Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
| Key Unlocking Futures Limited | |
|---|---|
| Financial statements for the year ended 31 March 2025 | |
| Contents | |
| Members of the board of management and registered office | 3 |
| Trustees' report | 4 |
| Statement of Trustees' responsibilities | 12 |
| Independent auditor's report to members of Key Unlocking Futures Limited | 13 |
| Statement of Financial Activities (including income and expenditure account) | 17 |
| Balance Sheet as at 31 March 2025 | 18 |
| Notes to the financial statements | 19 |
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Members of the board of trustees and registered office
Charitable Trustees
Ronald Barham Resigned 26 April 2024 Linda Charles-Ozuzu Appointed 12 June 2024 Timothy Cooper Chair. Appointed 23 April 2025 Esme Davies Penelope Fell Former Chair. Resigned 31 January 2025 Samantha Haslam Deputy Chair. Interim chair from 31 January 2025 to 23 April 2025 Joanna Heaton-Marriott Appointed 12 June 2024 James Shutt Kathleen Stacey Appointed 12 June 2024 Matthew Stickland Appointed 12 June 2024 Neil Townsend Resigned 2 September 2024 Company Secretary Progress Housing Group Limited Principal office Unit 2 Balfour Court, Leyland, Lancashire, PR25 2TF Registered office Sumner House, 21 King Street, Leyland, Lancashire, PR25 2LW Auditors Beever and Struthers, One Express, 1 George Leigh Street, Manchester, M4 5DL 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 2025
Trustees’ report
Memorandum and Articles of Association
Key Unlocking Futures Limited (Key) is governed by its Articles of Association.
Strategic report
Objects
Key’s objects (Objects) are specifically restricted to the following:
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the prevention or relief of poverty for those who are vulnerable or homeless and are in conditions of need, hardship and distress;
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the relief of those in need who are vulnerable or homeless and in conditions of need, hardship or distress;
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The provision of shelter and support services to victims of domestic abuse;
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the advancement of education of the public generally on issues affecting the said beneficiaries; and
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the advancement of citizenship or community development.
During the year Key’s trustees have agreed a new business plan. Whilst Key’s mission remains the same, the strategic aims and values have been updated to reflect Key’s current stage of development and the future ambition.
Mission and values
Mission
Helping people build better lives.
Strategic Aims
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Preventing homelessness
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Helping people facing domestic abuse
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Supporting people with their health and wellbeing with a big focus on emotional and mental health
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Strengthening communities
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To achieve continuity in the delivery of high quality services.
Values
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Value 1: Great place to work - We foster a supportive and inclusive culture at Key. Our employees tell us that working for Key is a good experience and that they feel we are a friendly team who help and support each other.
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Value 2: Working in partnership - We have a strong network of relationships with other services and are always keen to develop new relationships with like-minded organisations recognising the benefits this brings to the people we support.
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Value 3: Working with kindness – Key is focused on flexible person led approaches to build resilient individuals so that they can move through difficult times and bringing genuine empathy, patience, and respect offering a human approach to our interactions valuing each person’s unique potential.
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Mission and values (continued)
- Value 4: Quality services - We will continue to provide high quality support by asking service users and stakeholders if we are getting it right as well as providing learning opportunities across the team.
Public benefit
At Key we work to provide support that aligns with our charitable objectives listed on page 4. Key offers an approach that is trauma aware.
We make all our services free to access, ensuring money is never a barrier to getting help. While some services need referrals through specific channels, we always make sure everyone we support aligns with our charitable aims.
The benefits of Key’s services to its clients include:
Supporting people facing homelessness:
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Connecting people with safe, affordable housing options
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Providing support in our accommodation services
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Offering practical help with daily living skills so people can keep their homes and avoid repeated homelessness
Helping Those in Hardship and Distress
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Providing advocacy and information to navigate challenging situations
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Supporting people through crisis periods
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Building resilience and coping strategies
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Offering therapeutic support to help people work through difficulties
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Providing opportunities for peer support
Domestic Abuse Services
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Running refuge accommodation for those fleeing domestic abuse
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Providing outreach support to survivors in the community
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Helping people understand healthy versus unhealthy relationship patterns
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Supporting families to rebuild their lives after abuse
Education and Awareness
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Running workshops and training sessions to have a greater appreciation of neurodiversity
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Helping families of children with autism improve their knowledge and strategies
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Promoting understanding of domestic abuse and relationship health and wellbeing
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Sharing information about housing rights and support options
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Supporting the White Ribbon campaign and The Making Work Pay in supported accommodation campaigns.
