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COMPANY REGISTRATION NUMBER: 11518374
CHARITY REGISTRATION NUMBER: 1184633
The Key - Unlock Potential
Company Limited by Guarantee
Unaudited Financial Statements
30 August 2024
The Key - Unlock Potential
Company Limited by Guarantee
Financial Statements
Year ended 30 August 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
7
Statement of financial activities (including income and expenditure account)
8
Statement of financial position
9
Notes to the financial statements
10
The Key - Unlock Potential
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 August 2024 .
Objectives and activities
The purposes of the charity, as set out in its governing document is as follows:
"Relief of unemployment amongst ex-offenders following their release from prison for the public benefit". This includes:
- Assistance to find employment, including CV writing, job applications, careers advice and
guidance and;
- The provision of education, training and vocational skills, or training opportunities.
The ethos behind this charitable purpose is to improve prisoner rehabilitation and resettlement, by offering employment and training opportunities. Additional wrap-around support will provide more sustainable, long-term and ideally permanent employment.
The charity's business model accords with the Ministry of Justice (MoJ)'s Education and Employment Strategy. This seeks to support the strategic priorities to reduce re-offending, reduce future victims of crime, reduce the financial burden on taxpayers and the welfare state, and improve the heath and well-being of ex-offenders. This is underpinned by the charity's key intended outcomes and business priorities.
Intended outcomes
The core intended outcomes that the charity has identified for the beneficiaries of the charity and for the public benefit are:
- current prisoners who are equipped, prepared and confident for the world of work;
- ex-offenders who are able to stay and thrive in the workplace (and subsequently find permanent employment);
- a charity that is financially self-sustaining in the long-term; and
- a local business that provides valuable services to the community.
Business priorities
In order to successfully achieve these outcomes, the charity aims to prepare and agree a business model that prioritises:
- financial viability and a sound investment of time and resources;
- providing beneficial employment opportunities for service users; and
- matching the skills, experience and interests of service users.
Public benefit
The board is aware of the guidance on carrying out its purposes for the public benefit and has maintained due regard to the Commissioner's public benefit guidance when exercising powers or duties to which the guidance is relevant.
Activities
During the year, the Board has been meeting monthly and set up working groups to drive the project forward.
Rachel Webb Wiles is the legal lead and assists the Board in relation to general charity governance, including putting relevant governance policies in place. Lisa Gill is the finance lead and assists the Board with the charity's accounts, engages with charity accountants, and puts relevant finance policies in place.
Olly Swayne completed his agreement as project manager, successfully raising funds for the charity.
Tom Green and Simon Green were engaged in August 2023 to progress the project. They focused on menus, establishing connection with Leyhill and Horfield prisons, setting up systems for recruitment of trainees for café and reporting to the Board at monthly meetings as well as kitchen design, menu design, planning permission, meeting with prison estates, architect and contractors. They also worked with the prison to produce Jail jar jams for sale in the café.
By August 2023, we had obtained support to the value of £349,250, which included pro bono support. Some of this was to be drawn down once the lease had been agreed and building completed. Planning permission was granted September 2023.
A logo design competition was organised with prisoners at Horfield and a winning logo chosen by the Board.
A tender to identify builders was created and local construction company Bristol Together was awarded the contract in May 2024. Start date was to be agreed as soon as lease signed with the Ministry of Justice.
A General Manager was recruited and it was agreed that they would start once building work had commenced.
SLAs with The Restore Trust and Horfield Prison were drafted and agreed and Licence for Alternations prepared and signed in preparation for building works to commence.
By the end of August 2024 lease negotiations were complete and parties were ready to sign.
The board of trustees
There were no changes to the Board of Trustees.
Establishing professional relationships
The charity’s purpose has been supported by a range of stakeholders including the Avon & Somerset Police and Crime Commissioner, the current and previous HMP Bristol prison governors, High Sheriff of Bristol and the previous city Mayor and Current Metro Mayor.
Charity memberships
The board has continued charity membership with Voscur, a local non-profit training provider, with training benefits to ensure the charity and its members are aware of the legal structure, regulations and reporting requirements for the charity, and theroles and responsibilities of trustees.
The board has also continued membership with the National Council for Voluntary Organisations (NCVO). Both memberships will be used to keep the board will informed of the latest advice, guidance, and support for non-profit organisations.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Significant activities and achievements against objectives
This year has seen good progress, with the Board meeting monthly and working parties established to drive the project forward.
The charity continues to working closely in partnership with The Restore Trust and Bristol HMP, to develop the charity’s Business Strategy and to look at options to support prisoners gain employment on release from prison and to gain ‘purposeful’ skills and training whilst still in prison.
