**Annu�l Report** _For the ye�r end�ng 31st August 2020_ Char�ty Nu�ber 116932� Co�pany Nu�ber 0�959020 ## TABLE OF **C�N�EN�S** 02 Compan� Information 03 Letter from the Co�Chairs Year in Re�ie� 0� Str�ct�re� Go�ernance and 12 Management Objecti�es 13 Acti�ities 1� Performance and 1� Achie�ements 1� Plans for F�t�re Periods Financial Re�ie� 20 Independent 21 E�aminer�s Report and Financial Statements _2020 Annu�l Report�_ _02_ ## **Co�p�ny Infor��t�on** _Ch�r�ty nu�ber�_ 116932� _Co�p�ny nu�ber�_ 0�959020 ## **Trustees** The trustees are also the d�rectors of the co�pany for purposes of the Co�pan�es Act 2006. The trustees who served dur�ng the per�od were: I C Brunner R A Davey �co�cha�r� S Her�er C N C Hodges �co�cha�r�� S Reasbeck J Ca�eron ## **Key M�n�ge�ent** - ������������Lucy Magu�re �CEO� Soph�e Drysdale �COO� ## **Reg�stered off�ce** - � � � � � 12� Freston Road, London W10 6TR� ## **B�nkers** - ������������Lloyds Bank, 50 Nott�ng H�ll Gate, London W11 3JD ## I **ndependent ex���ner** ������������Blackwood Futcher � Co. ������������Chartered Accountants - ������������9 St Georges Yard, Farnha�, Surrey GU9 7LW _2020 Annu�l Report�_ _03_ ## **Letter fro� the Co-Ch��rs** The 2019�2020 acade��c year proved to be an extraord�nar�ly challeng�ng year for The Nucleo Project and the co��un�ty �t serves �n North Kens�ngton and North West��nster. Through a co�b�nat�on of the ���ense ded�cat�on and sk�ll of all the Nucleo tea� led by founder Lucy Magu�re, the adaptab�l�ty and co���t�ent of our young �us�c�ans and the�r fa��l�es and our planned �nvest�ent �n ad��n�strat�ve capac�ty, we were nevertheless st�ll able to del�ver close to 5,000 hours of teach�ng and ense�ble play�ng throughout the year w�th only a br�ef h�atus �n ��d�March.� The Nucleo Project's purpose �s to ach�eve soc�al change �n our co��un�ty through the �ed�u� of an �ntens�ve�ense�ble exper�ence. Our focus cont�nues to be the pursu�t of �us�cal excellence and the �any ach�eve�ents of Nucleo �us�c�ans deta�led �n the follow�ng report act as an �nsp�rat�on for�our co��un�ty. Perhaps the h�ghl�ght of the year was our 7th ann�versary concert featur�ng �ore than 300 ch�ldren and young �us�c�ans who ca�e together to perfor� and celebrate on one joyous n�ght �n pre�lockdown West London. Another s�gn�f�cant h�ghl�ght �and a f�rst� was w�nn�ng the GlobalG�v�ng Accelerator crowdfund�ng challenge dur�ng a three�week ca�pa�gn, rounded off w�th a spectacular onl�ne rec�tal by the Nucleo young �us�c�ans.� _2020 Annu�l Report�_ _04_ As we h�ghl�ghted �n our letter last year, our �nvest�ent �n ad��n�strat�ve capac�ty through the strengthen�ng of our organ�sat�onal des�gn was �ntended to �ake our char�ty "better prepared for the challenges that face a grow�ng organ�sat�on". Bu�ld�ng on that work the Trustees co���ss�oned and co�pleted a Strateg�c Rev�ew dur�ng th�s acade��c year. The pr��ary purpose of the rev�ew was to help �dent�fy and �ap out our opportun�t�es for growth. The rev�ew drew not only the op�n�ons and �ns�ghts of Nucleo's leadersh�p tea� and �ts Board of Trustees but also the �ns�ghts and analys�s fro� our broader group of stakeholders. As a result, the Trustees and leadersh�p tea� feel well prepared to follow through on our growth plan when the Cov�d health cr�s�s abates. F�nally, as The Nucleo Project re�a�ns ent�rely free to our young �us�c�ans, we would l�ke to thank our grow�ng nu�ber of supporters. We are espec�ally grateful for the loyal support fro� v�s�onary char�table trusts and foundat�ons, pro��nent local char�t�es and �any h�ghly �ot�vated pr�vate �nd�v�duals. We are also grateful for the freely g�ven t��e, ded�cat�on and expert�se of our fellow trustees. All of the above play a v�tal role �n enabl�ng The Nucleo Project to del�ver �nsp�rat�onal opportun�t�es to our benef�c�ar�es � the ch�ldren and young people of North Kens�ngton and West��nster.