Charity reglstratlon number 1093569 {England and Wales) Company registration number 03339120 KEYFUND FEDERATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KEYFUND FEDERATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees E WatGhom J Thomas E Richards M Youngs C Alete A McNamara (Appointed 17 October 20241 Secretary Rmaw Key management Rmaw Company Secretary & Chief Executive Officer Charity number (England and Wales) 1093569 Company number 03339120 Registered offic8 Maybrook House, Floor 3 27 Grainger Street Newcastle upon tyne NE1 5JE Independent examiner Robson LaidlerA¢countants Limited Fernwood House Fernwood Road Jesmond Newcastle upon Tyne Tyne and Wear England NE2 1TJ Bankers C(koperative Bank PIC POBox101 1 Ballon Street Manchester M60 4EP
KEYFUND FEDERATION LIMITED CONTENTS Page Welcome from the Chair and Chief Execuitve Trustees report Independent examiner's report Statement of financial activities Balance sheet 13 Notes to the financial statements 14-23
KEYFUND FEDERATION LIMITED WELCOME FROM THE CHAIRAND CHIEF EXECUITVE FOR THE YEAR ENDED 31 MARCH 2025 Welcome to The Key's Annual Report and Accounts for 2024-25 We are delighted to introduce The Key's Annual Report and Accounts for 2024-2025, a year that has marked both reflection and bold progression. At the heart of this year's work is our new three-year strategy.. a forward-looking plan that places young people at the centre of everything we do. This strategy arrives at a critical lime for our charity, our sector, and the young people we serve. With over a third of young people in the North East living in povety, and the gap between those facing challenging circumstances continuing to widen, the need for our KEY+ Challenge has never been more evident. In 2024125, we worked with both long-standing and new facililators and partners to reach those who needed KEY+ the most. More young people than ever stepped up to lead their own projects and activities, making a real impact in their communities. The KEY+ Challenge also played a vital role in helping young people make successful, settled transitions in education. Its versatility supported young people al both the beginning and end of their secondary school journey. We were especially proud to receive an award for our KEY+ Transitions partnership with Children North East, an approach that speaks directly to emerging local and national priorities. This year also saw us strengthen our position within the regional youth services ecosystem. By working in closer partnership with organisations that share our mission, we successfully secured commissioned contract funding and diversified our income streams. We also continued to receive generous support from long-standing funders including the Ballinger Trust, A D Charitable Trust. National Citizen Service Trust, North East Combined Aulhorily, UK Shared Prosperity Fund - Communities, Paul Hamlyn Foundation, arsd LGA Foundation. These successe5 have ensured we enter the new financial year in a strong and sustainable position. Our annual awards ceremony was again a true highlight - an inspiring celebralion of young people's a¢hievements across the North East. Led by young people, from planning to hosting and presenting, the event was a powerful reminder of what young people can accomplish when given the opportunity and support. All of this progress has taken place against the backdrop of ongoing challenges facing the youth sector. Yet, it has been a rewarding year for The Key's team and Board of Trustees. We are proud to have worked alongside so many dedicated partners, volunteers, and funders who share our vision and have helped shape our ambitious and bold new strategy. As we look ahead, our focus on Reach, Quality, and Impacl will guide us. Our slrategy is not just a plan - it's a call to action. Together, we can create lasting change for young people in the North East. E Watchorn Chair Rmaw CEO Date..