The charity’s business model accords with the Ministry of Justice (MoJ)’s Education & Employment Strategy and seeks to support the strategic priorities to reduce re-offending, reduce future victims of crime, reduce the financial burden on taxpayers and the welfare state and improve the health and well-being of ex-offenders.
Agreement of lease
We have received Heads of Terms and now we anticipate the finalised lease to be agreed over the coming months.
Financial review
By August 2023, we had obtained pledged funding support to the value of £349,250, which included pro bono support from our architect / designer, Nick Doe. A proportion of the funding was conditional upon signing of the lease and completed building work.
Total resources expended for the year ended 30 August 2024 were £34,766 (2023: £31,107).
Net incoming resources for the year ended 30 August 2024 amounted to £46,191 (2023: £110,501).
The charity's balance sheet as detailed on page 9 shows a satisfactory position with funds amounting to £176,181 (2023: £129,990). These reserves were all represented by unrestricted fund.
Going concern
The accounts have been prepared on the assumption that the charitable company is able to continue as a going concern. The charity holds unrestricted general reserves of £176,181 (2023: £129,990). Therefore, the trustees are satisfied that the charity is in a position to continue.
Reserves policy
As the charity has had little activity since incorporating, and registering as a charity, it does not currently feel a need to hold a specific level of reserves.
However, this year has seen good progress now that the business plan has been further developed, and the project is being driven forward, and so the trustees are looking to set out a reserves policy for future periods.
Plans for future periods
Charity AIM - short term - 3-6 months
To finalise lease negotiations and sign with the Ministry of Justice. We hope to give the builders the green light in October. We then aim to open a cafe and retail unit on Gloucester Rd, in the Ridd Building. This cafe will offer paid work to ex offenders with the aim to help build skills and confidence so that they can find employment. The Key charity's goal is to help reduce reoffending as over 50% of prisoners leaving prison reoffend due to lack of education, options and support. The Restore Trust will support the charity with initial health and safety training as well as on going support to add to their skills and qualifications.
Our close links with Horfield prison will be reflected in the cafe and retail space, with ingredients being made in the prison eg chutneys, granola and baked goods that can be served and sold in the cafe.
The Key has obtained planning permission for the unit and works will begin in October 2024. The Ministry of Justice who owns the building has granted a lease.
Our two project mangers have identified builders after a tender process and as soon as the lease is signed, works will begin to create a functioning cafe. They are in discussion with Horfield prison and Leyhill to identify potential staff for the cafe.
We will recruit a general manager approximately one month before opening and two supervisors for the opening date to support them.
We aim for the Key cafe will be a self sufficient entity which after the first year will not require funding. It will reinvest any small profit into the charity.
Medium term - 6-12 months
Charity core costs: We have raised funds to open the refurbish the building and open the cafe. We are also looking at employing staff for the Key as a charity to enable it to extend services and be a sustainable charity in its own right. This will mean we can operate as a hub for charities across Bristol and signpost those in need to the relevant support. For this to happen we will require core funding. Members of the Board are identifying what is needed and formulating a plan to achieve this.
Once the cafe has been running for 6 months, we will start planning for further activities such as catering and offering meeting rooms for local businesses and charities. We have identified the floor above the cafe as a potential space for this and will create a proposal to put forward to the Ministry of Justice.
Trustees on the Board include a member of staff from Horfield prison and another who is employed by the MoJ, which strengthens our insight and ability to be aligned with the MoJ objectives. We do not anticipate changing the Board as it offers a strong range of expertise.
Structure, governance and management
The charity is a private company limited by guarantee, incorporated on 15 August 2018, and registered as a charity on 29 July 2019. Its governing document is its Memorandum and Articles of Association.
