OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Charity Registration No. 1173544

Company Registration No. CE011133 (England and Wales)

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NUCLEAR COMMUNITY CHARITY FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr T Jeffery (Chairman)
Mr I Hall (Treasurer)
Mrs T Morris (Secretary)
Mr M Blackburn
Mr D James
Mr W Long
Mr R Hyde (Appointed 26 March 2022)
Charity number 1173544
Company number CE011133
Principal address 91 Stonehill
Castle Donnington
Derbyshire
DE74 2LZ
Auditor Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Investment advisors BlackRock
PO Box 545
Darlington
DL1 9TQ
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

NUCLEAR COMMUNITY CHARITY FUND

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 18

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees of the Nuclear Community Charity Fund (“NCCF”) are pleased to present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in the note to the accounts and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities”: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (2019).

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.

Objectives and activities

The charity’s objects are to support the Nuclear Test Veterans community through the funding and running of a number of projects.

The NCCF was established by funding received from HM Treasury by way of grant and endowment under the Aged Veterans Fund.

The Objectives of the NCCF are:

(1) The organisation is established to deliver education, research and support activities to ease suffering, increase health, wellbeing and enhance social inclusion of the British Nuclear Survivor Community. This community is formed of veterans of the British Nuclear Testing Programme, their families and descendants, extending to any person who may have encountered potential clastogenic exposure of radiological or chemical agents in the service of the nation and their families and descendants.

(2) To conduct or promote research into the causes and effects and treatment of such clastogenic exposure and to disseminate the results of such research.

(3) To provide financial assistance and support by way of grants gifts or otherwise in deserving cases of need of any of the identified beneficiaries.

(4) To gather and preserve the heritage of the experiences of the members of the British Nuclear Survivor Community and to facilitate acts of remembrance.

(5) To provide a communications network to disseminate any interesting or relevant news and information throughout the British Nuclear Survivor Community.

(6) To work in support of the benefit of the members of the British Nuclear Survivor Community.

The NCCF carried out these objects by:

Funding a 5-year research programme into the genetic heritage of nuclear veterans and their families at Brunel University London.

Funding the first three years of development of a Centre for the Health Effects of Radiological and Chemical agents (CHRC). The CHRC will:

This activity was primarily focused on our beneficiary community.

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

These activities concluded during the prior year and the NCCF has now entered what has been termed ‘Phase III’ by the Trustees. The Phase III activities will continue throughout the next 10-15 years utilising the return on the endowment and its capital as managed by the trustees to maximise the life of the fund against the level of assistance delivered.

The key activities are now the continued delivery of the Care Wellbeing and Inclusion Fund to beneficiaries in the community, to reduce suffering and increase wellbeing by providing goods and services to address those issues not provided by the State. Remembrance activities are encompassed in the ‘Inclusion’ provision of the CWI Fund where individual grants and projects will be considered by the grant panel. Communications activities continue principally through the charity’s magazine ‘Exposure’. Other activities in support of the organisations aims will be delivered on a more opportunistic basis allowing for the NCCF to adapt and change to situations within the community whilst maintaining the charities aims.

Adopting this approach has seen the NCCF increase its support across the beneficiary community in adopting two major new activities; the provision of a free Will writing service and the funding of a free Direct Cremation Funeral Plan. Both these activities will be fully operational in the 2022-23 financial year.

Public Benefit

In formulating and applying these objectives, the Trustees have referred to the guidance from the Charity Commission on Public Benefit.

The Charity meets its public benefit requirements through providing grant funding for research, providing goods and services for beneficiaries, and community outreach (in particular communications and remembrance).

Achievements and performance

The NCCF continual development philosophy has been evident in our development of new activities and the board have built upon the remote working facilities holding the management costs down for a further year despite the upgrading of our physical IT equipment.

Grant applications remained at a low following the slight upturn at the end of the pandemic. We have planned for measures to increase both beneficiary pool penetration and application uptake in the coming year. Bids were made for post covid assistance but they were unsuccessful meaning we had to defer some outreach activities in the hope that funding could be realised internally or externally in the coming year.

The remembrance project, has now been brought into the ‘inclusion’ section of the CWI Fund meaning that the organisation can continue to consider supporting projects to create and maintain memorials and remembrance activities.