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statemenls for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, Ihe Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 IFRS 102)" Objectives and activities Who we are The Key empowers young people across the North East of England, particularly those growing up in povety and those facing challenging personal circumstances. Our Vision We want a future where all young people believe in themselves, unlock Iheir potential. and lead connected and fulfilling lives. Our Misslon We work in collaboration to provide young people with meaningful and impactful opportunities to develop skills, build confidence, and grow resilience. Through our proven approach. the KEY+ Challenge, young people shape their own futures. Our values FOCUS: 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 thaL as a result, we will achieve our mission. COLLABORATION: 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. We believe that, as a result, we will achieve more together than by acting alone. GRowfH: 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 maxlmlse our Impact. The golden thread that weaves through our vision, mission and values is that everything we do is for the benefit of young people- especially those living in deprivation and facing challenging personal circumstances. Whatwe do The KEY+ Challenge is rooted in self-determination theory, which highlights the importance of nurturing three core psychological needs.. autonomy, competence, and relatedness. Vvhen these needs are met, evidence shows that young people develop a growth mindsel, improve their wellbeing, and gain the confidence to pursue opportunities. It empowers them to unlock their potential and build connected and fulfilling futures. Our approach starts with what young people want to do. It recognises their current capabilities and supports them to build upon these as they use their voices and ideas to deliver projects that interest them. This hands-on approach develops essential skills, confidence, purpose, and friendships while allowing young people to gain new experiences.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The KEY+ Challenge provides an opportunity for young people to work together in small teams with the help of a trained Key Facilitator to.. Use their volce and be heard Lead and deliver projects and activities that are meaningful to them Build the skills and confidence they need to thrive Become active citizens by exploring enterprise or tackling social issues To take on the challenge young people form a group and progress through a five-step process.. Think of a project or activity that they really want to make happen 2. Plan what is needed for that project, including a budget, and how they are going to make il work 3. Pitch their project to a panel of friendly volunteers 4. Do their project if given the go ahead by the panel 5. Review and reflect on their project, learning, and development Young people complete this process up to three tlmes, each tlme planning more progressively Challenging projects with greater personal development. Delivering their first KEY+ project is a great achievement for young people. They get to grips wilh the KEY+ five- steps and deliver their first pitch lo panel. At stage bNo, young people are stretched further and enhance their skills by planning a project with a larger budget. Al Stage three, they explore enterprise or social action with their project. providing a way to lake action and contribute lo 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 opportunily 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 rnembers of the wider community also benefit as a direct result of the projects that young people plan for the benefit of the wider community. Achievements and performance Key Milestones The KEY+ Challenge: In 2024125, we built on the strong foundations of KEY+ and returned to pre pandemic levels of engagement. This year, over 1,635 young people took part in the KEY+ Challenge, a 64% increase on the previous year. This growth reflects the continued demand for meaningful opportunities and the strength of our delivery partnerships. Expanding funded collaboration: We continued to deliver our three-part funding model which supports young people's project ideas, partner delivery costs. and support for The Key. In a difficult funding landscape, this approach diversifies The Key's income while providing much needed support to partners. It remains highly values and ongoing feedback affirms its importance in enabling meaningful youth-led activity. Strengthening our youth voice offer: We launched our Youth Advisory Board opportunity at the back end of the year which means we'll have an established Youth Advisory Board to guide us through 25-26 and beyond. This is something we have battled with to ensure we harness the power of youth voice in a way that is both meaningful and impactful for young people. Piloting Skills Builder: After identifying Skills Builder as an alternative for measuring impact in 2023124, we were excited to pilot the framework with 249 young people and 6 delivery partners this year. We've since gathered feedback from the pilot, which will guide our next steps in shaping how we measure skills in 2025126.