Community Development
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Operating The Base in Leyland as a neighbourhood hub offering a place based partnership approach
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Running The Base-One Stop to provide affordable, quality food
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Public benefit (continued)
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Creating spaces for people to connect and support each other
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Operating a community café and clothes exchange
The trustees ensure through their strategic and business planning and policy decisions that the work of Key meets both its charitable Objects and its public benefit obligations.
The trustees have due regard to guidance produced by the Charity Commission.
Financial Review
Income has increased from £1,505k in 2024 to £1,719k in 2025. Costs have increased from £1,404k to £1,460k resulting in net income of £259k (2024: £101k). The net income has increased in the year due to successful implementation of management efficiencies and the securing of additional funding sources that included flexible contributions to overhead costs . Total funds are £1,229k as at 31 March 2025 (31 March 2024: £970k).
Organisational structure
----- Start of picture text -----
Board of Trustees (8)
Director of Key
Senior Operational
Managers (2)
Team Managers
(5)
Support Workers (32) Volunteers (27)
=
The Key's Board actively establishes and drives the strategic direction of Key, while deliberately
delegating all operational activities to the Director of Key in accordance with the Standing Orders. The
Board maintains clear strategic oversight while empowering the Director to execute day-to-day
operations with defined authority.
----- End of picture text -----
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Organisational structure (continued)
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 and generating its own income. This being said, if the board should 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, Group Audit and Risk Committee and Group Governance Committee, which support all Group companies including Key. In order to manage Key effectively as a member of a group structure, Key works within the Group’s wider financial regulations as well as adopting a number of the Group’s policies and procedures.
Key has adopted the Charity Governance Code for larger charities.
New trustees
New trustees are recruited using an open and transparent recruitment process that meets best practice with appropriate induction and training provided on appointment.
Significant activities
Funding Partnerships & Strategic Growth
This landmark 30th anniversary year saw Key secure vital funding partnerships that fuel our mission:
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Lancashire County Council continues to invest in our early intervention service for children and young people's emotional wellbeing, recognising our therapeutic expertise and results-driven approach
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Our crucial role in the Domestic Abuse Services Lancashire partnership has been reaffirmed with renewed funding from Lancashire County Council
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South Ribble Council has recommitted funding for our essential drop-in services supporting young people facing homelessness
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The Big Lotteries Community Fund has strategically bolstered our staffing capacity across family therapy and drop-in services
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Progress Housing Group continues to fund our specialised tenancy support services, demonstrating their confidence in our proven intervention model
Transformative Impact
In our 30th year, Key's unwavering commitment to strength-based, trauma-informed support has created remarkable outcomes:
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We've now transformed over 33,000 lives throughout our three-decade journey, with our annual reach extending to 10,000 individuals
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An extraordinary 99% satisfaction rate confirms our person-centered approach makes a genuine difference
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The Base has emerged as a vital community cornerstone, tackling immediate crises from food insecurity to housing while providing compassionate support for complex challenges including addiction, bereavement, and mental health
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Significant activities (continued)
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Our domestic abuse services have expanded beyond adult support to include specialised interventions for children affected by abuse
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Through Progress Housing Group's Tenant Support Fund, we've delivered targeted financial assistance to families hardest hit by the cost of living crisis.
Every achievement reflects our foundational belief: everyone can be supported to make lasting change when approached with dignity, compassion and respect for their inherent strengths.