A costings review looked at how the NCCF could fund its core services and activities at the end of the grantfunded phase. Following a cost comparison exercise a revised schedule of provisions and costings was agreed with BH Associates ensuring the charity could fully function under the assurance of contracted agreements and budgets for the following five years. This has provided a firm foundation on which to build the future operations of the charity.

Financial review

The results for the year ended 31 March 2022 are set out in the statement of financial activities on page 9, which the Trustees consider to be satisfactory. The Trustees consider the results to be acceptable with total income increasing to £94,266 (2021 - £88,903), total expenditure decreasing to £196,624 (2021 - £313,788), gains on investments were £264,920 (2021 - £542,519) and the net movement in funds was an increase of £162,562 (2021 - £317,634).

The principal source of income is the annual income from investments. The Trustees regularly review the organisational health of the charity to enable implementation of the charities aims.

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Reserves policy

Reserves are needed to fund the financial commitments of the charity for a period of three months should the organisation be affected by an immediate drop in available funding, or access to invested funds caused by external unforeseeable circumstances. It is the policy of the board of trustees to maintain unrestricted reserves reflecting the following commitments: Organisation Management Fees, Contractual Obligated Payments including Regulatory Fees, Care Wellbeing and Inclusion Grants. The reserved value is calculated based on the average expenditure across the committed areas projected across a three month period, and is currently set at £35,000. The reserve amount will be subject to regular review by the Trustees informed by any revised expenditure trends. Between these revisions it will be the responsibility of the Trustee nominated Treasurer to maintain accessibility and recording of the reserve fund. As good practice, the reserve will be held between the CAF Investment Account and the Blackrock AFCIF investment fund. This will allow the charity to maintain a sensible reserve whilst balancing accessibility and investment return potential.

Total reserves at 31 March 2022 were £3,327,368, this includes endowment funds of £3,294,852. This leaves unrestricted funds of £32,516, which the Trustees deem to be broadly in line with the reserves policy.

Risk Management

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

Through our contractors BH Associates, we have facilitated the development of systems to identify risk and also undertaken training to enhance trustee awareness.

The trustees consider the variability of investment returns on the permanent endowment to constitute the charity’s major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. Our principal investments are through BlackRock and the trustees avail themselves of BlackRock’s provision of investment presentations and activities to enhance their understanding of and ability to make decisions on the invested funds. The trustees take account of the outlook for investment returns and keep the level of awards under review.

The Care Wellbeing and Inclusion Fund grants are managed by our service contractor who ensures close attention to minimising risks of overspend and inappropriate resource allocations, all under the oversight of the trustees, thus addressing those risks.

Structure, governance and management

The Nuclear Community Charity Fund (NCCF) is a Foundation basis Charitable Incorporated Organisation, a registered charity number 1173544 governed by its constitution of April 2017 as amended in May 2018. The NCCF was established by funding received from HM Treasury by way of grant under the Aged Veterans Fund.

The Charity is run by its Board of Trustees, with the day to day running of the charity contracted out to a specialist supplier, BH Associates, subject to the supervision and approval of the Trustees. The service area activities for BH Associates comprise:

Communications Reception Services, Letter Writing, Post Services, Website hosting and maintenance,
Magazine production (physical and virtual).
Operations General Project Management, Event Management, IT system maintenance and
development.
Finance Bookkeeping Services, Invoice Management, Auditor Liaison.
Governance Governance consultation, compilation and submission of regulatory documentation,
Maintenance of regulatory registers. Beneficiary database maintenance.
CWI Fund Processing applications, Researching and presenting to grant panel. Sourcing,
Organising and Managing the provision of goods and services.
Management Management fees for delivery of key five service areas.

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

In benchmarking the value of the contract awarded to BH Associates, the trustees have considered the cost and effectiveness of undertaking these activities in house or through outsourcing with different suppliers.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mr Tony Jeffery – Chairman Mr Ian Hall – Treasurer Mrs Tracy Morris – Secretary Mr Donald James Miss Katy Morris – resigned 26 April 2022 Mrs Victoria-Louise James – resigned 26 April 2022 Mr William Long Mr Martin Blackburn Mr Richard Hyde – appointed 26 March 2022

New trustees are appointed by the existing trustees and serve for an initial probationary 12 months after which their appointment may be confirmed resulting in a further two-year appointment after which they may put themselves forward for re-appointment. Trustees who have already served for a minimum period of two years may put themselves forward for further three-year appointments. The NCCF Constitution provides for a minimum of 3 trustees.