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Launch of KEY+ Workbooks: In response to valuable feedback from facilitators and young people, we were proud to develop and launch the KEY+ Workbooks. These new resources are designed to support young people as they progress through their KEY+ journey, providing structure, guidance. and space for reflection along the way. Key Learning Sustained Demand for funded KEY+ Delivery: There remains a strong appetite and clear need for funded KEY+ delivery, as shown through our successful NCS partnership. This initiative unlocked 3,700 additional hours of quality youth work, invested £32,280 directly into young people's hands to tackle the issues thal matter to them, and secured £147,500 for partners lo deliver face-to-face youth work. In a challenging funding climate, this model has proven both effective and valued by our partners and The Key. We must continue to harness and expand this approach to secure sustained investment in youth-led opportunities. Opportunities to strengthen impact measurernent and messaging: wlIe The Key has long prioritised measuring and communicating our impact, this year highlighted further polential. We recognised the need to better demonstrate the longer-lerm value of KEY+, specifically focussed around helping young people understand and communicate how it supports their growth and future pathways. Elevating the + in KEY+: Following the KEY+ Changemakers initiative, we reviewed and gathered feedback from young people about what they want next from KEY+. Their message was clear that they want follow-on opportunities and value the opportunity to connect with others from across the region. In response, we will pilot a new project in 2025126 that offers a step-up challenge where young people collaborate to tackle social issues in Iheir communities alongside new young people. Shaping our future: In preparation for launching our new three-year strategy, we carried out in-depth consultation with KEY+ Partners, Facilitators, young people, influencers, youth nelmorks. and funders. The insights gathered were invaluable, highlighting key leaming that has directly informed the priorities and direction of our new strategy for 2025-2028. Examples of inspiring activities generated by young people this year included.. 31 King NUF: A group of NEET young people took on KEY+ to build skills for their future and in doing so, delivered a transformative project to rejuvenate a local community garden. From painting sheds and repairing benches to tackling general maintenance, the group enhanced the space for others while developing essential skills. Through this hands-on experience, they strengthened their problem-solving, budgeting, and communication skills. Care and Cup's Society took on the KEY+ Challenge to organise a pop-up café at the Little Sisters of the Poor residential home. fostering intergenerational connection and reducing loneliness among elderly residents. The project not only brought joy to the residents but also left a lasting impact on the young people. The Cream Egg Key Voices organised an environmentally themed community event aimed at promoting recycling and sustainability. The event featured refreshments, goody bags, a clothes swap, and a pledge wall, all designed to encourage eco-friendly practices. Along the way, they built skills and confidence and experienced the full impact that KEY+ delivers. Roots were moved by the issue of men's mental health and wanted to raise awareness of support and suicide prevention. Despite facing challenges like poor weather and lower-than-expected attendance, they successfully got their community together and organised a charity football match. Roots nurtured their problem solving, enterprising and communication skills throughout and were delighted to raise a whopping £6001 You Can't 6 Wlth Us responded to the challenges of remote learning and RAAC related disruptions by organising a whole school celebration on the last day of term. Their event, featuring activities like a roller disco and a big draw, brought together 700 pupils to mark the return to normality.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our Staff and Volunteers During 2024125 our team has grown. Our new CEO, Rebecca Maw. joined the team in May 2024 and we welcomed Nicole Ireland, our Marketing Apprentice in October 2024. The rest of the team remains settled, and we ended the year with a full complement of 8 staff. This more settled year for the organisation has allowed the team to lake the time to consider the emerging needs of young people and align our strategy The Key relies on the support of our dedicated network of volunteers to deliver the KEY+ Challenge to young people. We currently have 46 active adult volunteers and 12 young volunteers. This includes 21 volunteers trained during the year. This has increased the number of young people supported in bringing their projects lo life. Our volunteer panel members remain essential lo running the KEY+ Challenge. We want lo take this opportunity to thank all our volunteers for their loyalty and dedication and hope that they continue to support us in 2025-26. Financial revlew The Key's income streams are divided into.. Key Funds - representing funds received for distribution to groups of young people to implement the Key projects they have planned by participating in KEY+ These funds are restricted. Project Funds (Core Income) - represenling funds received to support delivery of KEY+ to young people including funds passed directly to partners for the direGt delivery of KEY+ Challenge to young people. These funds can be both restricted and unrestricted. a. Designated Funds The Trustees may designate fijnds to support specific areas of our work, invest in the charity's future, or ensure proper administration in the event of a wind-down. These designations Teflect strategic