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2022-03-31-accounts

Charity Commission

Charity Commission Annual Return 2022

KEY UNLOCKING FUTURES LTD

Charity registration number: 1154772

Most of the information you give in this form will become publicly available on the Register of Charities. Any field that the Charity Commission will not display will be clearly marked. This document is a record of the information provided in the Annual Return 2022.

Financial period

Financial period start date

01/04/2021

Financial period end date

31/03/2022

Income and spending

Income £

£1,032,782

Spending £

£883,906

Serious Incidents

For the period of this return, were there any serious incidents in your charity that have not been reported to the Charity Commission?

No

Fundraising - professional fundraiser

Did your charity raise funds from the public?

Yes

Did the charity work with any professional fundraisers?

No

Fundraising - commercial participator

Did your charity work with any commercial participators?

No

Government contracts

During the financial period for this annual return, d, id the charity receive income from contracts (other than grant agreements) with central government or local authorities? No

Government grants

During the financial period for this annual return, did the charity receive income from grants from central government or local authorities?

Yes

How many grants did your charity receive from central government or local authorities?

15

What was the total value of these grants?

£623,925

Income from outside the UK

Did your charity receive income from outside the UK ?

No

Spending outside England & Wales

Did your charity operate outside England and Wales?

No

Trading subsidiaries

Did the charity have any subsidiaries?

No

Trustee payments

Did any of the trustees receive any remuneration, payments or benefits from the charity other than refunds of legitimate trustee expenses?

No

Did any of the trustees resign and then take up employment with the charity?

No

Employees' salaries

Did any of your charity's staff receive total employee benefits of £60,000 or more? Select No if your charity does not have any staff , or does not pay any staff.

No

For your highest paid member of staff only, what was the total value of their employee benefits?

(For example if your highest paid member of staff received £35,000 enter 35000). If you do not have any staff or did not pay any staff, enter 0 (zero)

£54,438

Volunteers

How many UK volunteers, excluding trustees, did the charity have during the financial period?

20

Financial controls

Did your charity review its internal financial controls?

Yes

Safeguarding

Has the charity obtained a standard, enhanced or enhanced with barred lists DBS check on all trustees, employees and volunteers who are in roles that are eligible for these checks?

Select Yes if there are no trustees, employees or volunteers in roles that are eligible for these types of DBS checks.

Yes

Account type

Does your charity prepare:

Charity only accounts

Income and endowments

Of the total donations & legacies what amount is Legacies

Donations & legacies

£9,731

£0

Of the total donations & legacies what amount is Endowments received

Other trading activities

£0

£0

Investment income

£273

Income from charitable activities

£1,022,778

Other income

£0

Total income and endowments

£1,032,782

Expenditure

Expenditure on raising funds

£0

Of the total expenditure on raising funds

what value is Investment management costs

£0

Other expenditure

£0

Of the total expenditure on charitable activities what value is Grants to institutions

£0

Expenditure on charitable activities

£883,906

Of the total expenditure on charitable activities what value is Governance costs

£3,034

Total expenditure

£883,906

Gains/(losses)

Gains/(losses) on revaluation of fixed assetsThis figure should be prefixed with the minus symbol if it is a negative value. £0

Net gains/(losses) on investmentsThis figure should be prefixed with the minus symbol if it is a negative value. £0

Actuarial gains/(losses) on defined benefit pension schemesThis figure should be prefixed with the minus symbol if it is a negative value. £0

Other gains/(losses)This figure should be prefixed with the minus symbol if it is a negative value.

£0

Assets

Total fixed assets

£0

Total current assets

£831,502

Of the total fixed assets what value is Fixed asset investments £0

Of the total current assets what value is Current asset investments

£0

Of the total current assets what value is Cash at bank and in hand

£710,665

Funds

Endowment funds

£0

Restricted funds

£7,139

Unrestricted funds

£714,361

Total funds

£721,500

Liabilities

Creditors due within 1 year

£110,002

Creditors falling due after one year and provisions

£0

Defined benefit pension scheme asset/(liability)This figure should be prefixed with a minus symbol if it is a negative value £0

Total net assets/(liabilities)

£721,500

Additional information

Support costs

£261,440

Depreciation charge for the year

£0

Level of reserves

£721,500

Average number of employees

26

Privacy statement

Any information you give us will be held securely and processed only in accordance with the rule on data protection. We will not disclose your personal details to anyone unconnected to the Charity Commission unless:

We may share and disclose information about you with relevant public authorities,

regulatory bodies and agencies, outside the Charity Commission but only if:

Information we collect about you

We will use this information:

To enable us to carry out our statutory functions and duties;

This will include the following actions:

Information we receive from other sources

We may combine this information with information you give to us and information we collect about you.

