 2023					- _
1 1 . T a n g i b l e 11. Tangible		f i x e d fixed		a s s e t s assets
						F u r n i t u r e Furniture
						F i t t i n g s & Fittings &
					E q u i p m e n t Equipment
						£ £
	C o s t Cost
	At 1 April 2023					24,621
	Additions					-
						_
	At 31 March 2024					24,621
	D e p r e c i a t i o n Depreciation
	At 1 April 2023					23,090
	Charge for the year					1,344
						_
	At 31 March 2024					24,434
	N e t b o o k v a l u e Net book value
	At 31 March 2024					187 _
	At 31 March 2023					1,934 _

2 27 7

1 12. 2. D Debtors ebtors

1 2. . D ebtors btors tors ors rs s 12. Debtors
	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Trade debtors	3,247	2,600
Prepayments and other debtors	62,304	8,152
	_	_
	65,551 _	10,752 _

1 13. 3. C Creditors: reditors: a amounts mounts f falling alling d due ue w within ithin o one ne year year

1 3. . C reditors: editors: ditors: itors: tors: ors: rs: s: : a mounts ounts unts nts ts s f alling lling ling ing ng g d ue e w ithin thin hin in n o ne e year ear ar r 13. Creditors: amounts falling due within one year
	2 0 2 4 2024	2 0 2 3 2023
	£ £	£ £
Trade creditors	2,764	9,037
Social security costs	638	3,954
Accruals and deferred income	14,161	6,765
Other creditors	14,166	1,954
	_	_
	31,729 _	21,710 _

2 28 8

14. Fund reconciliation 14. Fund reconciliation

Year ended 31 March 2024

	B r o u g h t Brought					C a r r i e d Carried
	F o r w a r d Forward	I n c o m e Income	E x p e n d i t u r e Expenditure		T r a n s f e r s Transfers	F o r w a r d Forward
	£ £	£ £		£ £	£ £	£ £
U n r e s t r i c t e d f u n d s Unrestricted funds
General funds	189,454	123,236		( 81,466 )	-	231,224
D e s i g n a t e d f u n d s Designated funds
Project funds	93,111	63,250		( 20,301 )	-	136,060
Keyfunds	27,280	-		( 98 )	-	27,182
KIT IT Implementation	27,500	-		-	( 27,500 )	-
Business development	-	-		-	43,392	43,392
	_	_		_	_	_
T o t a l u n r e s t r i c t e d f u n d s Total unrestrictedfunds	337,345	186,486		( 101,865 )	15,892	437,858
R e s t r i c t e d f u n d s Restricted funds
Key funds	100,324	80,154		( 73,369 )	( 20,892 )	86,217
Project funds (previously core funds)	48,694	293,312	( 226,172 )	( 226,172 )	5,000	120,834
	_	_		_	_	_
T o t a l r e s t r i c t e d f u n d s Totalrestrictedfunds	149,018	373,466	( 299,541 )	( 299,541 )	( 15,892 )	207,051
	_	_		_	_	_
T o t a l f u n d s Total funds	486,363 _	559,952 _	( 401,406 )	( 401,406 ) _	- _	644,909 _

Included in the above funds are amounts that need to be separately disclosed relating to funds received from Virgin Money Foundation;

Key funds

B r o u g h t Brought				C a r r i e d Carried
F o r w a r d Forward	I n c o m e Income	E x p e n d i t u r e Expenditure	T r a n s f e r s Transfers	F o r w a r d Forward
941 _	- _	- _	( 941 ) _	- _

2 29 9

Keyfund Federation Limited ( Keyfund A comp Federation any limited Limited by guarantee) N (ANotes o company tes t to o t the he limitedfinancial financi by al s statementsguarantee) tatements ( (Continued) Continued) f for or the the year year ended ended 3 31 1 M March arch 2 2024 024

1 14. 4. F Fund und r reconciliation econciliation ( (Continued) Continued)

Year ended 31 March 2023

Year ended 31 March 2023
	B r o u g h t Brought							C a r r i e d Carried
	F o r w a r d Forward	I n c o m e Income	E x p e n d i t u r e Expenditure			T r a n s f e r s Transfers		F o r w a r d Forward
	£ £	£ £			£ £		£ £	£ £
U n r e s t r i c t e d f u n d s Unrestricted funds
General funds	147,549	136,204			( 66,559 )	( 27,740	( 27,740 )	189,454
D e s i g n a t e d f u n d s Designated funds
Project funds	96,535	63,250			( 66,674 )		-	93,111
Keyfunds	19,575	7,705			-		-	27,280
KIT IT Implementation	-	-			-		27,500	27,500
	_	_		_		_		_
T o t a l u n r e s t r i c t e d f u n d s Total unrestrictedfunds	263,659	207,159	( 133,233		( 133,233 )		( 240 )	337,345
R e s t r i c t e d f u n d s Restricted funds
Key funds	72,860	111,940			( 84,716 )		240	100,324
Project funds (previously core funds)	57,459	160,510	( 169,275		( 169,275 )		-	48,694
	_	_		_		_		_
T o t a l r e s t r i c t e d f u n d s Totalrestrictedfunds	130,319	272,450	( 253,991		( 253,991 )		240	149,018
	_	_		_		_		_
T o t a l f u n d s Total funds	393,978 _	479,609 _	( 387,224 ) _			- _		486,363 _

Included in the above funds are amounts that need to be separately disclosed relating to funds received from Virgin Money Foundation;

	B r o u g h t Brought					C a r r i e d Carried
	F o r w a r d Forward	I n c o m e income	E x p e n d i t u r e Expenditure	=Transfers	T r a n s f e r s Transfers	F o r w a r d Forward
Key funds	1,662 _	- _	( 721 _	)	( 941 ) _	- _

K Key ey funds funds

Represent funds received for distribution to groups of young people in order to implement the Key projects they have planned by participating in The Key Framework.

P Project roject funds funds ( (previously previously C Core ore f funds) unds)

Represents funds received to support delivery of The Key Framework to young people.

K KIT IT I IT T I Implementation mplementation

During the prior year, the Directors 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 were instead able to secure additional funding for this project and therefore the amount was transferred back to general unrestricted reserves.

3 30 0

B Business usiness D Development evelopment

We will embark on a two-year development programme that will explore and support the areas that we are looking to grow and expand.

1 15. 5. P Pension ension

D Defined efined c contribution ontribution p pension ension

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £10,279 (2023 - £10,680).

1 16. 6. R Related elated p party transactions arty transactions

There have been no transactions incurred with related parties during the period (2023 none).

3 31 1