Key performance indicators
Key has maintained the performance management approach adopted in the previous year, combining quantitative indicators with complementary qualitative information to provide greater insight. During 2024/25, Key exceeded most performance metrics. Positive move-on rates from residential schemes reached 76%, slightly below our target of 90%. This variance reflects the complexity of our client group and aligns with national trends. For context, Women's Aid data indicates that nationally 60-65% of women leaving refuge accommodation secure some form of permanent stable housing, while Homeless Link's Annual Review reports that 72% of residents in supported accommodation for single homeless people transition to positive destinations.
| Performance indicator | Target | Actual |
|---|---|---|
| Number of people who have accessed support | N/A | 9,257 |
| % of service users who rate Key as good or excellent | 95% | 99.3% |
| % of Emotional Health and Wellbeing Service young people who show an improvement in their wellbeing (Outcome Stars) |
90% | 92.7% |
| % of service users where homelessness is prevented (where applicable) | 75% | 100% |
| % of people who feel more confident to make positive decisions for their own future |
90% | 100% |
| % of people who feel more confident about managing their finances | 90% | 96.5% |
| % of Safeguarding Incident Reports completed within a 24-hour timescale | 90% | 100% |
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Key performance indicators (continued)
| Key performance indicators (continued) | ||
|---|---|---|
| Number of positive move-ons from residential schemes | 90% | 76% |
| Number of posts vacant for more than 45 working days. | Zero | 5 |
Principal funding sources
The principal funding source for Key is from Lancashire County Council which includes funding for domestic abuse, young peoples supported housing and children’s emotional health and wellbeing services. In addition Key receives funding from South Ribble and Chorley Borough Councils including contributions to homeless drop in and family therapy services as well as providing financial support for people Key has supported under the Household Support Fund. Progress Housing Group supports a range of services including Key’s tenant support services and supported accommodation for people who are homeless. Key also receives support from a number of grant making foundations.
Key has started to diversify its funding streams and this work on diversification will continue because none of Key’s income is long term. The work this year on broadening its income source has resulted in a number of corporate donations to Key, and Key is grateful to those corporate donors who have supported it during this financial year. Key is also pleased to have received funding from Lancashire and South Cumbria Integrated Care Board during the year.
Investment policy
Key retains a prudent amount of reserves each year; however, most of Key’s funds are intended to be spent in the short-term and therefore Key does not retain any funds for long-term investment.
Reserves policy
The board has examined Key’s requirements for reserves by considering the principal risks to the organisation. It has established a policy whereby reserves are held to cover redundancy, sickness absence, and running costs between three and six months. The trustees consider that the ideal level of reserves as at 31 March 2025 would be £807k. The reserves at 31 March 2025 are £1,229k. Board have allocated reserves of £143k to further support Key’s development and sustainability, the remaining reserves are needed to meet the working capital requirements of Key which are significant e.g. especially with the continuation of the payment by results contract with Lancashire County Council. The trustees review the reserves requirement annually and further plans to spend some of the surplus reserves will be considered as part of the business planning process.
Going concern
The trustees continue to adopt the going concern basis of accounting after considering Key’s financial position at 31 March 2025, its long term financial plan, its reserves policy and risk management as
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Going concern (continued)
detailed in this report. Contract retention continues to be good; however, when contracts are lost Key’s management takes prompt action to reduce costs, reflecting that reduction in 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
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. To support this Key aims to work towards trauma informed accreditation, which will further strengthen this approach.
Key has recruited to a new assistant director role, which will commence in the new financial year. This role has replaced the previous Business Development role. This will support the Director’s capacity to focus on strategic development, working to explore new opportunities that align with Key’s strategic aims.
During the year a team member has completed training to become a practice educator, and as such Key is now well placed to offer more high-quality student placements. In addition Key has also started to expand its counselling service by offering trainee placements.
Key will continue to deliver emotional health and wellbeing services for children aged 4-18 commissioned by Lancashire County Council. Key will deliver these services across Lancashire as part of a partnership approach.
Risk management
The board has conducted a review of major risks to which Key is exposed. Key maintains a strategic risk register which is updated on a quarterly basis. Where appropriate, systems or procedures have been established to mitigate the risks that it faces. The business plan highlights the need to diversify funding streams and there has been some success here.
Internal control risks are minimised by the implementation of procedures for authorisation. This has been strengthened by being part of Progress Housing Group. In addition, Key has retained its Investors in People (IIP) accreditation as part of the Group.