Reference and administrative details
Registered charity name
The Key - Unlock Potential
Charity registration number
1184633
Company registration number
11518374
Principal office and registered
4-6 Longmead Avenue
office
Bristol
BS7 8QB
The trustees
S Woma
O Swayne
A O Naish
Susanne Thompson
Emily Mellon
A Raikes
N Steadman
S Arnold
L Gill
(Resigned 12 May 2025)
C MacDonnell
R Webb Wiles
J Hadden
S Siddique
(Appointed 3 June 2025)
M Cranney
(Appointed 7 November 2024)
Recruitment and appointment of trustees
Recruitment of trustees is by agreement of the board. Advertisements are placed with organisations that support the voluntary sector, e.g. Voscur, and the board promotes through their own contacts, including charity board recruitment bodies and appropriate social media. A shortlist is drawn up after informal interviews and candidates brought forward to meet the full board before a final decision is made.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Independent examiner
Arun Letchumanan on behalf of Charlton Baker Ltd
7-7c Snuff Street
Devizes
Wiltshire
England
SN10 1DU
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report and the strategic report were approved on 13 June 2025 and signed on behalf of the board of trustees by:
C MacDonnell
Trustee
The Key - Unlock Potential
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Key - Unlock Potential
Year ended 30 August 2024
I report to the trustees on my examination of the financial statements of The Key - Unlock Potential ('the charity') for the year ended 30 August 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Arun Letchumanan on behalf of Charlton Baker Ltd Independent Examiner
7-7c Snuff Street Devizes Wiltshire England SN10 1DU
13 June 2025
The Key - Unlock Potential
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 August 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
4
80,000
80,000
141,250
Investment income
5
957
957
358
--------
--------
---------
Total income
80,957
80,957
141,608
--------
--------
---------
Expenditure
Expenditure on charitable activities
6
34,937
34,936
31,107
--------
--------
---------
Total expenditure
34,937
34,936
31,107
--------
--------
---------
--------
--------
---------
Net income and net movement in funds
46,020
46,021
110,501
--------
--------
---------
Reconciliation of funds
Total funds brought forward
129,989
129,989
19,489
---------
---------
---------
Total funds carried forward
176,009
176,009
129,989
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Key - Unlock Potential
Company Limited by Guarantee
Statement of Financial Position
30 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
12
4,672
482
Current assets
Debtors
13
1,317
170
Cash at bank and in hand
173,141
136,777
---------
---------
174,458
136,947
Creditors: amounts falling due within one year
14
3,120
7,439
---------
---------
Net current assets
171,338
129,508
---------
---------
Total assets less current liabilities
176,010
129,990
---------
---------
Net assets
176,010
129,990
---------
---------
Funds of the charity
Unrestricted funds
176,009
129,989
---------
---------
Total charity funds
15
176,009
129,989
---------
---------
For the year ending 30 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
C MacDonnell
Trustee
The Key - Unlock Potential
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 August 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 4-6 Longmead Avenue, Bristol, BS7 8QB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
5% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations and gifts
80,000
80,000
141,250
141,250
--------
--------
---------
---------
5. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other interest receivable
957
957
358
358
----
----
----
----
6. Expenditure on charitable activities by activity type
Support costs
Total funds 2024
Total fund 2023
£
£
£
Support costs
32,447
32,447
28,037
Governance costs
2,489
2,489
3,070
--------
--------
--------
34,936
34,936
31,107
--------
--------
--------
7. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
Communications and IT
317
317
294
General office
70
Finance costs
4
4
4
Governance costs
2,699
2,699
3,070
Repairs
547
547
Insurance
468
468
448
Legal and consultancy
30,284
30,284
27,045
Travel
126
Depreciation
306
306
12
Sundry expenses
140
140
38
--------
--------
--------
34,765
34,765
31,107
--------
--------
--------
8. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
306
12
Fees payable for the audit of the financial statements
1,098
1,325
-------
-------
9. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,104
1,325
-------
-------
10. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12. Tangible fixed assets
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 September 2023
494
494
Additions
3,928
568
4,496
-------
----
-------
At 30 August 2024
4,422
568
4,990
-------
----
-------
Depreciation
At 1 September 2023
12
12
Charge for the year
221
85
306
-------
----
-------
At 30 August 2024
233
85
318
-------
----
-------
Carrying amount
At 30 August 2024
4,189
483
4,672
-------
----
-------
At 31 August 2023
482
482
-------
----
-------
13. Debtors
2024
2023
£
£
Other debtors
1,317
170
-------
----
14. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,199
Accruals and deferred income
3,120
3,240
-------
-------
3,120
7,439
-------
-------
15. Analysis of charitable funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
At 30 August 2024
£
£
£
£
General funds
129,989
80,957
(34,937)
176,009
---------
--------
--------
---------
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
General funds
19,489
141,608
(31,108)
129,989
--------
---------
--------
---------
16. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
4,672
4,672
Current assets
174,458
174,458
Creditors less than 1 year
(3,120)
(3,120)
---------
---------
Net assets
176,010
176,010
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
482
482
Current assets
136,947
136,947
Creditors less than 1 year
(7,439)
(7,439)
---------
---------
Net assets
129,990
129,990
---------
---------
17. Related parties
During the year Nil (2023: £16,060) was paid to a business owned by trustee Oliver Swayne, in respect of consultancy services relating to; business planning, fundraising and project management. Transactions represent payments made under normal market conditions for these services. There were no outstanding balances at year end.