� Chr�s Hodges and R�chard Davey, Co�cha�rs of Trustees _2020 Annu�l Report�_ _05_ ## **Ye�r �n Rev�ew** _201��20 w�s � ye�r of ch�nge� ch�llenge �nd res�l�ence for The Nucleo Project�_ Desp�te the huge upheaval caused by Cov�d�19, The Nucleo Project cont�nues to be a thr�v�ng and popular '�us�c for soc�al act�on' progra��e �n our local co��un�ty. In 2019�20 enrol�ent grew fro� 327 at the beg�nn�ng of the acade��c year to a total of 33� �n March, pr�or to lockdown. Th�s cont�nued popular�ty d�d however put pressure on our fac�l�t�es at the Dalgarno Trust. And so we found a new ho�e for our �a�n sess�ons at Queen’s Park Pr��ary School, where we started work�ng �n Septe�ber. We were del�ghted to have found a s�te so well�su�ted to our needs and settled �n qu�ckly thanks to the k�ndness and support of the school staff and co��un�ty. We cont�nued to serve a d�verse co��un�ty �n wh�ch a h�gh proport�on of ch�ldren are soc�ally d�sadvantaged. In Kens�ngton � Chelsea 37.3� of ch�ldren l�ve �n poverty and tw�ce as �any state school ch�ldren are el�g�ble for free school �eals as the nat�onal average. Ensur�ng that our progra��e �s access�ble to the local ch�ldren who need �t �ost �s a cont�nued pr�or�ty for us. _2020 Annu�l Report�_ _0�_ We also �ade ��prove�ents to our teach�ng progra��e. Fro� Septe�ber 2019, we offered brass, woodw�nd and percuss�on �nstru�ents to younger ch�ldren fro� the age of 5, whereas prev�ously all our jun�or students started on str�ng �nstru�ents. Th�s w�ll enable us to ach�eve the sa�e strong �us�cal results at early ages �n all sect�ons of the orchestra, as we have already begun to do for the str�ngs. Str�pes now has 43 �e�bers who are �ak�ng great progress. Creat�ng a new orchestra has also released places �n ex�st�ng jun�or ense�bles for less exper�enced players. The f�rst half of the year offered so�e wonderful opportun�t�es to showcase our students' talent. On 27th Nove�ber 2019 we held our annual Celebrat�on Rec�tal at St John’s Church, Nott�ng H�ll. Wh�le �ost of our act�v�t�es are focused on orchestral play�ng, each year th�s event celebrates the p�nnacle of ach�eve�ent �n solo and cha�ber perfor�ances across all age�groups at Nucleo. We also launched our new Str�pes Orchestra for �ore advanced young str�ng players 9 and under. Th�s enables us to teach these talented youngsters �n a way that �s appropr�ate for the�r age group **w�thout restr�ct�ng the�r a�b�t�on.** _2020 Annu�l Report�_ _0�_ In Dece�ber 2019 we held our second annual Concerto Co�pet�t�on, wh�ch was once aga�n judged by co�poser �and found�ng �e�ber of the Nucleo board of trustees� Ed�und Joll�ffe. Th�s year's w�nner was 14�year�old Dan�el Jurado Hosh�no, who subsequently perfor�ed as a solo�st at our ann�versary concert �n February. Th�s year's concert celebrated the 7th ann�versary of The Nucleo Project, and was held at Porchester Hall on 12th February 2020. Our afternoon perfor�ances featured the �e�bers of Nucleo's younger and �ore jun�or ense�bles, wh�le the �a�n event �n the even�ng showcased our Str�pes, Jun�or Sy�phony and Sy�phony