Charity no. 1152426
## **Key4Life CIO Report and Unaudited Financial Statements**
**31 December 2024**
## **Key4Life CIO**
## **Reference and administrative details**
|**Reference and administrative details**|**Reference and administrative details**||
|---|---|---|
|**For theyear ended 31 December 2024**|||
|**Charity number**|1152426||
|**Registered office and**|Units 65 - 66||
|**operational address**|Easton Business Centre||
||Felix Road||
||Easton||
||Bristol||
||BS5 0HE||
|**Trustees**|The trustees who served during the year and up to the date of this report||
||were as follows:||
||Paul Sternberg|(Chair)|
||Kathryn Brewer||
||Solomon Curtis||
||Caroline Dollimore||
||Michael Dooley||
||Walid Yusef Haddouch||
||Lindsay Healy||
||Jeremy Mark Whelan|(resigned 8 July 2024)|
|**Chief executive officer**|Eva Hamilton MBE||
|**Bankers**|TSB Bank||
||Marketplace||
||Somerton||
||Somerset||
||ΤΑ11 7ΝΒ||
|**Solicitors**|Jayes Collier LLP||
||Ealing Studios||
||Ealing Green||
||London||
||W5 5ΕΡ||
|**Auditors**|Godfrey Wilson Limited||
||Chartered accountants and statutory auditors||
||5th Floor Mariner House||
||62 Prince Street||
||Bristol||
||BS1 4QD||
1
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
## **Objectives and activities**
## The objects of the charity are:
- to reduce criminal offending by promoting and supporting the rehabilitation of any offender and those at risk of offending or re-offending, and to assist them in finding employment;
- to promote the education, care and re-settlement of offenders in order to re-integrate them as valued members of society;
- to support families of offenders and communities affected by offending;
- to promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society; and
- to promote social inclusion for the public benefit amongst people who are socially excluded by providing them with an opportunity to build capacity through education and training support.
Key4Life delivers support to young men aged 18-30 as the group most likely to re-offend, predominantly prolific offenders. Key4Life’s purpose is to support these young men from marginalised communities, who, for whatever reason, have committed an offence or are at risk of offending, to give them opportunities, skills and support to lead positive lives and integrate into the world of work, their communities and families. Key4Life also works with children under 18 at risk of being caught up in knife crime.
## In 2024 the charity has:
## Key results
2024 has been a groundbreaking year for Key4Life with **249** new participants being registered on Key4Life programmes across **7** programmes, along with **55** children on **2** other community programmes. We also ran 2 additional bespoke pre-release workshops at HMP Wormwood Scrubs for 15 men and for 30 men at HMP Leyhill.
Since the inception of Key4Life in 2012, following the 2011 riots we have worked with over 1,500 young men either in prison or in the community through 45 Programmes in 4 regions. We have also reached out to 7,000 children in schools, raising awareness of the danger and implications of becoming involved in knife crime.
## Prison programmes
We are currently working with HMP Thameside (London), HMP Fosse Way (Leicester) and HMP Forest Bank (Manchester). At HMP Fosse Way we doubled our reach in 2024, to 50 men per programme. This has been the first expansion of numbers in this way and has proven to be a great success. We trained up to 40 men as key mentors where they received an AQA Unit Award Qualification (see below).
## Key mentoring
In 2024 we ran 3 key mentoring programmes, two in HMP Fosse Way and 1 in the community. Key mentors are the backbone of Key4Life’s success. Key Mentors are young men who have been through the programme with lived experience, and are integral to the success of the programme. In 2025 we plan to develop a bespoke pilot programme for HMP Fosse Way, with a wing focused programme for up to 100 young men, using the key mentors to help Key4Life deliver this innovative pilot.
2
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
## Mentors
In addition to the key mentors, we invite the general public and companies to apply to be mentors, as one of the main challenges with our young men is that they lack role models.