We may use this information and the combined information for the purposes set out above (depending on the types of information we receive).

We will ensure that any such disclosure and use is proportionate; considers your right to respect for your private life; and is done fairly and lawfully in accordance with the data protection principles of the Data Protection Act.

The Data Protection Act 1998 regulates the use of 'personal data', which is essentially any information, however stored, about identifiable living individuals.

As a 'data controller' under the Act, the Charity Commission must comply with it. Any changes we may make to our privacy statement in the future will be set out in the replacement version of this form.

Please check back frequently to see any updates or changes to our privacy policy.

Declaration

Your role at the charity (select one):

⊠ Other

Michaela Given names Andrews Family name

07980957001

07980957001
Telephone
number
Email mandrews@progressgroup.org.uk
Date submitted 08/10/2022

It is a criminal offence under section 60 of the Charities Act 2011 for anyone to knowingly or recklessly provide false or misleading information to the commission; this includes suppressing, concealing or destroying documents.

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KEY UNLOCKING FUTURES LIMITED Annual Accounts 2022

Financial statements for the year ended 31 March 2022

Charity registration number: 1154772 Company registration number: 8699413

DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Contents

Page
Members of the board of management and registered office 3
Trustees’ report 4
Statement of Trustees' responsibilities 11
Independent auditor’s report to members of Key Unlocking Futures Limited 12
Statement of Financial Activities 16
Balance Sheet as at 31 March 2022 17
Notes to the financial statements for the year ended 31 March 2022 18

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Board of management, professional advisors and registered office

Charitable

Charitable A Bancroft Trustees R Barham L Cubbin Chair E Davies K Grogan M Hallmark Deputy Chair S Haslam N Townsend Company Progress Housing Group Limited Secretary Principal office Unit 2 Balfour Court, Leyland, Lancashire, PR25 2TF Registered office Sumner House, 21 King Street, Leyland, Lancashire, PR25 2LW

Auditors BDO LLP, 3 Hardman Street, Manchester, M3 3AT Company details Registered charity number: 1154772 Company number: 8699413

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report

Memorandum and Articles of Association

The charity is governed by its Articles of Association.

Strategic report

Objects

The charity’s objects (Objects) are specifically restricted to the following:

Values

Key Unlocking Futures Limited (Key) has been successful in delivering its strategic objectives set out in its Business Plan. Despite the challenges that continue to be presented by the pandemic, Key has been successful in delivering against these objectives. Key has met and achieved all its key performance indicators from its balanced scorecard, which includes customer, financial and process indicators.

Mission and Values

Mission

Helping people build better lives.

Aims

Key will continue to build a strong and adaptable organisation working in partnership with likeminded organisations.

Organisational structure

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Board of Trustees
(8)
Operations
Director
Operational
Managers (4)
Support Services
Manager/Senior
Support Workers
(3)
Support Volunteers
Workers (39) (20)
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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

The organisational structure above details the number of personnel employed and managed by Key

Key is linked to Progress Housing Group (the Group) by way of a Grouping Deed. Key’s Board of Trustees (the board) retains responsibility for establishing Key’s strategic direction and setting and managing its budget. This being said, should Key’s board fail to manage the charity effectively, the Grouping Deed sets out how Progress Housing Group Limited (the Parent) can step in to rectify the situation or to make any changes. The Group has two sub committees, Audit Committee and Remuneration and Nominations Committee which support all Group companies including Key. In order to manage Key effectively within a group structure, Key works within the Group’s wider financial regulations as well as having adopted a number of the Group’s policies and procedures. As Key has grown in size the board made a decision in March 22 that it was now more appropriate to adopt the Charity Governance Code for larger charities and this replaces the Charity Governance Code for smaller charities. Key will continue to report compliance annually against its principles and key outcomes.