Orchestras, as well as our advanced Plus Ense�ble. Dan�el's perfor�ance of Faure's Eleg�e for Cello and Orchestra, acco�pan�ed by the Plus Ense�ble, was a h�ghl�ght. The concert ended w�th all four orchestras gather�ng on stage to perfor� a rous�ng rend�t�on of our s�gnature encores. We can't ��ag�ne when we w�ll next be able to cra� over 100 ch�ldren onto one stage, wh�ch �akes th�s �e�ory all the �ore prec�ous. Throughout the last year we have been support�ng our best young �us�c�ans through our scholarsh�p progra��e, wh�ch has enabled 30 of our �ost co���tted and pro��s�ng young �us�c�ans to rece�ve weekly �nd�v�dual or pa�red lessons on the�r �nstru�ent. _2020 Annu�l Report�_ _0�_ Th�s �s �n add�t�on to the group rehearsals and group lessons �n wh�ch they take part. In sp�te of all the challenges th�s year has brought, we are thr�lled to report that so�e of our young �us�c�ans st�ll �anaged to prove the�selves a�ong the best �n the whole country. In Dece�ber s�x ch�ldren took ABRSM exa��nat�ons, w�th all ach�ev�ng e�ther �er�t or d�st�nct�on. And ten young people were offered places �n the Nat�onal Ch�ldren’s Orchestra. In February four �us�c�ans aud�t�oned successfully for the Ch�neke� Jun�or Orchestra, jo�n�ng three older Nucleo �us�c�ans who were already �e�bers. And th�s co��ng Septe�ber three �ore Nucleo students w�ll be jo�n�ng the Royal College of Mus�c Jun�or Progra��e, where they w�ll jo�n four Nucleo students cont�nu�ng to study there. One Nucleo student was offered a place at Wells Cathedral School as a �us�c spec�al�st, start�ng th�s Septe�ber. We are sorry to see h�� go, but enor�ously exc�ted for h�� about the opportun�t�es that l�e ahead. Our young people have had so �uch to contend w�th th�s year: we are so proud of what they have ach�eved �n very d�ff�cult c�rcu�stances. _2020 Annu�l Report�_ _0�_ In March, the UK went �nto lockdown w�th very l�ttle not�ce, wh�ch �eant that for a br�ef per�od we could not operate at all. However, we were all deter��ned that wh�le the lockdown �eant the cancellat�on of �any th�ngs �n our students’ l�ves, �us�c would not be one of the�. We worked qu�ckly to plan and launch an onl�ne progra��e, wh�ch we tr�alled over the Easter hol�day. Th�s �nvolved a huge effort on the part of our sen�or �anage�ent tea� and our teachers, who qu�ckly had to adapt to new ways of work�ng. Follow�ng a successful p�lot, we began offer�ng onl�ne sess�ons at the start of the su��er ter�. Uptake of our onl�ne progra��e was relat�vely strong, w�th 241 ch�ldren part�c�pat�ng. Although we contacted all fa��l�es about the ex�stence of our onl�ne progra��e and encouraged the�r part�c�pat�on, not all jo�ned: so�e ch�ldren were less keen to get �nvolved onl�ne, wh�le for others �t was an �ssue of �nternet and�or co�puter access. We were able to prov�de a handful of tablets for students who would not otherw�se have been able to jo�n onl�ne lessons, and our “Nucleo ho�e del�very serv�ce” kept our students prov�ded w�th new reeds, replace�ent str�ngs and ros�ns, as well as swapp�ng and upgrad�ng outgrown �nstru�ents, and even atte�pt�ng a few a�ateur repa�rs. _���� ���u�l �eport�_ _��_ Our concert at Le�ghton House, planned for Apr�l, was sadly cancelled because of the pande��c. But we weren’t deterred and held our f�rst ever onl�ne rec�tal on the 17th June, wh�ch was a great success. 