Over 60 new mentors from diverse backgrounds were trained by Heartshore Consulting and the Key4Life team in 2024 to mentor young men. All staff and volunteer mentors complete mandatory enhanced DBS checks before interacting with programme participants and throughout the year we implemented a training programme for staff on how to maintain boundaries with participants, identifying participants' support needs and working pro-actively rather than re-actively. In addition, all staff attended safeguarding training, risk assessment training and conflict management training.
## Under 18s holiday programme
In addition, Key4Life reached a further 55 children across community holiday programmes. We invited children from deprived backgrounds in West London and ran 2 workshops (January and July) in White City, which involved sessions on sports, arts, music and motivational talks about the consequences of crime.
## Food Cell
Key4Life has also hosted more pop-up events with the Food Cell (in memory of Jack Winter), a converted prison van designed to sell burgers at festivals and events for over 2,000 people, which included events such as Sherborne Castle, corporate events with the RG group for 300 people and Nisbet's Christmas party.
The burger venture was created to help the men that are currently on the programme to gain experience and paid work in customer service, communication and to gain valuable business skills, along with hospitality and bookkeeping. In addition, the men received Level 1 and Level 2 certifications in Food Safety and Hygiene. This proved to be an invaluable springboard for a number of the young men who have gone on to work in hospitality and catering amongst other sectors. Two of our young men are now sous chefs at Wagamama.
## **Achievements and performance**
## Charitable activities
In 2024 Key4Life delivered a total of 9 programmes to 304 young people. This total includes the prison, preventative and under 18’s work.
A list of programmes is below: London At Risk programme (16 participants) Southwest At Risk programme (16 participants) Under 18s Holiday programme x 2 (55 children reached) HMP Forest Bank (28 participants) HMP Fosse Way (two programmes) (109 participants) HMP Thameside (two programmes) (48 participants)
## Fundraising activities
Key4Life predominantly receives income from grant making trusts, organisations and individual donors. We employ one full time equivalent fundraiser who is directly managed by the Head of Operations.
3
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
Fundraising from the public is not a core strategy of the charity. We do not engage in large scale public fundraising campaigns or from street, door-to-door and private site fundraising, although we do welcome gifts from individuals and philanthropists on both an ad hoc and regular basis.
Key4Life works with commercial participators and third-party professional fundraisers for public facing fundraising campaigns.
We would like to express our sincere thanks to every trust, individual, prison and business who has financially supported Key4Life over the past year. Your support makes our life changing work possible.
## Research
Robust, independent research continues to underpin Key4Life's work which is conducted by Bean Research, and our results have strengthened with the average reoffending rate amongst Key4Life participants for 2024 being 8% after one year, with over 60% now in secure work, training or meaningful occupation.
In additional to Bean Research – The London Metropolitan University has conducted a study on Key4Life's 7 step programme, interviewing over 55 young inmates at HMP Fosse Way and young men in the community. The research will be available in March 2025.
## Partnerships
Key4Life has both strengthened existing, and developed new, relationships with key stakeholders including the police, councils, prisons, businesses, mentors and trusts and foundations. In 2024, Key4Life worked with new companies who supported the charity in a variety of ways, from joining as a national partner, to offering work tasters, hosting a support meeting, running an employability workshop, providing volunteer mentors for the mentoring programme, attending interview workshops and ultimately employing our young men.
These companies really do make a huge difference, both on a local level by helping a young man change his life by offering new opportunities and on a national level through corporate sponsorship.
## Developments for 2025
For the forthcoming year, our focus is to continue to consolidate our work in prisons nationally. Our partnership with Serco and Sodexo allows us to continue to expand and deliver our 7 step model at scale across further prisons. Importantly we are also looking to develop a pilot bespoke programme for HMP Fosse Way, focusing on the challenges the prison is facing on the wings using our key mentors and adapting our programme accordingly.
The proven 7 step model continues to deliver consistent results in reducing reoffending and securing employment for some of the most marginalised young men in our society.
Our work with the corporate sector is a huge priority in changing the prejudices held by much of corporate Britain against those who have an offending background, the focus will be to challenge more companies in the UK to provide work placements and employment opportunities. We are also launching a campaign called the "What If Campaign" which is targeting celebrities to share their "What If" pivotal moments which changed the course of their life.