decisions to allocate resources in line with our long-term objectives and operational needs. Reserves policy The Directors have reviewed and approved the Reserves Policy, which aims to maintain a financial buffer equivalent to six months of core cost commitments. This includes provision for staff redundancy payments for all employees with over one year of service. The total reserve requirement is currently calculated at £182,084, Covering staff costs, redundancy liabilities, premises, overheads, and operating expenses. At 31 March 2025, unrestricted free reserves totalled £193,508. Of this, £9,276 is budgeted for delivery of KEY+ Challenge in 2025126, reducing free reserves to £183,798 by 31 March 2026. This provides a buffer of £1,714 ensuring continued support for young people amid a changing funding landscape. In addition to unrestricted reserves. the charity holds designated funds to support specific stralegic priorities. These include.. £136,410 in Designated Project Funds to continue delivery of KEY+ Challenge across the North East in 2025126. £27,182 in Designated Key Funds to support youth-led projects. £48.492 in Designated Development Funds to invest in the launch and implementalion of our new three- year strategy. These designations reflect the trustees, commitment to planned future expenditure and strategic development.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods What we are plannlng to do In 2025-28 Our strategy is based on three themes.. Reach - Supporting young people who need us most We address the emerging needs of young people in the North East of England, with particular attention to those growing up in poverty and those facing challenging personal circumstances. Collaborating with strategic partners, we create an equitable and supportive environment for all young people in the region, through targeted, aligned efforts and shared resources. Guided by the voices of young people, we collaborate with local, regional. and national neorkS to strengthen our partnerships and expand opportunities for young people. Quality - Creating the best experience for young people We provide meaningful and impactful experiences that address young people's unique needs and aspirations leading to best possible outcomes. Our commitment to quality builds trust and engagement, Creating a supportive environment where young people feel valued and empowered. It also drives continuous improvement in our practices, ensuring that we remain responsive to the evolving challenges and opportunities faced by young people. Impact . Delivering the best outcomes for young people We deliver the best outcomes for young people, developing their skills, confidence, and resilience, empowering them to build connected and fulfilling futures. By prioritising engagement with those who are best served by our interventions, we ensure our efforts are targeted and effective. Sharing the long-term impacl and positive outcomes achieved by young people will inspire further support and collaboration, amplifying our influence. To support the achievement of our strategic goals we will employ our Enablers, these enablers are= Young People at the Heart - Placing young people at the heart of our organisation is fundamental lo ensuring that our work is relevant, impactful. and effective. By actively involving young people in the design. implementation, and evaluation of our work, we will better understand and address their needs and aspirations. Relatlonshlps, Partnershlps and People - Building strong, collaborative relationships with young people, youth and community sector organisations. educational institutions, academic partners, stakeholders, and other partners is essential. These partnerships enable us to share knowledge, co-create innovative solutions, and provide high- quality support tailored to the needs of young people. Sustalnablllty and Growth We will continue to diversify our income streams to drive long-term sustainability. Building on our successful partnership funding approach, we will further strengthen our expertise and capacity to manage large-scale partnership contracts. Learning Organisation With a culture of continuous improvement. innovation, and knowledge, we remain adaptable and responsive to emerging needs and challenges. Equality, Equity, Diversity and Inclusion - Using different viewpoints and giving everyone a fair chance helps us reach more people and make a bigger difference. We will work with groups, partners, and individuals who have valuable experiences and knowledge. Creating an inclusive environment at all levels, including our staff team and board of trustees, is essential to showing our commitment to equality, equity, diversity, and inclusion. Digital Solutions - By continuing to develop and refine our digital solutions including our online platform, KIT, we will improve the user experience for both young people and facilitators. Marketing and Communications through strategic messaging and targeted campaigns, we will attract more diverse partners and reach more young people who need us most. Systems and Processes- We will enhance our internal and extemal systems and processes to increase efficiency and ensure good governance.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management The charity is a company limited by guarantee and was set up by its Memorandum and Articles ofAssociations 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 charily {number 10935691. During 2024125, the trustees and the executive team have been undertaking a review of governance including the Articles of Association and Memorandum of understanding. With legal support from Muckle, a modernised and reviewed Articles of Association document that will be submitted to the charity commission for their approval in July 2025. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. E Watchorn Lieutenant General R Brims J Thomas E Richards M Youngs C Alete A McNamara (Resigned 17 October 2024} (Appointed 17 October 2024} Recrultment and appointment of directors Our diverse and talented board of trustees continued to provide invaluable support to both the interim CEO, the incoming permanent CEO and the staff team. Their unique blend of enthusiasm, specialist expertise and local knowledge has added significant value to our work. 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 process managed by the Directors using the nelwork of public, private and voluntary sector organisations thal are involved or aligned to the work ofThe Key. The Board met on four occasions during 2024-25. A Finance and Risk Sub-Group also met separately on four occasions. Currently the Board is well balanced and includes expertise from the private, public and third sectors. The Board of Directors were appointed using a skiSls audit. The areas of expertise covered between them are.. Financial management, budget management, chartered accountancy Grant making Strategic planning, change management and project management Youth policy, voluntary youth work, statutory youth provision Sales, rnarkeling, PR and communications Corporate social responsibility Human resources, equality and diversity, policies and procedure5 and recruitment Learning and skills development The Directors consider that they have complied with their duty to have due regard to public benefit guidance published by the Charity Commission.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our organisational structure consists of a core team of 7 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. Each delivery partner pays a small annual organisational membership fee designed to confirm commitment. All Key Facilitators are DBS checked, and all operate under the policies, procedures and insurances of their employing I 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 neorkS also contain individuals who become Volunteer Panel Member5. These individuals volunteer directly for The Key and are trained for the role of hearing from young people about their KEY+ ideas. Related party relationships 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 leam of Key Facilitators. These organisations include youth work I detached work projects. schools, alternative education providers, youth justice programmes, democracy projects, church groups, Global Majority groups, sports groups, voluntary groups, guideslscouts, mental health projects, secure units, training or9anisations, 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 funds by investing in building the capacity of the staff team and the longer-term viability of the organisation. Trusts and Foundation also helped provide the project funds needed for young people to implement their ideas. Such investors included Garfield Weston Foundation, Sir James Knott Trust, Wellbank Foundation, Joicey Trust. LGA Foundation, A D Charitable Trusl, R W Mann Trust. Ballinger Trust, Paul Hamlyn Foundation, and the Community Foundation among others. In 2023124, The Key successfully secured a large partnership grant from NCS {National Citizen SeNice 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. The delivery of this contracl continued into 2024125 and sadly ended in March 2025 when NCS began the process of winding up their organisation. 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. Pay policy of senior staff The Board of Directors (who are The Key'5 trustees, and the Executive Team) 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. Details of directors, expenses and related party transactions are disclosed in the notes to the financial statements. 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 300/0 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.
KEYFUND FEDERATION LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Other matters Risk 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 charily 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, safeguarding, event management, fundraising, compliance, and relationship management. 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 lo provide reasonable assurance that planned business objectives and outcomes are achieved. These are recorded by the executive team and are discussed at quarterly 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 quarterly accounts and cash flow forecasls lo the Directors and monthly management accounts to the executive team., this is in addition to the monthly production of a data dashboard to monitor progress against our annual objectives. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trLSStees report was approved by the Board of Trustees. Lllcth Rmaw CEO E Watchorn Chair Date..