415 people tuned �n on the even�ng to watch the perfor�ance, wh�ch was presented by one of our students and �s st�ll ava�lable to v�ew on YouTube. It was a great opportun�ty for the ch�ldren to show how hard they had been pract�s�ng dur�ng lockdown and �t was also our f�rst foray �nto v�rtual event fundra�s�ng. In our efforts to keep the Nucleo co��un�ty connected throughout the su��er ter�, we created a nu�ber of v�deos and onl�ne challenges wh�ch we shared on soc�al �ed�a. Perhaps the h�ghl�ght was our “Thank you NHS” v�deo, �ade �n May, wh�ch featured perfor�ances by over 100 Nucleo students, parents and teachers and can st�ll be v�ewed on YouTube. Keep�ng our ch�ldren play�ng through lockdown was a true tea� effort by the whole Nucleo co��un�ty, and we were �nsp�red by the efforts and att�tudes of our ch�ldren, parents and staff. _��_ _���� ���u�l �eport�_ In July, s�nce we could not co�e together for our usual end�of�year perfor�ances, we ended our su��er ter� w�th a ser�es of 15 Zoo� rec�tals for our students and parents, �n wh�ch ch�ldren fro� all Nucleo groups had the opportun�ty to perfor� and de�onstrate what they learned th�s year. It wasn’t qu�te how we had env�s�oned end�ng the school year when we started �t back �n Septe�ber, but as always, the perfor�ances re��nded us of the great str�des our ch�ldren and young people are �ak�ng, and �nsp�red us to look forward to another fantast�c year together at Nucleo � whatever �t �ay br�ng� ## **STRUCTURE, GOVERNANCE & MANAGEMENT** ## **Govern�ng Docu�ent** The char�ty �s controlled by �ts govern�ng docu�ent, a deed of trust, and const�tutes a l���ted co�pany, l���ted by guarantee, as def�ned by the Co�pan�es Act 2006. �dent�fy as ��portant for a balanced and capable board. Before be�ng appo�nted, all potent�al trustees attend one or two �eet�ngs as an observer, �ake a s�te v�s�t to see the project �n act�on, and �eet w�th the co�cha�rs and�or the CEO to d�scuss the char�ty and the role of the trustees. Trustees are appo�nted to the board for a ter� of 2 years, and �ay serve for a �ax��u� of three consecut�ve ter�s. ## **Org�n�s�t�on Structure** The trustees have overall author�ty for the char�ty, deter��n�ng �ts strateg�c d�rect�on and ensur�ng co�pl�ance. Lucy Magu�re, the founder and CEO, and Soph�e Drysdale, the COO, report regularly to the board and work closely w�th the co�cha�rs. ## **Recru�t�ent� Appo�nt�ent� Induct�on** ## **�nd �r��n�ng of �rustees** The trustees cons�der that a board s�ze of s�x �e�bers �s appropr�ate. Trustees are recru�ted w�th a v�ew to f�ll�ng any gaps �n the expert�se that we ## **Rel�ted Org�n�s�t�ons** The Nucleo Project �s a part of the global El S�ste�a network, a network of organ�sat�ons all of wh�ch work under the pr�nc�pal of ‘soc�al act�on through �us�c’. Nucleo �s a �e�ber of the S�ste�a Europe assoc�at�on and close relat�onsh�ps are �a�nta�ned w�th S�ste�a England and the S�ste�a Europe network. No other organ�sat�on has control or �nfluence over our pol�c�es, operat�ons or act�v�t�es, however, beyond the shar�ng of �deas and occas�onal collaborat�ons on projects. ## **OBJECTIVES** The Nucleo Project’s char�table objects are to advance �n l�fe and help young people through: a� The prov�s�on of recreat�onal and le�sure t��e act�v�t�es prov�ded �n the �nterest of soc�al welfare, des�gned to ��prove the�r cond�t�ons of l�fe; and b� Prov�d�ng support and act�v�t�es wh�ch develop the�r sk�lls, capac�t�es and capab�l�t�es to enable the� to part�c�pate �n soc�ety as �ature and respons�ble �nd�v�duals. The Nucleo Project offers �us�cal educat�on and �us�cal ense�ble part�c�pat�on opportun�t�es to ch�ldren and young people, break�ng down barr�ers to access by runn�ng our progra��e at no cost to part�c�pants. **T�� ������� �� ba��� �� N���� K���������, ����� 37.3% �� �������� ���� �� �������.