New trustees

New trustees are recruited to Key using an open recruitment process. A vacancy is advertised and prospective candidates are asked to make an application for the role. Role descriptions are made available and suitable applicants are shortlisted and interviewed. The successful candidate is subject to appropriate due diligence prior to being recommended for appointment to the board. Once appointed, the trustee’s undertake a structured induction process, which includes the history of Key and its charitable purposes, an overview of the Group and its structure, Key’s Vision and Values, the Companies Act 2006, the Charities Act 2011 and the Trustees Act 2000, Charity Commission Guide – The Essential Trustee, safeguarding, Memorandum and Articles of Association, Standing Orders, Code of Governance, Code of Conduct and more. The trustees are required to confirm their fitness to act against a range of criteria on an annual basis.

Significant activities

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

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‘ I cannot thank
Key enough since getting
help with sorting out my
debts, I ’ ve got
’
a new job and feel like I ve
got my life back ’
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Key has additional funding from Children In Need to support its family conflict resolution service and this has been extended and now also covers 2022/23. Key continues to deliver tenancy related support to those placed in interim/temporary accommodation funded by Fylde Borough Council.

Over the last year Key has continued to be funded by Progress Housing Group to provide Critical Tenancy Support to tenants who are at high risk of losing their tenancies.

Key has further developed its Community Work focussed at The Base on the Broadfield Estate in Leyland including the The Base-One Stop which is a community food project and a community café. Key has started to build relationships with business during the year and has attracted corporate donations to support its operations.

Coronavirus (COVID-19)

Key have considered the potential impacts to the charity arising from the Coronavirus pandemic. While recongnising the risk has reduced, the main area of risk is regarding the Emotional Health and Wellbeing contract which is our largest income contract.

Financial Review

Income has increased significantly from £768k in 2020/21 to £1,033k in 2021/22. Costs have increased from £582k, to £884k resulting in net income of £149k. Total funds are £722k at 31 March 2022. Much of this increase relates to Key taking over the provision of support services at a number of supported housing schemes operated by Progress Housing Association that provide accommodation and support for people who have experienced homelessness as well as an increase in provision of support for people affected by domestic abuse.

Lancashire County Council who fund this work have varied the payment terms for the year in order to help mitigate some of the financial risks, payments remain based on the number of referrals but do not require cases to be successfully completed.

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‘ Thanks to
Key for the first time
in a very long time I
finally feel like
me again ’
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The Emotional Health and Wellbeing contract continues to be the funding stream where the income varies. This is due to the payment by results nature of the contract. A revised payment mechanism has been in place throughout the year because of the pandemic and strong performance has meant that expected income had been increased during the year. The budget is set prudently to allow for a range of factors that can negatively impact on performance. The trustees have continued to focus on ensuring that sufficient cash flow is available to cover related costs.

Key, in conjunction with Child Action North West, will continue to deliver this Emotional Health and Wellbeing service in the coming year.

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

Key Performance Indicators

Key have continued the approach to performance management adopted last year that includes the quantitative indicators below but this is now supplemented by a range of qualitative information which offers greater insight.

Key Objective Performance Indicator Target Actual
Supporting People to reach their
potential		 % of young people given employment
coaching who have gone into
employment training or education		 75% 98%
% of young people who have
sustained education, employment or
training for 3 months		 80% 88%
Support people to develop self-
confidence and wellbeing		 % of Key service users who show an
improvement in their wellbeing		 95% 98%
Prevent Homelessness % of Key clients who achieve a
positive outcome.		 75% 99%
Strengthening families % of Families we work with who make
positive changes.		 95% 100%
% of cases where increased
communication and reduced conflict
is reported when the case is followed
up 1 month after case closure.		 95% 98%

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

Principal funding sources

The principal funding source for Key is funding income from Lancashire County Council. In addition we have funding from South Ribble Borough, Chorley Borough and Fylde Borough Councils, Progress Housing Group, the European Social Fund, The Office of the Police and Crime Commissioner and a number of grant making foundations. Key has started to diversify its funding streams and this includes a number of corporate donations during the year. This is an ongoing task as none of Key’s income is long term. Key are grateful to the corporate donors who have supported us during the financial year.

