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: w￿lIe 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 ne￿orkS 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
ne￿orkS 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-

¢y E (Y

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-