At the Annual General Meeting, the trustees agree on the broad strategy and areas of activity for the CIO, including consideration of grant-making, investment, reserves and risk management policies and performance for the forthcoming year. In between AGM’s the Trustees communicate via secure on-line discussion groups and prearranged video conferences to discuss and resolve and key decisions requiring a timely reaction. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the relevant subcommittee is delegated to the Chairman who uses the services of our retained contractor to perform all daily activities.

A Grant Panel drawn from the body of trustees, conduct reviews of applications for support to beneficiaries via physical meeting or on-line discussion to ensure they fulfil the relevant criteria and make recommendations as to the funding. The Grant Panel also consider the monitoring information concerning the performance of grants to date and make recommendations to the trustees concerning the extension, cessation or suspension of existing grant approvals.

The trustees have an open recruitment policy, looking to enhance the charities abilities by the recruitment of trustees with diverse experiences. This has proved essential given the average age of the founding trustees and the need to future proof the charity. A policy that new trustees serve for an initial 12 months to ensure both parties are happy with the arrangement was introduced during the year and it is hoped that this will provide a more appealing recruitment factor.

The charity has in place a series of Policy statements, Documents and registers ensuring full compliance with all Charity Commission guidance on charity management. This portfolio of documentation is also subject to regular review and throughout the year actions have been taken, where required, to ensure the charity compliance ability is fully achieved.

On appointment new trustees sign a model trustee declaration statement committing them to give their time and expertise. They also complete the requisite Anti-Money Laundering checks and make the various COI/ROI and Related Party disclosures. They receive access to the confidential charity intranet where they can access all governance resources including; A brief history of the NCCF, Trustee board and any subcommittee minutes, All Annual Reports and Accounts, Constitution and copies of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’ and ‘Charities and Public Benefit’, All other policy and guidance documentation issued by the charity and any other Charity Commission guidance that the Trustees feel they need greater awareness of.

NUCLEAR COMMUNITY CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

A basic trustee competency training package has been piloted to enable trustees to obtain a certificate of competence in their legal responsibilities under UK charities legislation and we intend to further develop this facility in the future enhancing the abilities of our trustees.

During 2020 the trustees took part in an engagement survey which identified levels of engagement and satisfaction within the charity. Due to the impact of covid we were unable to deliver these events and the negative impact was felt across trustee activity toward the latter part of the year. The final impact of this was the loss of two of the younger trustees. This negative impact was fully discussed at the AGM and it was agreed to aspire to improve buy-in to our activities.

All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed. Trustees are required to disclose all relevant interests and conflicts, registering them with the Chairman. In accord with NCCF policy individual trustees will withdraw from decisions where a conflict of interest or a conflict of responsibility may arise.

None of the trustees has any beneficial interest in the charity. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding-up.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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. 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.

The trustees are responsible for the maintenance and integrity of the charity 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.

Auditors

A resolution to reappoint Newby Castleman as our auditors will be put to members at the forthcoming Annual General Meeting.

On behalf of the board of trustees

Mr T Jeffery (Chairman) Trustee

Date: 18 January 2023

NUCLEAR COMMUNITY CHARITY FUND

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF NUCLEAR COMMUNITY CHARITY FUND

Opinion

We have audited the financial statements of Nuclear Community Charity Fund (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 charity 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 charity’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 are responsible for the other information contained within the trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 themselves. 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.

NUCLEAR COMMUNITY CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF NUCLEAR COMMUNITY CHARITY FUND

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 5, the trustees 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.

In preparing the financial statements, the trustees are responsible for assessing the charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that act.

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.