Going Concern

The trustees continue to adopt the going concern basis of accounting after considering its financial position at 31 March, its long term financial plan, its reserves policy, risk management and the ongoing impact of COVID-19, all as detailed in this strategic report. The main factor for Key is how contracts are managed, contract retention continues to be good, however, when contracts are lost Key’s management are able to take immediate action to reduce costs at the same time as loss of income. On this basis, the trustees have a reasonable expectation that Key has adequate resources to continue in operational existence for the foreseeable future.

Future plans

Investment Policy

Key has been successful in diversifying its services and will maintain a clear focus on providing high quality, flexible, individually tailored services during the next financial year.

Aside from retaining a prudent amount of reserves each year, most of Key’s funds are to be spent in the short-term and therefore Key does not retain any funds for long-term investment. It is necessary for Key’s reserves to remain accessible due to the volatility of the funding climate and to ensure that there are sufficient funds to manage its cash flow linked to the payment by results contract.

Key will be working to develop a business case and to draw in additional funding to develop a community centre - The Base Mark 2 that will offer more space than the current Base Community Centre.

Reserves Policy

Key will work to raise its profile in order to generate some fundraising income.

Key’s board have examined the charity’s requirements for reserves considering the main risks to the organisation. It has established a policy whereby reserves are held to cover redundancy, sickness and running costs at a level between three and six months. The reserves are needed to meet the working capital requirements of the charity which are significant especially with the continuation of the payment by results contract. In addition the trustees have designated £40,000 towards the development costs of The Base Mark 2 (a new community centre). The board will also consider, on an on-going basis, the extent to which existing activities and expenditure could be curtailed should such circumstances arise.

Key will continue to deliver on its expanded geographic footprint next year as part of a partnership that will deliver Emotional Health and Wellbeing services commissioned by Lancashire County Council. Key will deliver services across Lancashire.

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‘ The only
Way I can
describe Key ’ s support
is to say an angel was
brought into my life
’
called Laura .
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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

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‘ staff at the
scheme are easy to
talk to and help people when
they need it.
I can ’ t believe how nice and
big the flat was where I
stayed ’
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Governance

The Board of Key Unlocking Futures reviews the performance o individual Trustees, including the Chair, on an annual basis. The 2021-22 appraisal process was externally facilitated. Key Unlocking Future Board has set time aside, to consider its effectiveness, during meetings held throughout 2021-22, covering such topics as succession planning, skills informed recruitment and effective board reporting.

Following its annual review of the charity’s compliance with the provisions of ‘the Charity Governance Code for larger charities’, the Board of Trustees has concluded that it meets the principles set out within the code. The board is committed to continuous improvement and further embedding the requirements of the code.

Public benefit

The charitable work that Key undertakes through its trustees and employees is to provide services to people who are in need, hardship or distress due to homelessness or the threat of homelessness and to provide a range of services that relieve these conditions and promote their health and wellbeing. In addition, the Objects of the charity are progressed by delivery of services to vulnerable people that find themselves in conditions of need or distress due to their family or personal circumstances.

Risk management

The board has conducted a review of major risks to which the charity is exposed. A strategic risk register is updated on a regular basis. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. There are significant external risks to funding but during the year Key successfully retained its largest contract for a further three years. The Business Plan highlights the need to diversify funding streams and there has been some success with this ongoing task.

The charity provides these services free at the point of access, which ensures that its service users are not prohibited from access to services on the basis of cost. Many of the services can only be accessed by specified referral routes. Systems are in place to ensure that all referrals accepted are in line with Key’s charitable objectives.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. These have been strengthened as a result of becoming part of the Group. In addition, Key has retained its Investors in People (IIP) accreditation as part of the Group.

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‘ the team
have encouraged,
supported and looked out
for me and told
me how proud they
are of my
’
progress
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Procedures are in place to ensure compliance with health and safety of staff, volunteers and people supported by our services and visitors to Key’s premises. Key is operating a hybrid way of working with significant level of home working for some. People are receiving support remotely as well as in person.