During the year an internal audit focussed on the strategic risk of securing ongoing funding with a focus on Key’s approach to maximising funding, compliance with funding conditions, business development, financial planning and reserves management. The report gave adequate assurance and actions resulting are nearing completion.
Procedures are in place to ensure compliance with any requirements for maintaining the health and safety of staff, volunteers, people supported by Key’s services, and visitors to its premises. Key is operating a hybrid way of working with a significant level of home working for staff, and this is consistently monitored
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Trustees’ report (continued)
Risk management (continued)
to ensure staff safety, health and wellbeing. People are receiving this support remotely as well as in person.
In April 2025 Key successfully retained it’s ISO 9001 compliance as part of the Group. ISO 9001 is a globally recognised international standard for quality management systems. Key is committed to the continued evaluation of all its services including undertaking a wide range of stakeholders’ reviews.
Governance
The board reviews the performance of individual trustees, including the Chair, on an annual basis. The board annually reviews its effectiveness and reports its findings to the Group Governance Committee. An external governance review was undertaken during this financial year.
Following a review of compliance, the Board of Trustees has concluded that it meets the principles set out within the Charity Governance Code for larger charities. The Board is committed to continuous improvement and embedding the additional requirements of this Code.
Statement of disclosure to the auditors
At the time of approval of this report:
a) so far as the board is aware, there is no relevant audit information of which Key's auditor is unaware; and
b) the board has taken all steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that Key's auditor is aware of that information.
Annual General Meeting
The Annual General Meeting of Key Unlocking Futures Limited will be on 1 September 2025.
Approved by order of the trustees and signed by order of the trustees.
Timothy Cooper
Chair of trustees
23 July 2025
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Statement of trustees’ responsibilities
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:
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select suitable accounting policies and apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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. 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.
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Independent auditor’s report to members of Key Unlocking Futures Limited (continued)
Opinion
We have audited the financial statements of Key Unlocking Futures Limited (“the charitable company”) for the year ended 31 March 2025 which comprise the Statement of Financial Activities (including income and expenditure account), the Balance Sheet and the related notes, including the accounting policies in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 are independent of the charitable company in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating 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 other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Independent auditor’s report to members of Key Unlocking Futures Limited (continued)
Other information (continued)
stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 Directors’ Report included within the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 12, 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Independent auditor’s report to members of Key Unlocking Futures Limited (continued)
Responsibilities of trustees (continued)
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
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s web-site at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We obtained an understanding of laws and regulations that affect the charitable company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Statement of Recommended Practice applicable to Charities.
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We enquired of the Trustees and reviewed Board meeting minutes for evidence of noncompliance with relevant laws and regulations.
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We enquired of the Trustees about any incidences of fraud that had taken place during the accounting period.
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The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
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We enquired of the Trustees about actual and potential litigation and claims.
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We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Independent auditor’s report to members of Key Unlocking Futures Limited (continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
Maria Hallows BA FCA DChA (Senior Statutory Auditor)
For and on behalf of
Beever and Struthers
Statutory Auditor
One Express
1 George Leigh Street
Manchester
M4 5DL
Date: 14-08-2025
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Statement of Financial Activities (including income and expenditure account)
| Note 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 2025 2025 2025 2024 £ £ £ £ 6,709 - 6,709 10,619 33,282 - 33,282 20,051 1,288,241 390,771 1,679,012 1,474,571 |
|---|---|
| 1,328,232 390,771 1,719,003 1,505,241 (1,078,215) (378,198) (1,456,413) (1,400,636) (3,444) - (3,444) (3,344) |
|
| (1,081,659) (378,198) (1,459,857) (1,403,980) |
|
| 246,573 12,573 259,146 101,261 246,573 12,573 259,146 101,261 |
|
| 963,520 6,170 969,690 868,429 246,573 12,573 259,146 101,261 |
|
| 1,210,093 18,743 1,228,836 969,690 |
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Balance sheet
| As at 31 March 2025 | Total | Total | |
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Note | £ | £ | |
| Current assets: | |||
| Debtors | 9 | 114,071 | 214,662 |
| Cash and cash equivalents | 1,195,852 | 908,488 | |
| Total current assets | 1,309,923 | 1,123,150 | |
| Liabilities: | |||
| Creditors: Amounts falling due within one year | 10 | (81,087) | (153,460) |
| Net current assets | 1,228,836 | 969,690 | |
| The funds of the charity: | |||
| Restricted funds | 18,743 | 6,170 | |
| Unrestricted funds | 1,210,093 | 963,520 | |
| Total charity funds | 11 | 1,228,836 | 969,690 |
The notes on pages 19 to 25 form an integral part of the financial statements.