KEYFUND FEDERATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEYFUND FEDERATION LIMITED I report to the trustees on my examination of the financial statements of Keyfund Federation Limited (the charity) for the year ended 31 March 2025. Responsibilities and basls of report As the trustees of the charity land also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's fsnancial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)Ibl of the Charities Act 2011. Independent examiner's statement Since the charity's gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charilies Act 2011. 1 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 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 charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is nol a matter considered as part of an independent examination., or the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems 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 financial statements to be reached. Nicholas Cunningham FCCA Robson Laidler Accountants Limited Fernwood House Fernwood Road Jesmond Newcastle upon Tyne Tyne and Wear NE2 1TJ England Date. ..t1-*...£tJ.. 10-
KEYFUND FEDERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current flnan¢lal year Unrestrlcted Unrestricted funds funds general Deslgnated fund 2025 Re$trl¢ted funds Total Total 2025 2025 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 37,650 30,000 17 5,927 97,060 305,871 140.637 335,871 17 6,769 551,738 1,445 Total income 67,667 5,927 402,931 476,525 559,952 Expenditure on: Charitable activities 105,251 77 566,802 672,130 401,406 Total expenditure 105,251 77 566.802 672,130 401,406 Net Incomellexpenditurel (37,584) 5,850 1163,871} (195,605} 158,546 Transfers between funds {132> 5,100 14,968} Net movement In funds {37,716) 10,950 1168,839) (195,605) 158,546 Reconciliation of funds". Fund balances at 1 April 2024 231,224 206,634 207,051 644,909 486,363 Fund balances at 31 March 2025 193,508 217,584 38,212 449,304 644,909 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
KEYFUND FEDERATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Unrestrl¢ted Unrestricted funds funds general Deslgnated fund 2024 Restricted funds Total 2024 2024 2024 Notes Income from: Donations and legacies Charitable activities Investments 6,769 115,022 1,445 6,769 551,738 1,445 63,250 373,466 Total income 123,236 63,250 373,466 559,952 Expendlture on: Charitable activities 81,466 20.399 299,541 401,406 Total expenditure 81,466 20,399 299,541 401,406 Net Income 41,770 42,851 73,925 158,546 Transfers between funds 15,892 (15,892) Net movement in funds 41,770 58,743 58,033 158,546 Reconclllatlon of funds: Fund balances at 1 April 2023 189,454 147,891 149,018 486,363 Fund balances at 31 March 2024 231,224 206,634 207.051 644,909 12-
KEYFUND FEDERATION LIMITED BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 11 187 Current assets Debtors Cash at bank and in hand 12 92,114 495,841 65,551 610,900 587,955 676,451 Credltors: amounts falling due within one year 13 (138,6511 (31 .729) Net current assets 449.304 644,722 Total assets less Current Ilabilities 449,304 644,909 The funds of the charity Restricted income funds Unrestricted funds general Unrestricted funds - Designated fund 15 17 16 38,212 193,508 217,584 207,051 231,224 206,634 449,304 644,909 The company is entitled to the exemption from the audit requirement contained in section 477 ofthe Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the srnall companies regime. The financial statements were approved by the trustees on .2¥.q/i Lk]a- E Watchorn Chair Company registration number 03339120 (England and Wales} 13-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢les Charity information Keyfund Federation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Maybrook House, Floor 3, 27 Grainger Street, Newcastle upon tyne, NE1 5JE. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" The charily is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial slatements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounling policies adopled are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 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 subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1A Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions and recognised as earned. Grant income included in this category provides funding lo support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with reasonable certainly. Income received lo 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 eamed through holding assets on deposit. 14-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by adivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct cost5 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Intangible fixed ass8ts other than goodwill Intangible assets represent the operating system used by the company and an online manual for licences. Amortisation is recognised so as to write off the cost or valuation of assels less their residual values over their usefvl live5 on the following bases.. Operating System Online Manual 3 years straight line 2 years straight line 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the Cost or valuation of assets less their residual values over their useful lives on the following bases.. Office equipment Cornputer equipment 1 OOA straight line 330/0 Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and 15 recognised in the statement of financial activities. 1.8 Impairment of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an irnpairment loss. If any such indication exists, the recoverable amount of Ihe asset is estimated in order to determine the extent of the impairrnent loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafis. Bank oveidrafts are shown within borrowings in current liabilities. 1.10 Taxatlon The charity is an exempt from taxation under the Charities Act 2011. 1.11 Retirement benefits 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. 15-