Key4Life is currently in discussion with a US counterpart who are interested in piloting the Key4Life model in the States.
4
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
Finally, we will also be developing our Key Mentor Academy to support the 50 Key Mentors we will train in 2025 with extra support and tools to help them guide more young men through the 7-Step Model.
## **Financial review**
## Financial position
These financial statements show the results from twelve months of activity and the comparative figures report on results from a twelve-month period.
The charity does not hold any investments.
Potential risks the charity faces depend very much on the size, nature and complexity of restricted funds granted which impact the activities we undertake.
The principal funding sources for the charity are Trusts and Foundations, corporate partnerships along with revenue from our extensive delivery in the prison sector.
In 2024 Key4Life generated a surplus of £142,089 in restricted funds. The overall deficit for the year stands at £42,467.
## Reserves policy
Reserves are provided to ensure the financial stability of the charity and the ability for it to meet its charitable objectives for the foreseeable future. The movement in reserves is shown in Note 17 to the accounts.
Key4Life will maintain unrestricted reserves at a level that is at least equivalent to two months operational expenditure, currently calculated at £150,000. The trustees are satisfied that the unrestricted reserves are more than £150,000.
The trustees review the amount of reserves that are required to ensure they are adequate to fulfil the charity's continuing obligations at their board meetings.
Our financial statements show a total income of £790,601 for the year ended 31 December 2024 with a deficit for the year across all funds of £42,467.
The balance sheet at 31 December 2024 shows total funds carried forward of £685,353, with £481,618 being restricted and specifically allocated to our programmes.
## **Plans for future periods**
The trustees have continued to regularly review and update their governance arrangements in light of new legislation and the growth in staff numbers.
We are in the process of refreshing the organisation's strategic aims and developing a business plan to consolidate our current position, whilst also exploring new opportunities. The organisation is in a good position to continue its development and is well placed to make the most of the opportunities available to reduce criminal offending and benefit society.
5
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
## **Structure, governance and management**
The charity is controlled by its governing document, the Association Constitution, and constitutes a charitable incorporated organisation, limited by guarantee, as defined by the Charities Act 2011.
The financial statements comply with the Charities Act 2011, the Association Constitution, and Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 section 1A).
## Public benefit
The trustees confirm that in compiling this report they have had due regard to the guidance on public benefit issued by the Charity Commission in compliance with the duty set out in section 17(5) of the Charities Act 2011.
## Recruitment and appointment of new trustees and organisational structure
Trustees are appointed for their professional expertise and can serve more than one term. A term is defined as five years. Interested possible new trustees are required to attend trustee meetings to meet the team and become familiar with the governance requirements before being considered for any vacant positions.
Eva Hamilton MBE is the Founder and Chief Executive of Key4Life, responsible for the day-to-day running of the charity.
The board of trustees meet quarterly and deal with the administration of the charity encompassing the strategic vision, financial accountability and risk management. The trustees' meetings also include the AGM.
The operational management of the organisation is undertaken by the paid staff team.
Key4Life is governed by 7 trustees boasting a wealth of skills and experience to support the next phase in our development.
## Risk management
The trustees have conducted a review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks including the implementation of procedures for authorisation of all transactions and projects and for ensuring the consistent quality of the delivery of all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
## Key management remuneration
Key4Life's remuneration policy is designed to ensure the organisation continues to be a leading charity within the rehabilitation sector, providing high quality services for young offenders and those at risk of offending. This includes ensuring remuneration levels are sufficient both to attract high calibre staff and maintain our human resource across the organisation.
Key4Life is committed to pay being aligned to performance, while ensuring that we are able to attract and retain employees critical to delivering our strategy.
The remuneration of members of the senior management team is determined by the board of trustees.
6
## **Key4Life CIO**
## **Report of the trustees**
## **For the year ended 31 December 2024**
In addition, Key4Life is committed to pay the minimum hourly rates recommended by the Living Wage Foundation.