Key has been successful in retaining ISO 9001 compliance alongside other members of the Group. Key is committed to the on-going evaluation of all its services including undertaking a wide range of stakeholders’

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Trustees ’ report continued

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‘ My key worker
is someone I can talk to and
who I trust, who says and
does what he says he will
do. He listens and provides
honest feedback ’
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The benefits of Key’s services to its clients include:

Statement of disclosure to the

auditors

At the time of approval of this report:

In discharging their duties the trustees ensure that through their business planning and policy decisions that the Objects of the charity are furthered by providing services to its charitable beneficiaries in the furtherance of its public benefit purposes.

Annual General Meeting

The Annual General Meeting of Key Unlocking Futures Limited will be on 27 September 2022.

The trustees have due regard to guidance produced by the Charity Commission.

Approved by order of the Trustees’ and signed by order of the Trustees.

Lynne Cubbin

Trustee Director 13 September 2022

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Statement of Trustees' responsibilities

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‘ I feel
supported
and know
I ’ m not alone ’
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The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

The trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Independent auditor ’ s report to members of Key Unlocking Futures Limited

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Key Unlocking Futures Limited (“the Charitable Company”) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Independent auditor ’ s report to members of Key Unlocking Futures Limited continued

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustee’s report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor ’ s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Independent auditor ’ s report to members of Key Unlocking Futures Limited continued

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding and accumulated knowledge of the Charitable Company, and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to its registration with the Charities Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements or its continued operation. We also considered those laws and regulations that have a direct impact on the financial statements such as compliance with the Charities Statement of Recommended Practice (SORP) 2019 and tax legislation. All audit team members were briefed to ensure they were aware of any relevant regulations in relation to their work, areas of potential non-compliance and fraud risks.

We evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of an override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Our audit procedures in response to the risks identified above included, but were not limited to:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Independent auditor ’ s report to members of Key Unlocking Futures Limited continued

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Hamid Ghafoor

(Senior Statutory Auditor) For and on behalf of BDO LLP, statutory Auditor Manchester, UK

Date 22 September 2022

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Statement of Financial Activities

Notes
Income from:
Donations
2
Investments
3
Charitable activities
4
Total
Expenditure on:
Charitable activities
5
Governance costs
5
Total
Net income for the year
Net movement in funds
Reconciliation of funds
Funds brought forward
11
Movement of funds in the
year
11
Total funds carried
forward
11		 Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
9,731
-
9,731
3,745
273
-
273
434
938,928
83,850
1,022,778
763,722
948,932
83,850
1,032,782
767,901
(804,041)
(76,831)
(880,872)
(578,906)
(3,034)
-
(3,034)
(2,740)
(807,075)
(76,831)
(883,906)
(581,646)
141,857
7,019
148,876
186,255
141,857
7,019
148,876
186,255
572,504
120
572,624
386,369
141,857
7,019
148,876
186,255
714,361
7,139
721,500
572,624

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16
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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Balance Sheet

as at 31 March 2022

Notes
Current Assets:
Debtors
9
Cash and Cash equivalents
Total current assets
Liabilities:
Creditors: Amounts falling due within one year
10
Net current assets
The funds of the charity:
Restricted funds
Unrestricted funds
Total charity funds
11		 Total
Total
funds
funds
2022
2021
£
£
120,837
15,934
710,665
613,524
831,502
629,458
(110,002)
(56,834)
721,500
572,624
7,139
120
714,361
572,504
721,500
572,624

The notes on pages 18 to 25 form an integral part of the financial statements.

The financial statements on pages 16 to 17 were approved by the Board of Trustees on 20 July 2022 and were signed on its behalf by:

Lynne Cubbin Kaye Grogan Trustee Director Trustee Director

Deborah Atherton On behalf of Progress Housing Group Limited

Company Number: 8699413 Date: 13 September 2022

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements

for the year ended 31 March 2022

1. Accounting policies and basis of

accounting

Key Unlocking Futures Limited is a private company limited by guarantee registered in England company number 8699413 and is a registered charity number 1154772.

(a) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Board of Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

(b) Basis of accounting

The financial statements of Key Unlocking Futures Limited are prepared on an accruals basis in accordance with applicable financial reporting standards in the UK, FRS102 and the Charities Statement of Recommended Practice (SORP) issued in 2019.