** The Nucleo Project str�ves to br�ng together ch�ldren fro� across the full spectru� of the local co��un�ty, to work together towards �us�cal goals. Through our work, we a�� to develop not only the�r �us�cal ab�l�t�es but also the�r personal and soc�al sk�lls, w�th the ult��ate goal of help�ng to broaden the�r hor�zons and equ�p the� to fulf�l the�r potent�al as �e�bers of a co��un�ty, and as �nd�v�duals �n whatever l�fe paths they choose. _���� ���u�l �eport�_ _��_ ## **AC�IVI�IES** The Nucleo Project �s an after�school progra��e offer�ng ense�ble�based �us�c educat�on for ch�ldren and young people fro� the age of 0. All act�v�t�es are free and �nstru�ents are prov�ded �also for free� to all part�c�pants. The Nucleo Project �s open to any ch�ld between the ages of 0 and 1� who �s able to co���t to attend�ng the ��n��u� nu�ber of weekly sess�ons requ�red for h�s�her age group. Our core progra��e of act�v�t�es cons�sts of: ## **Ages ���** av. 15 ch�ldren, 1 sess�on per week. ## **Ages ���** av. 30 ch�ldren, 1�2 sess�ons per week � �us�c�ansh�p classes and group lessons on a str�ng �nstru�ent �v�ol�n, v�ola, cello or double bass�. ## **Ages ���** av. 90 ch�ldren, 3�5 sess�ons per week � part�c�pat�on �n an orchestra and�or group �nstru�ental lessons. V�ol�n, v�ola, cello, double bass, recorder, cornet or percuss�on. ## **Ages ��** av. 1�0 ch�ldren, 4�6 sess�ons per week � part�c�pat�on �n an orchestra, �nclud�ng sect�onal rehearsals, workshops and �nstru�ental group lessons. V�ol�n, v�ola, cello, double bass, flute, oboe, clar�net, bassoon, French horn, tru�pet, tro�bone, tuba, percuss�on. ## **All �ges** all students, 1 sess�on per week � classes focused on �us�c�ansh�p, �us�cal l�teracy and �us�c theory. ## **All �ges PERFORMANCES** all students who have begun learn�ng an �nstru�ent, at least 1 perfor�ance per ter�, help�ng the� to ga�n conf�dence and prov�d�ng the� w�th an opportun�ty to share what they have learned w�th fr�ends and fa��ly and take pr�de �n the�r ach�eve�ents. ## **Adv�nced students SCHOLARSHIP PROGRAMME** av. 30 advanced �us�c�ans, 1 sess�on per week � add�t�onal �nd�v�dual or pa�red �nstru�ental lessons offered to students who de�onstrate part�cular potent�al and a h�gh level of co���t�ent to the�r �us�cal stud�es. ## **PERFORMANCE & ACHIEVEMENTS** ## **Org�n�s�t�on�l Progress** A lot of ��portant work has been tak�ng place beh�nd the scenes at Nucleo th�s year. We have been work�ng w�th a strategy consultant who �dent�f�ed four key areas for develop�ent: reduc�ng our rel�ance on our founder�CEO, develop�ng greater proof of ��pact, work�ng on youth leadersh�p and broaden�ng our fund�ng sources. Fro� these four key a��s we developed a deta�led consol�dat�on plan, w�th ��prove�ents already �n ev�dence. On the 15th Apr�l 2020 two Deputy Progra��e D�rectors were appo�nted, who now �anage a lot of the log�s�t�cal work around the progra��e. We have also strea�l�ned record�keep�ng and enrol�ent procedures, our f�nanc�al report�ng �s �uch ��proved and �s enabl�ng us to forecast �ore accurately and we w�ll be ��ple�ent�ng a new evaluat�on fra�ework at the start of the next acade��c **year. So�e of these ��prove�ents, such as** the �nstallat�on and use of MyMus�cStaff to �anage our student