## **Statement of responsibilities of the trustees**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity are not required to contribute to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
## **Independent examiners**
Godfrey Wilson Limited were appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 27 March 2025 and signed on their behalf by
Paul Sternberg
Paul Sternberg - Chair
7
## **Independent examiner's report**
## **To the trustees of**
## **Key4Life CIO**
I report to the trustees on my examination of the accounts of Key4Life CIO (the CIO) for the year ended 31 December 2024, which are set out on pages 9 to 26.
## **Responsibilities and basis of report**
As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: 27 March 2025 **Robert Wilson FCA Member of the ICAEW** For and on behalf of: **Godfrey Wilson Limited** Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
8
## **Key4Life CIO**
## **Statement of financial activities**
## **For the year ended 31 December 2024**
|Restricted Unrestricted
Note
£
£
**Income from:**
Donations
3
51,803
48,652
Charitable activities
4
643,890
31,000
Other trading activities
5
8,176
-
Investments
-
7,080
**Total income**
703,869
86,732
**Expenditure on:**
Raising funds
-
97,021
Charitable activities
561,780
174,267
**Total expenditure**
7
561,780
271,288
8
142,089
(184,556)
**Reconciliation of funds:**
Total funds brought forward
339,529
388,291
**Total funds carried forward**
481,618
203,735
**Net income / (expenditure) and net**
**movement in funds**|**2024**
2023
**Total**
Total
**£**
£
**100,455**
212,904
**674,890**
791,033
**8,176**
148,952
**7,080**
4,192
**790,601**
1,157,081
**97,021**
142,589
**736,047**
786,861
**833,068**
929,450
**(42,467)**
227,631
**727,820**
500,189
**685,353**
727,820|
|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.
9
## **Key4Life CIO**
## **Balance sheet**
## **As at 31 December 2024**
|Note
**Fixed assets**
Tangible assets
11
Intangible assets
12
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due within 1 year
15
**Net current assets**
**Total assets less current liabilities**
**Net assets**
16
**Funds**
17
Restricted funds
Unrestricted funds
General funds
**Total charity funds**|**£**
**386**
**81,073**
**558,623**
**640,082**
**32,742**|**2024**
**£**
**34,014**
**43,999**
**78,013**
**607,340**
**685,353**
**685,353**
**481,618**
**203,735**
**685,353**|2023
£
41,875
43,999|
|---|---|---|---|
||||85,874
1,500
149,293
530,119|
||||680,912
38,966|
||||641,946|
||||727,820|
||||727,820|
||||339,529
388,291|
||||727,820|
Approved by the trustees on 27 March 2025 and signed on their behalf by
Paul Sternberg
Paul Sternberg - Chair
10
## **Key4Life CIO**
## **Statement of cash flows**
## **For the year ended 31 December 2024**
|**Cash used in operating activities:**
Net movement in funds
Adjustments for:
Depreciation charges
Loss on sale of fixed assets
Dividends, interest and rents from investments
Decrease / (increase) in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
**Net cash provided by / (used in) investing activities**
**Increase / (decrease) in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2024**
**£**
**(42,467)**
**9,449**
**-**
**(7,080)**
**1,114**
**68,220**
**(6,224)**
**23,012**
**7,080**
**(1,588)**
**5,492**
**28,504**
**530,119**
**558,623**|2023
£
227,631
10,909
2,992
(4,192)
(1,000)
(95,582)
(2,852)|
|---|---|---|
|||137,906|
|||4,192
(15,079)|
|||(10,887)|
|||127,019
403,100|
|||530,119|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
11
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
**1. Accounting policies**
## **a) General information and basis of preparation**
Key4Life CIO is charitable incorporated organisation registered in England and Wales. The registered office address is Units 65 - 66, Easton Business Centre, Felix Road, Easton, Bristol, BS5 0HE.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Key4Life CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b) Going concern basis of accounting**
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Contract income is recognised when the associated goods or services have been delivered.
## **d) Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
12
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **1. Accounting policies (continued)**
## **f) Funds accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
## **g) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## **h) Allocation of support and governance costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff time occupied by each activity as follows:
||**2024**|2023|
|---|---|---|
|Raising funds|**5%**|0%|
|Charitable activities|**95%**|100%|
## **i) Tangible fixed assets**
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Computer equipment 15% straight line Motor vehicles 20% reducing balance Fixtures and fittings 10% straight line
Items of equipment are capitalised where the purchase price exceeds £500.