(c) Incoming resources

All incoming resources are included in the Statement of Financial Activities on an accruals basis relating to the period of the financial statements. Where income is subject to certain performance conditions, income is recognised when the conditions are met.

(e) Going concern

The charity’s activities with the factors likely to affect its future development and position are set out in the report of the Trustees.

On the basis of their assessment of the charity’s financial position, its long term financial plan, its reserves policy, risk management and the ongoing impact of COVID-19 the Trustees have a reasonable expectation that the charity will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

(f) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(g) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The directors do not consider there to be any significant estimates or judgements in the preparation of the financial statements.

(d) Resources expended

All expenditure is included in the Statement of Financial Activities on an accruals basis relating to the period of the financial statements.

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued for the year ended 31 March 2022

2. Donations

2. Donations
Unrestricted Unrestricted
2022 2021
£ £
Private and Corporate Donations 9,731 3,745

3. Investment income

Investment income is interest earned from a savings account from which funds are immediately accessible.

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued

for the year ended 31 March 2022

4. Incoming resources from charitable activities

Emotional Health
Homelessness
Progress Housing
Association Critical
Tenancy Support
Local Authority
Commissioners
Community Development
Healthy Relationships /
Domestic Abuse
Merriweather Grant
ESIF Grant Income
Financial Inclusion
Other
Children in Need
Big Lottery Help through
Crisis Fund
Wellbeing Challenge
Nationwide Grant
Awards for All
Government Grant
(Furlough)		 Unrestricted
Restricted
Total Unrestricted
Restricted
Total
2022
2022
2022
2021
2021
2021
£
£
£
£
£
£
384,330
-
384,330
402,567
- 402,567
264,543
-
264,543
-
-
-
82,416
-
82,416
80,536
-
80,536
80,236
15,000
95,236
94,137
-
94,137
54,168
7,925
62,093
32,521
-
32,521
33,438
16,856
50,294
-
-
-
17,611
-
17,611
12,643
-
12,643
9,004
-
9,004
-
-
-
8,000
-
8,000
-
-
-
5,182
4,591
9,773
7,803
7,140
14,943
-
28,808
28,808
-
51,530
51,530
-
10,670
10,670
-
30,698
30,698
-
-
-
-
11,500
11,500
-
-
-
-
21,113
21,113
-
-
-
-
5,648
5,648
-
-
-
5,886
-
5,886
938,928
83,850
1,022,778
636,093
127,629 763,722

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20
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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued for the year ended 31 March 2022

5. Total resources expended

Activities
undertaken
directly
Trustee
expenses
Staff costs
Travel
Other
Support
Costs
General office
costs
Staff costs
Training
Premises
Bank charges		 Unrestricted
Restricted
Governance
Total
Unrestricted
Restricted
Governance
Total
2022
2022
2022
2022
2021
2021
2021
2021
£
£
£
£
£
£
£
£
-
-
-
-
37
-
-
37
527,331
39,762
-
567,093
294,625
99,691
-
394,316
10,499
291
10,790
5,871
503
6,374
20,757
23,826
-
44,583
17,525
8,307
-
25,832
37,201
4,595
-
41,796
31,362
3,050
-
34,412
201,972
8,357
3,034
213,363
98,620
13,534
2,740
114,894
2,959
-
-
2,959
2,290
-
-
2,290
2,844
-
-
2,844
3,145
-
-
3,145
478
-
-
478
346
-
-
346
804,041
76,831
3,034
883,906
453,821
125,085
2,740
581,646

Total costs include auditors’ remuneration of £4,000 (exclusive of VAT) (2021: £4,000)

6. Wages and salaries

6. Wages and salaries
Wages and salaries
Social security costs
Other pension costs
Total		 2022
2021
£
£
703,949
462,786
58,862
35,305
18,263
10,635
781,074
508,726

No employees received emoluments of more than £60,000

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued

for the year ended 31 March 2022

6. Wages and salaries continued

The average number of persons employed during the
year was:
Administration Staff		 2022
2021
26
18
26
18

Full time equivalents are calculated based on a standard working week of 36.5 hours for all employees. The services of 20 volunteers were used in the performance of charitable activities during the year.

