2022-08-31-accounts

Annual Report

For the year ending 31st August 2022

Charity Number 1169328

Table of Contents

02

03

05

09

10

Charity Information

Letter from the Chair

Year in Review

Activities

Performance and Achievements

Impact 13

Structure, Governance 16 and Management

Objectives 17

18

Plans for Future Periods

19

Financial Review followed by Independent Examiner's Report and Financial Statements

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Organisation Information

Charity number 1169328

Trustees

The trustees who served during the period were:

I C Brunner

R A Davey

S Hermer

S Reasbeck

J Cameron

N Kaye (Interim Chair)

Key Management

Lucy Maguire (CEO) Sophie Drysdale (COO)

Registered office

196 Freston Road, London W10 6TT

Bankers

Lloyds Bank, 50 Notting Hill Gate, London W11 3JD

I ndependent examiner

Blackwood Futcher & Co.

Chartered Accountants

9 St Georges Yard, Farnham, Surrey GU9 7LW

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Letter from the Chair

2021-22 was an extremely exciting year for Nucleo, with lots of major developments! We were delighted to return to our fully in-person programme after the Covid challenges of online and hybrid learning, and our whole community brought renewed energy, engagement and drive to the activities of the past year.

Perhaps the most significant change came in January 2022, when Nucleo took on the national activities and remit of Sistema England, who in particular originated the national Young Leaders Programme, and the Instrument Donation Bank. We are thrilled to be delivering these two initiatives, and honoured to have been selected by Sistema England as the beacon organisation to carry this work forward.

We view this milestone as the first step in Nucleo’s expansion plans, and look forward to the growth of the coming years. With this in mind, recruitment is underway for a new Chair to lead us into our next organisational phase, and in the meantime I am pleased to have been able to step up as Acting Chair until a new Chair is appointed.

Along with this handover came our rebrand to “Nucleo” and our new logo and look, which you will see reflected in the pages of this report.

We were both encouraged and interested by the findings of this year’s evaluation report, which re-emphasised the immense importance and positive impact of Nucleo’s work, as well as highlighting areas for further development and greater precision. We greatly value the opportunity that our evaluation work provides to hear from all the members of the Nucleo community. It is a priority for us as an organisation to reflect on our impact, and to use these reports not only as evidence to support our work but also to inform our future planning and facilitate continual improvement of what we offer to the Nucleo beneficiaries.

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A major highlight of the year, as always, was our anniversary concert at Porchester Hall in February. This year, our 9th anniversary was especially moving after not seeing our students perform together in person since early 2020. The audience’s excitement was exceeded only by that of the performers, who were buzzing with energy and pride throughout the evening. There is nothing quite like seeing a few hundred children gathered onstage, all so enthusiastic about playing together and sharing their music with us!

Nucleo’s work relies, of course, on the enormous dedication of our staff, students, families, volunteers and trustees, for which we are always appreciative and of which we are immensely proud. However, absolutely none of our work would be possible without the ongoing enthusiasm and generosity of our financial supporters. We are inexpressibly grateful to all those whose contributions allow us to do what we do, both for the concrete way in which they enable our work, and for placing their belief in Nucleo and pledging their support to the futures of our incredible young people. It is truly inspiring to consider just how many people stand behind each and every one of our students on their journeys of musical learning and personal growth.

Nina Kaye, Acting Chair

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Year in Review

After two challenging lockdown years, the last 12 months have been a happy and hopeful time at Nucleo.

Thanks to the ongoing support of funders and our community we were able to keep our programme running during the Covid crisis and when the time came in September 2021, we were able to relaunch a full in-person programme. An incredible 449 children and young people have been a part of Nucleo over the last academic year, and it’s been a huge privilege and joy to help them all along their musical journeys.

Our Beneficiaries

Nucleo has served its largest ever number of beneficiaries over the last year. With a large waitlist, we endeavoured to find places for new students once current children had either moved into a new group or left the project. We saw a particularly large influx of new 0-5-yearold members. We were running at close to full capacity for the whole year, as we have places for approximately 400 students to learn with us at any one time in our main programme. With lockdown over, all our classes were in person as opposed to online and we were able to provide many more contact hours for our students, with sessions of over an hour resuming again (all our online sessions had been 45 minutes) and most students attending 3+ sessions a week.

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Our Traveller programme, which was on hold during lockdown periods, also restarted in September. We were pleased to have been able to re-engage their school, Oxford Gardens, and provide 12 Traveller children with weekly violin, cello and percussion lessons.

Nucleo continues to serve a diverse community in which a high proportion of children are socially disadvantaged. We collect family information on enrolment. Our data for the last year reveals that:

• 43% of the children we worked with were boys, and 57% were girls—this is very similar to the previous year.