## **j) Intangible fixed assets**
Intangible fixed assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. Amortisation rates are yet to be calculated as all intangible assets are currently under development and are not ready for use.
## **k) Stock**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **l) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
13
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **1. Accounting policies (continued) m) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **n) Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **o) 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
## **p) Pension costs**
The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
## **q) Foreign currency transactions**
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.
## **r) Accounting estimates and key judgements**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are accrued income, depreciation and amortisation as described in notes c), i) and j) respectively above.
14
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **2. Prior period comparatives: statement of financial activities**
|**Income from:**
Donations
Charitable activities
Other trading activities
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**3.**
**Income from donations**
Donations
Gift aid
**Total income from donations**
**Prior period comparative:**
Donations
Gift aid
**Total income from donations**
**Net income / (expenditure) and net**
**movement in funds**|Restricted
£
£
20,143
192,761
610,533
180,500
9,997
138,955
-
4,192
640,673
516,408
-
142,589
438,870
347,991
438,870
490,580
201,803
25,828
Restricted
£
£
51,803
48,346
-
306
51,803
48,652
Restricted
£
£
20,143
192,312
-
449
20,143
192,761
Unrestricted
Unrestricted
Unrestricted|2023
Total
£
212,904
791,033
148,952
4,192|
|---|---|---|
|||1,157,081|
|||142,589
786,861|
|||929,450|
|||227,631|
|||**2024**
**Total**
**£**
**100,149**
**306**|
|||**100,455**|
|||2023
Total
£
212,455
449|
|||212,904|
15
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **4. Income from charitable activities**
|**Income from charitable activities**|||
|---|---|---|
|_Grants:_
Lendlease
Land Securities Properties
KPMG
Sony Music
NBC Universal
B&CE Charitable Trust
Medlock Charitable Trust
Elm Tree Trust
Nisbet Trust
Northern Trust
Lennox Hannay
Somerset Community Foundation
The Buzzacott Stuart Defries Memorial Fund
Inner London Magistrates Court Poor Box
29th May 1961 Charitable Trust
The Robert Gavron Charitable Trust
Mendip Renewables Limited
Vintners Foundation
Souter Charitable Trust
The Michael Bishop Foundation
Crucible Foundation
Tom Rhys-Price Trust
Garfield Weston
BRIT Trust
Individually less than £5,000
Service level agreements
**Total income from charitable activities**|Restricted
£
£
40,000
-
50,000
-
33,400
-
75,000
-
15,000
-
-
5,000
10,000
-
20,000
10,000
15,000
-
10,000
-
5,000
-
5,000
-
-
10,000
5,000
-
15,000
-
5,000
-
24,000
-
20,000
-
-
5,000
30,000
-
50,000
-
5,000
-
50,000
-
30,000
-
13,500
1,000
117,990
-
643,890
31,000
Unrestricted|**2024**
**Total**
**£**
**40,000**
**50,000**
**33,400**
**75,000**
**15,000**
**5,000**
**10,000**
**30,000**
**15,000**
**10,000**
**5,000**
**5,000**
**10,000**
**5,000**
**15,000**
**5,000**
**24,000**
**20,000**
**5,000**
**30,000**
**50,000**
**5,000**
**50,000**
**30,000**
**14,500**
**117,990**|
|||**674,890**|
16
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **4. Income from charitable activities (continued) Prior period comparative:**
|_Grants:_
Swire Charitable Trust
Crucible Foundation
CHK Foundation
Henry Smith
Land Securities Properties
Lendlease
Lloyds Foundation
BRIT Trust
Garfield Weston
Charles Hayward
HCD Memorial Fund
KPMG
John James Charitable Trust
City bridge
Dr Martens Foundation
Elm Tree Trust
The Sir Peter O'Sullivan Charitable Trust