7. Trustee remuneration and related party transactions

There were nil expenses (2021: £37) paid to any members of the Board of Trustees during the year (2021: One) to cover travel and other related costs incurred by them in the fulfilment of their duties.

During the year the charity had the following intra-group transactions with companies controlled by Progress Housing Group Limited, the ultimate parent company

Purpose Payment to Payment from 2022 2021
Charitable activities Key Unlocking Progress Housing 251,053 108,532
Futures Association Ltd
Corporate services received Progress Housing Key 24,000 22,374
Group Ltd Unlocking
Futures

Related party transactions between Key Unlocking Futures Ltd and Progress Housing Association Ltd consist of Critical Tenancy Support, Community Development project and from 2021-22 also management fees associated with Single Homeless schemes, Refuge and Income Collection.

At the end of the year £40,738 was owed by companies controlled by Progress Housing Group Limited to Key Unlocking Futures Limited (2021: £7,534 owed by Progress Housing Group).

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued

for the year ended 31 March 2022

8. Taxation

As a charity, Key Unlocking Futures Limited is exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 or s256 of the Taxation of Charitable Gains Act 1992 to the extent that these are applied to its charitable objectives.

9. Debtors

9. Debtors
Amounts falling due within one year :
Prepayments and accrued income
Amounts owed by group companies
Trade Debtors		 2022
2021
£
£
24,005
-
40,738
7,534
56,094
8,400
120,837
15,934

Amounts due from group companies are repayable on demand and do not attract interest.

10. Creditors: amounts falling due within one year

Accruals and deferred income
Employer Liabilities
Trade creditors		 2022
2021
£
£
91,472
44,933
18,430
11,833
100
68
110,002
56,834

Standard payment terms are 30 days from date of invoice.

Included in the accruals and deferred income is £40,478 unrestricted and £40,000 restricted income (2021: £36,222 and £7,523) which relates to income received that will fund activities commencing April 2022.

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued

for the year ended 31 March 2022

11. Movement in funds

Restricted Reserves
Unrestricted Reserves - Designated
Unrestricted Reserves - General
Funds
Total Funds
Restricted Reserves
Unrestricted Reserves - Designated
Unrestricted Reserves - General
Funds
Total Funds		 1st April 2021
Increase in
funds
Transfers
between
31st March
2022
in the year
funds
£
£
£
£
120
7,019
-
7,139
572,504
-
66,786
639,290
-
141,857
(66,786)
75,071
572,624
148,876
-
721,500
1st April 2020
Increase in
funds
Transfers
between
31st March
2021
in the year
funds
£
£
£
£
(2,424)
2,544
-
120
388,793
-
183,711
572,504
-
183,711
(183,711)
-
386,369
186,255
-
572,624

There have been no transfers from these reserves for any purpose other than those for which the reserve was created.

Surplus transferred to designated reserves is in line with the reserves policy for holding three to six months running costs.

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

Key Unlocking Futures Limited Financial statements for the year ended 31 March 2022

Notes to the financial statements continued for the year ended 31 March 2022

12. Cash flow

Under FRS102 the Trustees have decided not to publish a cash flow as a cash flow statement is produced for the Group consolidated accounts.

13. Ultimate Parent company

Progress Housing Group Limited is the ultimate parent company of Key Unlocking Futures Limited. Progress Housing Group Limited IP28685R consolidated financial statements can be obtained from the Group's website or from the Company Secretary at the registered office:

Sumner House 21 King Street Leyland Lancashire PR25 2LW

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DocuSign Envelope ID: BD6E5F75-6476-4FFF-A633-3EDDCD98ABD3

w: www.keyyouthcharity.org.uk e: help@keyyouthcharity.org.uk 01772 678979

2 Balfour Court, Leyland, Lancashire, PR25 2TF

Key Unlocking Futures Limited

is a subsidiary of Progress Housing Group Limited. Key Unlocking Futures is registered as a Company Limited by Guarantee No. 8699413 and a Registered Charity No. 1154772

VAT registration number 712 6635 46.

Registered office for the Group and all subsidiaries: Sumner House, 21 King Street, Leyland, Lancashire, PR25 2LW