attendance and t��etable, �ade trans�t�on to an onl�ne progra��e �n Apr�l �uch �ore stra�ghtforward. � We have not �ade progress as qu�ckly as we would have hoped �n ter�s of �on�tor�ng and evaluat�on th�s year. Th�s was partly because there were �ore ���ed�ate pr�or�t�es �n our consol�dat�on plan and partly because we lacked the �n� house resources to develop our evaluat�on work further. We are very pleased that work on our evaluat�on and learn�ng progra��e �s now �ov�ng forward thanks to ded�cated fund�ng secured. Th�s grant w�ll go towards work w�th Sound Connect�ons, who prov�de consultancy on evaluat�on and ��pact assess�ent for �us�c organ�sat�ons, as well as a part�t��e _���� ���u�l �eport�_ _��_ Learn�ng and Evaluat�on Manager post. Th�s post has been f�lled and the new tea� �e�ber w�ll jo�n us on the �th Septe�ber 2020. Desp�te the cancellat�on of our Apr�l concert and the ��pact of Cov�d�19 on funders, �t has been a reasonable year for fundra�s�ng perfor�ance, w�th �437k ra�sed th�s f�nanc�al year, co�pared w�th �325k for the co�plete 201��19 f�nanc�al year. However, �67,000 of th�s was des�gnated for consol�dat�on act�v�t�es and so was not ava�lable to support general runn�ng costs. As a young organ�sat�on w�th l���ted reserves �t �s essent�al that we �anage our spend�ng carefully, to ensure the organ�sat�on �s stable go�ng forwards. Th�s �s part�cularly ��portant g�ven the econo��c uncerta�nty caused by the ��pact of the pande��c. ## **D�vers�ty �nd Inclus�on** In July we were thr�lled to be accepted �nto the f�rst cohort of I'M IN, the tool des�gned to help �us�c organ�sat�ons bu�ld a d�vers�ty and �nclus�on strategy. Work�ng through the toolk�t we �dent�f�ed our strengths and weaknesses �n relat�on to d�vers�ty, sub��tt�ng our answers and acco�pany�ng ev�dence for rev�ew. The I'M IN d�vers�ty and �nclus�on spec�al�sts then analysed our responses and created a report for the char�ty, wh�ch provoked d�scuss�on and helped us to �dent�fy solut�ons w�th the ult��ate goal of help�ng bu�ld a �ore �nclus�ve culture at Nucleo. We look forward to ��ple�ent�ng the reco��endat�ons and ensur�ng that go�ng forwards d�vers�ty and �nclus�on are at the heart of our organ�sat�on. ## **ACCESS AND INCLUSION** **----- Start of picture text -----**
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D��i�g �he �e�i�d �f �e����i�g: Ba�ed �� E�g�i�h I�dice� �f De��i�a�i�� 2019 S��de��� a��e�d d�ffe�e�� �c����� **�6** a�d ��ea� ��e� d�ffe�e�� **2�** �a�g�age� a� ���e �f ��e c���d�e� a�d ����g �e���e e�����ed �de���f� a� BAME **52%** ## **TRAVELLER PROGRAMME** �f ��e c���d�e� e�����ed ���e �� a�ea� ��a� a�e �� ��e ���e�� 20% �a����a��� �� ��e IDACI 16 chi�d�e� f��� �he ��ca� ��a�e��e��' �i�e e�����ed i� a ��ecia� ���g�a��e de�i�e�ed i� c���ab��a�i�� �i�h The We���a� T���� a�d O�f��d Ga�de�� P�i�a�� Sch���. ## **ENROLMENT FOR THE YEAR** I� 2019 e�����e�� i�c�ea�ed f��� 306 �� a� a�e�age �f 323 ���de���. **----- Start of picture text -----**