Vintners Foundation
29th May 1961 Charitable Trust
Atkins Global
Nisbet Trust
IICF
Inner London Magistrates Court Poor Box
The Fairfield Charitable Trust
Third House Trust
The Beatrice Laing Trust
Field Family Trust
Joseph Levy Foundation
Souter Charitable Trust
Tabhair Charitable Trust
The Robert Gavron Charitable Trust
The Statham Family Charitable Trust
Individually less than £5,000
Service level agreements
**Total income from charitable activities**|Restricted
£
£
-
60,000
50,000
-
37,500
12,500
-
50,000
50,000
-
40,000
-
33,093
-
30,000
-
30,000
-
25,000
-
-
25,000
16,700
-
21,000
-
20,500
-
20,000
-
20,000
-
20,000
-
20,000
-
15,000
-
15,000
-
15,000
-
10,000
-
-
10,000
10,000
-
10,000
-
7,500
-
5,000
-
-
5,000
-
5,000
5,000
-
5,000
-
-
5,000
8,600
8,000
70,640
-
610,533
180,500
Unrestricted|2023
Total
£
60,000
50,000
50,000
50,000
50,000
40,000
33,093
30,000
30,000
25,000
25,000
16,700
21,000
20,500
20,000
20,000
20,000
20,000
15,000
15,000
15,000
10,000
10,000
10,000
10,000
7,500
5,000
5,000
5,000
5,000
5,000
5,000
16,600
70,640|
|---|---|---|
|||791,033|
17
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **5. Income from other trading activities**
|**Income from other trading activities**|||
|---|---|---|
|Food Cell burger venture
**Total income from other trading activities**
**Prior period comparative:**
Summer ball
Food Cell burger venture
**Total income from other trading activities**|Restricted
£
£
8,176
-
8,176
-
Restricted
£
£
-
138,955
9,997
-
9,997
138,955
Unrestricted
Unrestricted|**2024**
**Total**
**£**
**8,176**|
|||**8,176**|
|||2023
Total
£
138,955
9,997|
|||148,952|
## **6. Government grants**
The charity did not receive any government grants in the current or prior year.
18
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **7. Total expenditure**
|**Total expenditure**|||||
|---|---|---|---|---|
|Corporate engagement
Other fundraising costs
Project costs
Staff costs (note 9)
Administration and consultancy
Premises costs
Subcontractor costs
Depreciation
Accountancy and legal fees
**Sub-total**
Allocation of support and governance costs
**Total expenditure**
Total governance costs were £4,200 (2023: £10,800)|Raising funds
£
62,038
12,631
-
17,968
-
-
-
-
-
92,637
4,384
**97,021**|Charitable
activities
£
-
-
180,581
323,429
91,049
30,713
31,352
-
-
657,124
78,923
**736,047**|Support and
governance
costs
£
-
-
-
17,968
20,713
-
-
9,449
35,177
83,307
(83,307)
**-**|**2024 Total**
**£**
**62,038**
**12,631**
**180,581**
**359,365**
**111,762**
**30,713**
**31,352**
**9,449**
**35,177**|
|||||**833,068**
-|
|||||**833,068**|
||||||
19
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
**7. Total expenditure (continued) Prior period comparative**
|**Prior period comparative**
Summer ball
Corporate engagement
Other fundraising costs
Project costs
Staff costs (note 9)
Administration and consultancy
Premises costs
Subcontractor costs
Depreciation
Accountancy and legal fees
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising funds
£
62,145
29,911
50,533
-
-
-
-
-
-
-
142,589
-
142,589|Charitable
activities
£
-
-
-
179,940
264,684
108,670
36,484
89,080
-
-
678,858
108,003
786,861|Support and
governance
costs
£
-
-
-
-
55,146
31,148
-
-
10,909
10,800
108,003
(108,003)
-|2023 Total
£
62,145
29,911
50,533
179,940
319,830
139,818
36,484
89,080
10,909
10,800|
|---|---|---|---|---|
|||||929,450
-|
|||||929,450|
20
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
**8. Net movement in funds**
This is stated after charging:
|Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Independent examination|**2024**
**£**
**9,449**
**18,302**
**Nil**
**146**
**-**
**3,500**|2023
£
10,909
15,816
Nil
Nil
9,000
-|
|---|---|---|
Trustees' reimbursed expenses in the prior period relate to travel costs for one trustee.