• 49% of our students were in the 6–10 years age group, 30% were aged 0–5, 19% were 11–15 and 2% were 16 or over. There was a significant increase in the proportion of 0–5year-olds at the project last year.

• Our area of West London is extremely diverse, with 42% of children at the project speaking English as an additional language, and 42 different languages other than English spoken between them. 90% of our enrolling families were happy to share ethnicity information, from which we learned 35% of our students are from Black African/Caribbean backgrounds, 18% were White, 12% had mixed ethnicity, 11% were of Asian heritage and 14% were of another

ethnicity including North African, Middle Eastern or Hispanic. This is broadly similar to the previous year’s data.

• 38% of our beneficiaries lived in Kensington & Chelsea (most in North Kensington), 21% in Westminster, 19% in Brent and 9% from Hammersmith and Fulham, with the remaining 13% coming from 16 different London boroughs. We largely exist to serve our immediate community, and this is reflected in the data, but with few other projects like ours in London, we do have children willing to travel from further afield to participate.

• Nucleo supports a significant number of socially disadvantaged children and young people. As in the previous year, last year 89% of our intake lived within the 50% most deprived neighbourhoods in England according to the Income Deprivation Affecting Children Index, and 46% lived in either social housing or a household in receipt of housing benefit. We have seen a small increase in the number of children who are more significantly deprived at the project over the last year, with 37% receiving Free School Meals (up from 33%) and 48% now living in the most deprived 20% of areas (up from 47%).

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Rising Stars

Nucleo students continue to impress us with their talent and dedication. We are pleased to share that three more Nucleo students were accepted at the Royal College of Music Junior Department to start in September 2022. Another of our advanced students has also recently joined the ranks of the Chineke! Junior orchestra and July brought another round of excellent ABRSM results, with students taking grades ranging from 4 to 6 and over half achieving merit or distinction.

We have continued to offer scholarship lessons (individually or in pairs) for 30 of our most promising and dedicated students, through our Roger Horchow Scholarship programme. This is in addition to the group rehearsals and group lessons in which they take part. We are delighted to share that after nine years of running, for the first time ever two of our students joined the team – one as a music teacher and one as a pastoral assistant. It has been wonderful to witness them share their experiences and learning with the younger students.

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Performances

With lockdown over a whole range of extra opportunities have also been available to our students. The most memorable of which was our ninth anniversary concert which took place at Porchester Hall on the 23rd March. It was our first full concert involving all our young instrumentalists since the pandemic started, and for some of our young musicians their first public performance in more than two years. All this meant lots of nerves, but also lots of excitement! Our students absolutely rose to the challenge. The evening’s highlights included a beautiful rendition of the first movement from Bruch’s Violin Concerto No. 1, with 16-year-old soloist Maylee (winner of our 2021 Concerto Competition). In classic Nucleo style, we ended the evening with a celebration onstage when all our orchestras came together to end the evening with some of our signature encores.

Summer activities

Every year Nucleo does its best to connect our participants up with opportunities to take part in residential summer activities for young musicians, both at home and abroad. After two years of cancelled summer activities due to Covid, this summer proved to be a bumper year for these opportunities. 15 of our students took part in the week-long National Schools Symphony Orchestra residential camp at Malvern College in July. Other Nucleo students went even further afield: in June and July, Nucleo musicians joined orchestral camps in Geneva, Zurich, Madrid and Lisbon run by other European programmes in the Sistema-inspired network. These camps are a fantastic way for our young people to explore other countries, learn new skills and make friends from around the world.

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ACTIVITIES

Nucleo is an after-school programme offering ensemble-based music education for children and young people from birth. All activities are free and instruments are provided (also for free) to all participants. Nucleo is open to any child between the ages of 0 and 20 who is able to commit to attending the minimum number of weekly sessions required for his/her age group. Our core programme of activities consists of:

Ages 0-2

All ages

1 session per week - parent/carer and baby musicianship class.

Ages 3-4

1 session per week - group lessons on a string instrument (violin, viola, cello or double bass).

1 session per week for all students aged 3+ – classes focused on musicianship, musical literacy and music theory.

All ages

PERFORMANCES

Ages 4-7

3-5 sessions per week – participation in an orchestra and/or group instrumental lessons. Violin, viola, cello, double bass, recorder, cornet, baritone horn or percussion.

All students who have begun learning an instrument, at least 1 performance per term helping them to gain confidence and take pride in their achievements, providing them with an opportunity to share what they have learned with friends and family.

Advanced students

Ages 7+

SCHOLARSHIP PROGRAMME

4-6 sessions per week – participation in an orchestra or ensemble, including full ensemble rehearsals, sectional rehearsals and group instrumental lessons. Violin, viola, cello, double bass, flute, oboe, clarinet, bassoon, French horn, trumpet, trombone, tuba, percussion.