The financial statements on pages 17 to 25 were approved by the board on 23 July 2025 and were signed on its behalf by:
Timothy Cooper Chair of Trustees
Samantha Haslam Deborah Atherton Trustee On behalf of Progress Housing Group Limited
Company number: 8699413 Date: 23 July 2025
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements
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 for specific purposes and for the management of financial risk.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
(b) Basis of accounting
The financial statements 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.
( 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.
( e) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, IT, human resources and governance costs which support the Charities’ activities. These costs have been allocated between those charitable activities. The bases on which support costs have been allocated are set out in note 5.
(f) Going concern
The charity’s activities with the factors likely to affect its future development and position are set out in the Trustees’ report. On the basis of their assessment of the charity’s financial position, its long term financial plan, its reserves policy and risk management, 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.
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
- 1 Accounting policies and basis of accounting (continued)
(g) Cash and cash equivalents
Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(h) 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.
(i) 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 as assets and liabilities as at the Balance Sheet date and the amounts reported as revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The trustees do not consider there to be any significant estimates or judgements in the preparation of the financial statements.
2 Donations
| Private and corporate donations received 3 Investment income Investment income |
Unrestricted Unrestricted 2025 2024 £ £ 6,709 10,619 |
|---|---|
| Unrestricted Unrestricted 2025 2024 £ £ 33,282 20,051 |
Investment income is interest earned from a short-term investment of 3 months or less and from a savings account from which funds are immediately accessible.
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
4 Incoming resources from charitable activities
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Emotional health | 424,624 | - | 424,624 | 415,024 | - | 415,024 |
| Homelessness | 360,188 | - | 360,188 | 326,414 | - | 326,414 |
| Healthy relationships / | 192,106 | 49,711 | 241,817 | 120,724 | 60,518 | 181,242 |
| domestic abuse | ||||||
| Local Authority | 66,700 | 150,549 | 217,249 | 53,333 | 20,000 | 73,333 |
| commissioners | ||||||
| Progress Housing | 160,000 | - | 160,000 | 203,875 | - | 203,875 |
| Association tenancy | ||||||
| sustainability | ||||||
| Community | 50,189 | 12,808 | 62,997 | 67,738 | 8,964 | 76,702 |
| development | ||||||
| Santander UK | - | 72,500 | 72,500 | - | 72,750 | 72,750 |
| Foundation Limited | ||||||
| National Lottery | 54,073 | 54,073 | - | - | - | |
| Community Fund RC | ||||||
| North West Region | ||||||
| Lancashire and South | - | 36,230 | 36,230 | - | 58,000 | 58,000 |
| Cumbria integrated | ||||||
| Care Board | ||||||
| Spring North | 25,521 | - | 25,521 | 18,100 | - | 18,100 |
| Active Lancashire - | 1,471 | - | 1,471 | 26,772 | - | 26,772 |
| MPT Steps (European | ||||||
| Social Fund) | ||||||
| Other | 7,442 | 14,900 | 22,342 | 21,484 | 875 | 22,359 |
| 1,288,241 | 390,771 | 1,679,012 | 1,253,464 | 221,107 | 1,474,571 |
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
5 Total resources expended
| Activities undertaken directly Staff costs Travel Other project costs Support costs General office costs Staff costs Training Premises Bank charges |
Unrestricted Restricted Governance Total Unrestricted Restricted Governance Total 2025 2025 2025 2025 2024 2024 2024 2024 £ £ £ £ £ £ £ £ 785,782 140,122 - 925,904 819,483 119,437 - 938,920 9,873 783 - 10,656 11,192 940 - 12,132 13,957 149,827 - 163,784 101,114 40,209 - 141,323 43,215 38,241 - 81,456 44,887 18,320 - 63,207 211,185 49,225 3,444 263,854 184,695 47,050 3,344 235,089 5,881 - - 5,881 4,409 - - 4,409 7,609 - - 7,609 8,256 - - 8,256 713 - - 713 644 - - 644 |
|---|---|
| 1,078,215 378,198 3,444 1,459,857 1,174,680 225,956 3.344 1,403,980 |
Total costs include auditors’ remuneration of £14,238 (exclusive of VAT) (2024: £14,000).