In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.
## **9. Staff costs and numbers**
Staff costs were as follows:
|Salaries and wages
Social security costs
Pension costs|**2024**
**£**
**326,393**
**27,258**
**5,714**
**359,365**|2023
£
291,836
23,889
4,105|
|---|---|---|
|||319,830|
One employee earned between £70,000 and £80,000 in the year (2023: one, £70,000 - £80,000).
The key management personnel of the charity comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £75,401 (2023: £78,450).
|Average head count|**2024**
**No.**
**9**|2023
No.
8|
|---|---|---|
## **10. Taxation**
The charity is exempt from corporation tax as all of its income is charitable and is applied for charitable purposes.
21
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **11. Tangible fixed assets**
|**Cost**
At 1 January 2024
Additions in year
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net book value**
**At 31 December 2024**
At 31 December 2023|Fixtures
and fittings
£
33,311
-
33,311
14,333
3,288
17,621
**15,690**
18,978|Motor
Vehicles
£
26,760
-
26,760
11,974
2,957
14,931
**11,829**
14,786|Computer
Equipment
£
19,771
1,588
21,359
11,660
3,204
14,864
**6,495**
8,111|**Total**
**£**
**79,842**
**1,588**|
|---|---|---|---|---|
|||||**81,430**|
|||||**37,967**
**9,449**|
|||||**47,416**|
|||||**34,014**|
|||||41,875|
## **12. Intangible fixed assets**
|**12. Intangible fixed assets**||
|---|---|
|**Cost**
At 1 January 2024 and at 31 December 2024
**Amortisation**
At 1 January 2024 and at 31 December 2024
**Net book value**
**At 31 December 2024**
At 31 December 2023
**13. Stock**
**2024**
**£**
Merchandise
**386**|**Computer**
**software**
**£**
**43,999**|
||**-**|
||**43,999**|
||43,999|
||2023
£
1,500|
22
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **14. Debtors**
|**Debtors**|||
|---|---|---|
|Trade debtors
Prepayments
Accrued income
Other debtors|**2024**
**£**
**40,568**
**13,981**
**25,000**
**1,524**
**81,073**|2023
£
61,150
12,749
72,000
3,394|
|||149,293|
## **15. Creditors : amounts falling due within 1 year**
|Trade creditors
Accruals
Other taxation and social security
Other creditors|**2024**
**£**
**14,373**
**10,052**
**7,356**
**961**
**32,742**|2023
£
11,960
11,100
14,500
1,406|
|---|---|---|
|||38,966|
## **16. Analysis of net assets between funds**
|Tangible fixed assets
Intangible assets
Current assets
Current liabilities
**Net assets at 31 December 2024**
**Prior year comparative**
Tangible fixed assets
Intangible assets
Current assets
Current liabilities
**Net assets at 31 December 2023**|£
-
-
488,172
(6,554)
**481,618**
£
-
-
344,710
(5,181)
339,529
Restricted
funds
Restricted
funds|£
34,014
43,999
151,910
(26,188)
**203,735**
£
41,875
43,999
336,202
(33,785)
388,291
General
funds
General
funds|**Total**
**funds**
**£**
**34,014**
**43,999**
**640,082**
**(32,742)**|
|---|---|---|---|
||||**685,353**|
||||Total
funds
£
41,875
43,999
680,912
(38,966)|
||||727,820|
23
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **17. Movements in funds**
|**Movements in funds**||||||
|---|---|---|---|---|---|
|**Restricted funds**
Bristol & SW - At Risk
London - At Risk
London - Holiday Programme
Equine Training & Therapy
Food Cell
HMP - General Fund
HMP - Forest Bank
HMP Thameside
HMP Fosse Way
Key Mentoring
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
Bristol & SW - Holiday
Programme
**Unrestricted funds**|At 1
January
2024
£
39,505
2,000
29,339
13,292
25,000
20,550
84,800
56,585
46,583
21,875
-
339,529
388,291
388,291
727,820|Income
£
109,881
-
126,600
-
20,000
18,331
103,500
44,017
102,340
159,017
20,183
703,869
86,732
86,732
790,601|£
(126,284)
-
(125,195)
(7,874)
(20,861)
(23,476)
(44,010)
(69,544)
(41,206)
(89,254)
(14,076)
(561,780)
(271,288)
(271,288)
(833,068)
Expenditure|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds|**£**
**23,102**
**2,000**
**30,744**
**5,418**
**24,139**
**15,405**
**144,290**
**31,058**
**107,717**
**91,638**
**6,107**
**At 31**
**December**
**2024**|
||||||**481,618**|
||||||**203,735**|
||||||**203,735**|
||||||**685,353**|
## **Purposes of restricted funds**
Bristol & SW - At Risk
A community programme based on our innovative 7 Step model, supporting young men at risk of offending or re-offending.