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

Extent to which the audit was considered capable of detecting irregularities

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. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the charity.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

NUCLEAR COMMUNITY CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NUCLEAR COMMUNITY CHARITY FUND

Audit response to risks of irregularities identified

Our procedures to respond to risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditors-responsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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 (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Newby Castleman LLP 19 January 2023

Chartered Accountants Statutory Auditor West Walk Building 110 Regent Road Leicester LE1 7LT

Newby Castleman LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

NUCLEAR COMMUNITY CHARITY FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Endowment
funds
funds
2022
2022
Notes
£
£
Income from:
Donations
3
11
-
Investments
4
94,255
-
Total
94,266
-
Expenditure on:
Charitable activities
5
196,624
-
Total
196,624
-
Net gains/(losses) on investments
11
-
264,920
Net (expenditure)/income
(102,358)
264,920
Transfers between funds
15
110,359
(110,359)
Net movement in funds
8,001
154,561
Reconciliation of funds
Total funds brought forward
24,515
3,140,291
Total funds carried forward
32,516
3,294,852		 Total
2022
£
11
94,255
94,266
196,624
196,624
264,920
162,562
-
162,562
3,164,806
3,327,368		 Total
2021
£
5
88,898
88,903
313,788
313,788
542,519
317,634
-
317,634
2,847,172
3,164,806

All income and expenditure derive from continuing activities.

NUCLEAR COMMUNITY CHARITY FUND

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Charity funds
Endowment funds
15
Unrestricted funds
Total charity funds		 2022
£
£
3,294,852
24,379
14,127
38,506
(5,990)
32,516
3,327,368
3,294,852
32,516
3,327,368		 2021
£
£
3,140,291
19,771
10,744
30,515
(6,000)
24,515
3,164,806
3,140,291
24,515
3,164,806		 2021
£
£
3,140,291
19,771
10,744
30,515
(6,000)
24,515
3,164,806
3,140,291
24,515
3,164,806
3,164,806
3,140,291
24,515
3,164,806

The financial statements were approved and authorised by the board of trustees on 18 January 2023 and are signed on its behalf by:

Mr T Jeffery (Chairman) Mr I Hall (Treasurer) Trustee Trustee

The notes on pages 11 - 18 form part of these financial statements.

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Nuclear Community Charity Fund is governed by its constitution.

1.1 Basis of preparation

The charity is a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with: The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”), Accounting and Reporting by Charities: the Statement of Recommended Practice for charities applying FRS 102 (2019), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds include an expendable endowment, which should be maintained for 15 years. The capital can be drawn down and used over the course of this period.

1.4 Income recognition

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Investment income is earned through holding assets for investment purposes. It comprises dividend income as well as bank interest and is recognised on an accruals basis.

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure recognition

All expenditure, including the awarding of grants, is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is recognised under expenditure on charitable activities.

1.6 Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Support costs are allocated to expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 8.

1.7 Fixed asset investments

Fixed asset investments are measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities ("SOFA").

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not consider there to be any key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3 Income from donations

Unrestricted
funds
2022
£
Donations
11
Income from investments
Unrestricted
funds
2022
£
Dividends
94,251
Interest receivable
4
94,255
Expenditure on charitable activities
Activities
undertaken
directly
Note 6
£
Research
8,250
Care, wellbeing and inclusion
145,506
Community outreach
23,456
177,212
Unrestricted funds
Restricted funds		 Total
Unrestricted
funds
2022
2021
£
£
11
5
Total
Unrestricted
funds
2022
2021
£
£
94,251
88,809
4
89
94,255
88,898
Support
Costs
Total
2022
Note 8
£
£
1,941
10,191
13,588
159,094
3,883
27,339
19,412
196,624
196,624
-
196,624		 Total
2021
£
5
Total
2021
£
88,809
89
88,898
Total
2021
£
156,210
133,914
23,664
313,788
196,679
117,109
313,788

4 Income from investments

5 Expenditure on charitable activities

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Expenditure on activities undertaken directly

Research
Care, wellbeing
and inclusion
Community
outreach
£
£
£
Goods and services for beneficiaries
-
96,006
-
Communications
-
-
5,996
Remembrance
-
-
960
Service contractor fees (note 18)
8,250
49,500
16,500
8,250
145,506
23,456		 Total
2022
£
96,006
5,996
960
74,250		 Total
2021
£
113,108
9,312
5,040
25,860
177,212 153,320