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KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies (Continued) The charity greatly benefits from the involvement and enthusiastic support of its many volunteers, details of which are given in their annual report. Income frorn charitable activitles Unrestricted funds 2025 Restrlcted funds 2025 Totsl Total 2025 2024 Income from charitable activities Membership income Grants receivable 30,000 30,000 305,871 28,230 525,508 305,871 30,000 305,871 335,871 551,738 Income from Investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 17 1,445 17-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable a¢tlvltles Operation costs 2025 Operation costs 2024 Direct costs Staff costs Depreciation and impairment Direct project costs Staff related costs Travel expense Property costs Office cosls IT costs Advertising and PR Legal and professional Bank charges 223,074 187 350,825 5,517 690 17,863 5,671 29,946 6,672 26,075 72 152,810 1,748 114,082 12,512 2,592 18,125 7,834 13,731 7,257 55,068 1,670 666, 592 387,429 Share of support and governance costs (see note 61 Support Governance 7.356 6,621 5,538 672,130 401.406 Analysis by fund Unrestricted funds general Unrèstricted funds - Designaled fijnd Restricted funds 105,251 77 566,802 81,466 20,399 299,541 672,130 401,406 Support costs allocated to activities 2025 2024 Staff costs Govemance costs 7,356 6,621 5,538 5,538 13,977 Analysed between: Operation costs 5.538 13,977 18-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities (Contlnued) 2025 2024 Governance costs comprise: Independent examiners fees Meeting costs 3,480 2,058 5,220 1,401 5,538 6,621 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 197,639 13,703 11,732 140,920 8,967 10.279 223,074 160,166 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 50,867 36,778 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 19-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Intangible fixed assets Operating System Cost At 1 April 2024 and 31 March 2025 6,120 Amortisatlon and Impalrment At 1 April 2024 and 31 March 2025 6,120 Carrying amount At 31 March 2025 At 31 March 2024 11 Tangible fixed assets Office equipment Cost At 1 April 2024 Disposals 24,621 (24,621) At 31 March 2025 Depreciation and impairment At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposa15 24,434 187 (24,6211 At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 187 12 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Prepayments and accrued income 5,336 86,778 3,247 62,304 92,114 65,551 20-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Creditors: amounts falling due within one year 2025 2024 other taxation and social security Trade creditors other creditors Accruals and deferred income 4,671 57,282 11.852 64,846 638 2,764 14,168 14,161 138,651 31,729 14 Retlrement benefit schemes 2025 2024 Defined contributlon schemes Charge to profit or loss in respect of defined contribution schemes 11,732 10,279 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The amount recognised as an expense in the period was £11,732 (2024= £10,279) 15 RestriGted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 Key Funds Project funds 86,217 120,834 42,988 359,943 {107,0371 1459,7651 19,1881 4,220 12,980 25,232 207,051 402,931 1566,802) {4,9681 38,212 Prevlous year: At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 Key funds Project funds (previously core funds) 100,324 80,154 (73,369) (20,892) 86,217 48,694 293,312 (226,1721 5,000 120,834 149,018 373,466 {299,5411 115,892) 207,051 21
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestricted funds - Designated fund These are unrestricted funds which are material to the charity's activities. At 1 Aprll 2024 Incoming resources Resources expended Transfers At 31 March 2025 Project fLtnds Key Funds LGA Foundation Business Development Key Funds Development 136,060 27,182 427 {77) 136,410 27,182 5,500 27,500 20,992 5.500 43,392 (15,892) 20,992 206,634 5,927 1771 5,100 217,584 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Project Funds Keyfunds KIT IT Implementation Business Development 93,111 27,280 27,500 63,250 (20,301 } (98) 136,060 27,182 {27,500} 43,392 43,392 147,891 63,250 120,399) 15,892 206,634 17 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incomlng resources Resources expended Transfers At 31 March 2025 General funds 231,224 67,667 (105,251} {132) 193,508 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 189,454 123,236 {81,466) 231,224 22-
KEYFUND FEDERATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Unrestricted funds (Continued) Key Funds Represents funds received for distributions to groups of young people in order to implement the key projects they have planned by participating in The Key+ Challenge. Project funds Presents funds received to support the delivery of The Key+ Challenge to young people. Business Development The organisation embarked on a two-year development programme that will explore and support the area that they are looking to grow and expand. (Started at the end of 2024) 18 Analysis of net assets between funds Unrestricted Unrestricted funds funds general Designated fund 2025 Restricted funds Total 2025 2025 2025 At 31 March 2025: Current assetsl(liabilitiesl 193,508 217,584 38.212 449,304 193,508 217,584 38,212 449,304 Unrestricted Unrestricted funds funds general Designated fund 2024 Restricted funds Total 2024 2024 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities} 187 231,037 187 644,722 206,634 207.051 231,224 206,634 207,051 644,909 19 Related party transactlons There were no disclosable related party transactions during the year12024- none). 23-