London - At Risk
A community programme based on our innovative 7 Step model, supporting young men at risk of offending or re-offending.
Bristol & SW - Holiday A one-day programme for under 18’s during the school holidays. Programme
London - Holiday Programme A one-day programme for under 18’s during the school holidays.
Equine Training & Therapy An integral part of the 7 Step model, horses are used as a valuable therapeutic training tool across all the programmes both in the prison and in the community.
Food Cell
A fitted out prison van that provides NVQ training to our young man, selling handmade burgers at events, festivals etc., in the UK.
24
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
**17. Movements in funds (continued) Purposes of restricted funds (continued)** HMP - General Fund The general prison fund that supports all of the prison programmes.
HMP - Forest Bank
HMP Thameside
A pre-release programme in the prison using the 7 Step model then supporting the young men when they are released ‘through the gate’. A pre-release programme in the prison using the 7 Step model then supporting the young men when they are released ‘through the gate’.
HMP Fosse Way
A pre-release programme in the prison using the 7 Step model then supporting the young men when they are released ‘through the gate’.
Key Mentoring A programme to train up to fifteen young men with lived experience, leading to an AQA qualification in mentoring training.
|**Restricted funds**
Bristol & SW - At Risk
London - At Risk
London - Holiday Programme
London Schools
Equine Training & Therapy
Food Cell
HMP - General Fund
HMP - Forest Bank
HMP Thameside
HMP Fosse Way
**Total restricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Prior year comparative**
**(restated)**
Bristol & SW - Holiday
Programme
**Unrestricted funds**|At 1
January
2023
£
18,184
-
46,809
-
5,217
-
30,599
16,667
10,000
10,250
-
137,726
362,463
362,463
500,189|Income
£
103,250
6,000
86,917
22,500
750
40,000
18,140
103,800
145,493
53,823
60,000
640,673
516,408
516,408
1,157,081|£
(81,929)
(4,000)
(104,387)
(9,208)
(5,967)
(15,000)
(28,189)
(35,667)
(98,908)
(17,490)
(38,125)
(438,870)
(490,580)
(490,580)
(929,450)
Expenditure|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds|£
39,505
2,000
29,339
13,292
-
25,000
20,550
84,800
56,585
46,583
21,875
At 31
December
2023|
|---|---|---|---|---|---|
||||||339,529|
||||||388,291|
||||||388,291|
||||||727,820|
25
## **Key4Life CIO**
## **Notes to the financial statements**
## **For the year ended 31 December 2024**
## **18. Related party transactions**
C Dollimore, a trustee, is also a trustee of The BRIT Trust. During the year the charity received grants of £30,000 (2023: £30,000) from The BRIT Trust. No amounts were outstanding at 31 December 2024 (2023: £nil). All transactions were carried out at arms length.
E Hamilton, CEO and Co-Founder, is also the owner of Twelve Hides. During the year the charity made purchases of £5,650 (2023: £7,100) from Twelve Hides for rental of horses. No amounts were outstanding at 31 December 2024 (2023: £1,600). All transactions were carried out at arms length.
26