7 Expenditure on grant funding

Grants to institutions, Brunel University London:
Phase II
Centre for Health Effects of Radiological and Chemical Agents		 2022
£
-
-
-		 2021
£
69,074
80,697
149,771

8 Expenditure on support costs

Travel
Accommodation and venue hire
Subsistence
Storage
Bank charges
Audit fees
Legal and professional
Insurance
Service contractor fees (note 18)
Analysed between:
Charitable activities		 2022
£
387
1,547
-
119
124
6,000
1,035
1,950
8,250
19,412
19,412		 2021
£
208
-
7
238
59
6,000
35
1,277
2,873
10,697
10,697

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Expenditure on support costs

(Continued)

All support costs have been allocated to charitable activities based on their usage.

Support costs include governance costs totalling £8,985 (2021 - £7,312) which are associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

The amount charged to the SOFA in respect of auditor's remuneration was £6,000 (2021 - £6,000).

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year, or in the previous year.

3 trustees were reimbursed for travel expenses totalling £852 (2021 - 1 trustee was reimbursed £214).

10 Employees

There were no employees during the year.

11 Net gains/(losses) on investments

Revaluation of investments
Fixed asset investments
Cost or valuation
At 1 April 2021
Valuation changes
Dividends reinvested
Disposals
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Total
Total
2022
2021
£
£
264,920
542,519
Listed
investments
£
3,140,291
264,920
89,641
(200,000)
3,294,852
3,294,852
3,140,291

12 Fixed asset investments

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Accruals		 2022
£
24,379
2022
£
5,990		 2021
£
19,771
2021
£
6,000

15 Endowment funds

Endowment funds represent assets held by the charity as an expendable endowment following a grant by the Aged Veterans Fund. When the trustees decide to use this capital a transfer is made out of this fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement Movement in funds
Balance at Incoming Resources Transfers Revaluation Balance at
1 April 2021 resources expended gains and 31 March
losses 2022
£ £ £ £ £ £
Expendable endowments
Endowment fund 3,140,291 - - (110,359) 264,920 3,294,852
3,140,291 - - (110,359) 264,920 3,294,852
Movement in funds
Balance at Incoming Resources Transfers Revaluation Balance at
1 April 2020 resources expended gains and 31 March
losses 2021
£ £ £ £ £ £
Expendable endowments
Endowment fund 2,750,295 - - (152,523) 542,519 3,140,291
2,750,295 - - (152,523) 542,519 3,140,291

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at
1 April 2021 resources expended 31 March
2022
£ £ £ £ £
AVF Phase II - - - - -
Movement in funds
Balance at Incoming Resources Transfers Balance at
1 April 2020 resources expended 31 March
2021
£ £ £ £ £
AVF Phase II 233,280 - (117,109) (116,171) -

AVF Phase II represents grant income received from the Aged Veterans Fund for research and portfolio management costs. Following the completion of all restricted financial activities in respect of Phase II of the AVF grant the trustees consider that this restriction has lapsed, and a transfer was made to unrestricted funds to reflect this.

17 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2022
2022
£
£
Fund balances at 31 March 2022 are represented by:
Investments
-
3,294,852
Current assets/(liabilities)
32,516
-
32,516
3,294,852
Unrestricted
funds
Endowment
funds
2021
2021
£
£
Fund balances at 31 March 2021 are represented by:
Investments
-
3,140,291
Current assets/(liabilities)
24,515
-
24,515
3,140,291		 Total
2022
£
3,294,852
32,516
3,327,368
Total
2021
£
3,140,291
24,515
3,164,806

NUCLEAR COMMUNITY CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Related party transactions

Transactions with related parties

The trustees have delegated the day to day running of the charity to BH Associates, who report back to the Board of trustees and are therefore deemed to be key management personnel. During the year BH Associates invoiced £82,500 (2021 - £28,734) for their services. The amount invoiced in 2021 was the balance of the monies due under the Phase II contract work performed by BH Associates, which was delayed due to the COVID-19 pandemic. The scope of BH Associates services is set out on page 3 of the trustees' report, with the cost allocation split between direct costs (note 6) and support costs (note 8).