The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the charitable activities undertaken.
6 Wages and salaries
| Wages and salaries Social security costs Other pension costs Total |
2025 2024 £ £ 1,062,843 1,052,787 95,853 92,756 29,578 28,758 |
|---|---|
| 1,188,274 1,174,301 |
There was 1 employee who received benefits of more than £60,000. The key management personnel comprise the trustees and the Director. The total employee benefits of the key management personnel were £61,855 (2024: £60,053).
| 2025 | 2024 | |
|---|---|---|
| The average number of full time equivalent persons employed during the year was | 35 | 37 |
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Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
6 Wages and salaries (continued)
Full time equivalents are calculated based on a standard working week of 36.5 hours for all employees. The average number of persons employed during the year was 40. The services of 27 volunteers were used in the performance of charitable activities during the year.
7 Trustee remuneration and related party transactions
Trustees are not remunerated. Total expenses of £424 were paid to 2 members of the Board of Trustees during the year (2024: nil).
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 | 2025 | 2024 |
|---|---|---|---|---|
| £ | £ | |||
| Charitable activities | Key Unlocking Futures | Progress Housing | 383,406 | 429,306 |
| Association Ltd | ||||
| Corporate services | Progress Housing Group Ltd Key Unlocking Futures | 40,000 | 40,000 | |
| received |
Related party transactions between Key Unlocking Futures Ltd and Progress Housing Association Ltd consist of critical tenancy support, tenancy sustainability, a community development project, use of premises and management fees associated with single homeless schemes and the refuge.
At the end of the year £14,984 was owed by companies controlled by Progress Housing Group Limited to Key Unlocking Futures Limited (2024: £62,283).
There were no charitable or political donations made.
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
| Amounts falling due within one year: Prepayments and accrued income Amounts owed by group companies Trade debtors |
2025 2024 £ £ 78,376 28,663 14,984 62,283 20,711 123,716 |
|---|---|
| 114,071 214,662 |
Amounts owed by group companies are repayable on demand and do not attract interest.
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
10 Creditors: amounts falling due within one year
| Accruals and deferred income Employer liabilities Trade creditors |
2025 2024 £ £ 51,943 122,293 24,776 30,631 4,368 536 |
|---|---|
| 81,087 153,460 |
Standard payment terms are 30 days from the date of invoice.
Included in the accruals and deferred income is £13,572 unrestricted and £23,884 restricted income (2024: £26,155 and £68,942) which relates to income received that will fund activities commencing April 2025.
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 2024 Increase in funds Transfers between 31st March 2025 in the year funds £ £ £ £ 6,170 12,573 - 18,743 678,279 - 92,305 770,584 285,241 246,573 (92,305) 439,509 |
|---|---|
| 969,690 259,146 - 1,228,836 |
|
| 1st April 2023 Increase/(decrease) in funds Transfers between 31st March 2024 in the year funds £ £ £ £ 11,019 (4,849) - 6,170 784,167 - (105,888) 678,279 73,243 106,110 105,888 285,241 |
|
| 868,429 101,261 - 969,690 |
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Docusign Envelope ID: AE380DCA-2483-42A6-8692-23F02E23B8FDDocusign Envelope ID: C6F12545-E9C4-457E-8A08-01C0F56E1D51
Key Unlocking Futures Limited
Financial statements for the year ended 31 March 2025
Notes to the financial statements (continued)
11 Movement in funds (continued)
There have been no transfers from these reserves for any purpose other than those for which the reserve was created. Transfers to and from designated reserves are in line with the charity’s reserves policy.
12 Cash flow
Under FRS102 the Trustees have not published 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
25