1 session per week – additional individual or paired instrumental lessons offered to around 30 of our more advanced students who demonstrate particular potential and a high level of commitment to their musical studies.

PERFORMANCE & ACHIEVEMENTS

Organisational Progress

From a teaching and learning perspective the last year has been a very successful one. It was fantastic to welcome so many children back as well as greet so many new faces. While we did what we could during lockdowns, children missed out on so many experiences during the height of the pandemic. The energy and enthusiasm they have brought to Nucleo this year has been a real joy to witness and something that has spurred us on in our work: we know that the opportunity we provide is really valued by children in our community.

We have made progress in terms of developing our teaching team this year. Building a sense of team amongst our musicians has always been challenging as they are often teaching alone, we do have relatively high turnover and the team is largely freelance. This was compounded by the

pandemic, which meant members of the team were not even able to meet face-to-face. To counteract this, we held our first ever teaching team weekend learning retreat in May, which helped our musicians get to know each other, understand more about the ethos of Nucleo and our teaching practices.

Expanded Remit

In January Sistema England handed over its activities and national role to Nucleo, including the Young Leaders Programme and the Instrument Donation Bank. Since Nucleo began the running of the Instrument Donation Bank scheme, 109 instruments have been passed on. And we are delighted to share that our first Young Leaders camp will be held in October 2022. Nina Kaye, Sistema England Trustee, joined our board in December 2021, and is now our Acting Chair, with recruitment for a new Chair underway. As Nucleo’s remit expands so too have the requirements of our board—once our new Chair is in post, we will be expanding our board further.

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To mark this new era and expanded remit, we undertook a rebranding exercise and will now be known as 'Nucleo'.

A key success this year has been securing both operational and administrative bases for our work that are a significant improvement on what was in place before.

In January we secured a new rehearsal space at Essendine Primary School. The space is particularly suited to our needs, with a dedicated building for our younger students and also plenty of storage space for our instruments.

We are also very pleased to have secured our first ever dedicated office space in April. It’s a bright, newly refurbished private office space within Pall Mall Deposit, a Workspace site in North Kensington that hosts start-ups and small organisations. The facilities are excellent. While Microsoft Teams meetings have served us well over the Covid lockdown period, being able to meet face to face as a team does make a difference, and some of our team have also enjoyed having the separation from work and home life that an office base brings.

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Our Impact

This was the second year that we have completed a full evaluation report and we are very proud of both the report’s findings and the depth and rigour of the work that went into it. Working with Sound Connections to develop our evaluation framework and having a Learning and Evaluation Manager in post to implement it has been transformational for Nucleo in terms of

understanding and communicating our outcomes. The full evaluation report is available on our website. We are very pleased that across all 13 of our outcome areas we achieved a high or good level of impact. We are also pleased our evaluation has delivered insights into why our programme has worked effectively, particularly in terms of teaching approaches.

Our latest (2021-22) results demonstrate that:

• We have been highly effective in providing children who are socioeconomically disadvantaged with the personal, social and musical benefits of playing an instrument. Children and young people at the project are showing good to high levels of engagement, with high levels of active engagement reported by teachers.

• Children and young people, parents/carers and teachers report strong personal, social and musical achievement at the project.

ACCESS AND INCLUSION

During the period of reporting: Based on English Indices of Deprivation 2019

84%

of the children and young people enrolled identify as members of the Global Majority*

37%

of the children enrolled receive Free School Meals

Students attend different schools and speak over 100 different languages at home 42

We use members of the Global Majority since black, indigenous and people of colour represent over 80% of the world's population. 48%*

of the children enrolled live in areas that are in the lowest 20% nationally on the IDACI

ENROLMENT FOR THE YEAR

In 2021 enrolment increased from 331 to an average of 353 students.

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400
300
200
100
0
Sept Nov Jan Mar May July
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MUSICAL EXCELLENCE

8

students gained entry to During the period of reporting: and / or took part in an elite programme such as RCM's Junior Department 13 students passed an ABRSM exam 108 children and young people accessed our programme for the first time 441 children and young people received a free music education

children and young people accessed our programme for the first time

students have been invited to

ASSESSMENT OF MUSICAL PROGRESS

Teacher assessment of students aged 7+, based on progress over the academic year.