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## **PLANS FOR FUTURE PERIODS** _�ur ke� object�ves for the future �re�_ - To establ�sh an �nclus�ve culture and cont�nue develop�ng �ore �nclus�ve pract�ces - To ensure that d�vers�ty �s a core value throughout the organ�sat�on - To develop co��un�cat�ons and - cont�nue bu�ld�ng our reputat�on as a leader �n our f�eld - To secure pre��ses that are su�table for our grow�ng progra��e �n ter�s of both fac�l�t�es and locat�on - To cons�der growth beyond the current capac�ty of our teach�ng s�te and teach�ng tea� - To cont�nue to del�ver a h�gh�qual�ty, ense�ble�based �us�c educat�on progra��e for students �n our co��un�ty - To cont�nue to del�ver a progra��e that attracts and br�ngs together a w�de range of fa��l�es fro� across our d�verse co��un�ty - To d�vers�fy fund�ng strea�s and develop susta�nable �nco�e strea�s, and �ncreases �n core fund�ng and repeat or long�ter� donat�ons - To cont�nue to approach our outco�e - �easure�ent �n a �ore deta�led and developed way ## **FINANCIAL RE�IE�** ## **�eserves �ol�c�** Manage�ent of cashflow and expend�ture are pr�or�t�es for The Nucleo Project. It �s our pol�cy that a ��n��u� level of reserves should be held equ�valent to� - �������� �onth of staff costs - �������� �onths of rent ��������� �onths of telephone contract fees �������Plus any other contractual l�ab�l�t�es Any current or new obl�gat�ons should beco�e effect�ve �n the actual reserves level w�th�n �� �onths. ## **�und�ng �ources** The pr�nc�pal fund�ng source for The Nucleo Project dur�ng the report�ng per�od has cont�nued to be grants fro� trusts and foundat�ons. These can e�ther be des�gnated for general and ongo�ng runn�ng costs� or for the del�very of spec�f�c projects w�th�n the scope of our act�v�t�es. ## **��sk ��n�ge�ent** The trustees recogn�se the�r respons�b�l�ty for the �anage�ent of r�sks faced by the char�ty �both f�nanc�al and otherw�se�. A r�sk reg�ster �s �a�nta�ned by one of the co�cha�rs and rev�ewed annually by the board� or whenever an ar�s�ng r�sk �s brought to the�r attent�on. At present� the greatest r�sk to the char�ty �s the hu�an resource r�sk that ar�ses due to s�gn�f�cant dependence on key �e�bers of the del�very tea�. The char�ty plans to ��t�gate th�s over the co��ng years by bu�ld�ng� develop�ng and tra�n�ng the tea� �n order to reduce th�s dependence. As we grow we are cogn�sant that space �s an �ssue and so we are act�vely engag�ng w�th other �nst�tut�ons to source larger pre��ses. ## **�ubl�c �enef�t** The trustees have had due regard for the Char�ty Co���ss�on�s gu�dance on publ�c benef�t and are conf�dent that the act�v�t�es of the char�ty prov�de current and on�go�ng benef�t to the publ�c. 9 stG8￿￿$vad IJJ9 7LW 5 to 9 io arLxJuntS in 8ttcffjdar￿ with Re[￿N1￿j StaThlwd Ihe UK aTrJ Rewtkn of hel9￿1 IFRS 1021 lelfeth8 f knry20191. STRiWUA¢ GOVÈANAIXE AKI ￿NAGEMENT 0895gY20 aN1 Wafesl 128 FTe5ton R￿1 C N C H¢yJg88 (resby￿d 29.520) M¥ I C BrtM￿r{res￿ 29.5. RA Dav8y SHem Mr5J Canwon1or¥KtsI 19.11.19) I R FL+td￿rFCA Blad&vrth FLrtther& Co. 9 StGew'$ Yad Famham Sur GU9 7LW rowd by ord¥dthg t¢)wd oftrusteès th .1 É 2.o.Z! . 18 RA Davty. Tn¢*e Rèspo￿1bl￿lIBs and ba8Js of report As the c*a)Vs InJste8s of the Coft4wry lond of LXNYpany W you are rBSWns1>￿ Having salkBfied myself that the xcounts ofts cunP￿ we relyirèl to be OL¥Jrte¢l Part 16 of Ihe 20(￿ Act and are eIg1￿e for independent examinakn. I reF4Xt in r8SF*d of nry eX￿alkn of your i*aWs *o)unL¥ a5 tsrried out uTrJ$r s￿￿On 145 of the Charkn 2011 2011 Art). follwed the gNen tythe cfwty urbJerwlty￿ 14515) (bl 2011 l arn quabfied to undertake Ihg ex2mar￿kn beCa1￿e l am a reg￿knd rn8rrthr of tn8tlut8 of Charter*J AcccAJrtsnls fft Etityatxlarnaw*s oneilts bted to g￿lD9 tTttsuseto bd*ve'. exanrrinallon.. c thè have be￿ prep¥ed kn •X￿d￿ rrthtts ￿ prrKiples of the StatenEnt of FI[w￿l R*0￿8￿mIard arkl Rewt4c otlr8kn1 IFRS 10211. *Jra￿ kn IhL8 repLYtin ord¥to enat* a dlhe xcrAmtsb ￿[eathed. J4kn- R FCA lnstibjieofchark￿j ID BL￿VOod Futther& Co. Chartered Awntwts 9 StGeorye'$Yard Famham Surrey GU97LW Ats7) 31.8.20 31.8.19 ftmd$ INCOIAEAND ENtK>WPIEiifs FFKXI rA)nation$and18gx*s 147.134 437,471 EXPENDITURE ON In, 191.845 157229 157229 1C(1.5TI Totsl 331,189 292,422 NEr IpKo 37.841 6B.441 1Cfj282 RECONCIUAT1014 OFRTrll Totsl lundB brry4hifornMd 18,MJ {15,0931 TOTALAJNDS CARgIED FORWAFID 68141 124,6T2 18.M) 31.820 31.8.19 funds TarvJI￿* ass* 3235 CURREiifAssErs Cath &*b#r* $8,441 177,044 18,995 110.445 68.441 178.886 20.r21 AnKMJnts fall￿ &Jewilin LThy (57.449) {57.449} P.3311 68,441 121.437 18,M) $8231 .441 124fiT2 18 231 .441 124,6r4 18X) 10 XJ1 8.441 18.S) TOTAL FUNDS 124.6rd 18.39) d 31 Awst 2tr20. c￿VAl88 A, LAThwA Ihe finaYrog1 Stakn￿ of the is a t*nefjt enw FRS 101 have been prepared rn acwrdwce wllh tr* ChairfE5 SORP (FRS 1￿} *AYAntsng and Re￿￿￿ng ty Charltks.. Statemnl of Re￿rnr￿￿ed p￿ti￿ ¥pk¥t49 lo c*artrs prep*ty ljw aC￿m￿S i*th the Finanrial Reportlng Stand&d applcabte M Ihe UK and of (FRS 1021 leff&#l* 1 Janwy 2L119y, Rewbng S￿da¥d 102 Th6 FinarKaal sI￿J*d ak¥*st4e in Ihe UK Re￿C of Irelwby. l Ir￿￿* Is Staterr*rt of Aitrths or** th8 has eF￿n￿rt to th8 funds, I . Expw*Au tharty to tst 8xpenthhwe, it ts a tra￿fer fA Trqulred Fi Settl￿ aTrJ Ihe anThxnt of th? be Ir*aswed re&8W. Ex￿X￿bSe 15 on ￿ aLLyua15 basis aTh1 has been daspAfied U￿er hea(kngs that aggr* all (•st re*d kn the c*w. IM*re o)sts be ￿recIty ailribjted Tanglbf8 flxed T8xatloo The tha[itab￿ cor)y8ny ￿raleS a defined Conti1t￿￿￿ to fv tharlable 31ffj20 31A.19 161 Ptye5 )ntinu&l... rMI Ye* EndEd 31 AwBiarai 31 August2019. STAFF ¢OST5 31.8J) 31.8.19 Tclal kj INCOME AND ENDOwlE7￿ FRCAI Donabor* legaryes 75 charts￿0 a￿vrt￿8 171.642 20.2Ck 191,845 Supp)rtu*s 44.611 100,577 Total 216253 7(169 292.422 34,449 33083 RECCY4CIUATIOII (FFUPI {16,1￿} 115,0931 TOTAL FIThIDS cAF￿£D FORWAFID 18.390 18,39) TANGIBLE FLXEOASSETS Conythr eq￿p[TErt COST DEPRECIATION Charge fotyear 161 NET 800KVALLE 1235 31 W*20f9 DEBTORS..AIIOiWIYS FA￿￿ OUEIIIIIIW OIE YEAR 31.820 31ts.19 Other rfebtors 1,179 1.133 31.820 31A.19 Bank and 0sEwthats l¥ee Other Nedilors 351 6,855 Sl,449 2.331 LOANS 31.820 31A.19 Bank h)an8 10. At 31ffj20 1.9.19 nfjjnds GwerJ fLtnd 18. 37.841 56231 68,441 e8,441 18,￿$ 1(fj282 124,672 fLth lortheY¥ ENled31 A￿￿￿1 3)xi Ith AIOVEIIEpifiN FI￿D$. General fuNJ (252.4981 37,841 R¢wkted fundè 147.134 (Ta693} 68.441 TOTAL F1*4DS 437.471 31.1891 1CI8282 Net A1S.16 in fmds 3f.8.19 Lkjresiwlcted lur 34,449 1Q3 Re%trxknJ TOTAL FUNDS (15.W31 33.483 18,390 In(￿d6 P16253} 34,449 (16.1691 92.4221 33,483 10. 11.9.18 kn fvTh1s 31.8.2D Unrestr*x¢d fvnd• Genera 56,231 Restri(led 67A75 66,441 TOTAL RIP￿$ 115.0931 139.7&5 124.8n folhx%" Re5wr¢*5 Moverr*rrt eXF￿ded kn *Jnds Genera fi￿d 541.CO9 1468.7491 7129) 2Z1337 {154,8821 87.478 TOTAL FUla>S 763.376 1623.611} 139.765 11. during th8 year. 12. 31A.20 31.8.19 IIXOMEAND EPrnÈ14TS DDn*lon8 andlggxles l)onatbr Grft aKI 423, 13.775 325,905 437.471 325.905 InMmlng 437A71 325.9 Tvachlng fees In51runwts aNJ rew C¥Ats Hal and ev8rrt Iwe Trkets and trips Repwrs #nd rene*rdts 124.010 17.595 135,93S 22,798 1553 3,7 173, 191045 Supportstaff PerBioTrs I￿lIran ACcotbnl￿CY Telephone Postage and 8Wery Adverbsing ndri8S Trainn Professiona fe88 Banki*arges cwiputer expwtses Rent Cen￿MarKYf￿e5 113,981 76,738 1,722 1814 1,887 2,874 1.741 250 1020 312 15 726 140D 10.ODJ 10,0(KJ 192CI) 1571 1rw77 Other 161 Tol4 reS￿r￿ e4)uvJEd &11,189 292.422 1￿282 33.483 10