Good technique. Term 1 Good technique. Term 3 Good musical expression. Term 1 Good musical expression. Term 3 Confident reading music. Term 1 Confident reading music. Term 3 Confident playing in a group. Term 1 Confident playing in a group. Term 3 0 25 50 75 100

SOCIAL ACTION THROUGH MUSIC

During the period of reporting:

EVALUATION OF SOCIAL SKILLS

Data obtained through self-evaluation questionnaires

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Sense of belonging to a community. Term 1
Sense of belonging to a community. Term 3
Empathy. Term 1
Empathy. Term 3
Listening and communication. Term 1
Listening and communication. Term 3
0 25 50 75 100
----- End of picture text -----

EVALUATION OF PERSONAL SKILLS

Data obtained through self-evaluation questionnaires

Self-sufficiency. Term 1 Self-sufficiency. Term 3 Self-awareness. Term 1 Self-awareness. Term 3 Self-confidence. Term 1 Self-confidence. Term 3 Resilience. Term 1 Resilience. Term 3 0 25 50 75

100

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Document

The charity is a Charitable Incorporated Organisation, regulated solely by the Charity Commission. The charity is controlled by its constitution.

Organisation Structure

The trustees have overall authority for the charity, determining its strategic direction and ensuring compliance. Lucy Maguire, the founder and CEO, and Sophie Drysdale, the COO, report regularly to the board.

Recruitment, Appointment, Induction and Training of Trustees

Trustees are recruited with a view to filling any gaps in the expertise that we identify as important for a balanced and capable board. Before being appointed, all potential trustees attend one or two meetings as an observer, make a site visit to see the project in action, and meet with the Chair and/or the CEO to discuss the charity and the role of the trustees. Trustees are appointed to the board for a term of 3 years. Any person retiring as a charity trustee is eligible for reappointment.

OBJECTIVES

Nucleo’s charitable objects are to advance in life and help young people through: a) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; and b) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

Nucleo offers musical education and musical ensemble participation opportunities to children and young people, breaking down barriers to access by running our programme at no cost to participants.

The project is based in North Kensington, where 37.3% of children live in poverty.

Nucleo strives to bring together children from across the full spectrum of the local community, to work together towards musical goals.

Through our work, we aim to develop not only their musical abilities but also their personal and social skills, with the ultimate goal of helping to broaden their horizons and equip them to fulfil their potential as members of a community, and as individuals in whatever life paths they choose.

PLANS FOR FUTURE PERIODS

Our key objectives for the future are:

• To secure premises that are suitable for our growing programme in terms of facilities and location

• To establish an inclusive culture and continue developing more inclusive practices

• To ensure that diversity is a core value throughout the organisation

• To develop communications and continue building our reputation as a leader in our field To diversify funding streams and develop sustainable income streams, and increases in core funding and repeat or long-term donations

• To develop our board of trustees, ensuring that we are led by a governing body that reflects and can execute the vision of our organisation To continue supporting the professional development of our current teaching team, and to develop a programme for the training of top calibre instrumental and ensemble teachers who are knowledgeable in Nucleo's

• methodology and philosophy

• To develop a replicable model for the possible expansion of our project

• To consider growth beyond the current capacity of our teaching site and delivery team

• To continue to approach our outcome measurement in a more detailed and developed way

FINANCIAL REVIEW

Reserves Policy

Reserves are that part of a charity’s unrestricted funds that is freely available to spend for any of the following reasons. Nucleo maintains free unrestricted reserves:

• to provide a level of working capital that protects the continuity of our work

• to provide a level of funding for unexpected opportunities

• to provide cover for risks such as unforeseen expenditure or unanticipated loss of income.

The board of trustees will at times designate funds from free reserves for significant project costs or replacement of major assets.

It is current policy that a minimum level of reserves should be held equivalent to three months of running costs in order to be able to continue to provide a service to our beneficiaries.

Funding Sources

The principal funding source for Nucleo during the reporting period has continued to be grants from trusts and foundations. These can either be designated for general and ongoing running costs, or for the delivery of specific projects within the scope of our activities.

The board of trustees will review the above criteria with reference to Nucleo’s strategy and Annual Plan and determine the target level of free reserves to meet these criteria.

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Risk Management

The trustees recognise their responsibility for the management of risks faced by the charity (both financial and otherwise). A risk register is maintained by the Chair and reviewed annually by the board, or whenever an arising risk is brought to their attention.

Public Benefit

The trustees have had due regard for the Charity Commission’s guidance on public benefit and are confident that the activities of the charity provide current and on-going benefit to the public.

At present, the greatest risk to the charity is the human resource risk that arises due to significant dependence on key members of the delivery team. The charity plans to mitigate this over the coming years by building, developing and training the team in order to reduce this dependence. As we grow we are cognisant that space is an issue and so we are actively engaging with other institutions to source larger premises.

REGISTERED COMPANY NUMBER: (England and Wal•sl REGISTERED CHARITY NUMBER: 116932B Report of th• Trust••s and Unaudlted Flnanclal statgmgnts fortho Yoar Ertd•d 31 Auoust 2022 for The Nu¢lo0 Prolact Blackwood Futcher & Co. Chartered AC￿UntantS 9 St George's Y8rd Farnham Surrey GU9 7LW

The Nuel¢o prO￿¢t Contents ofthe Flnanclal Statsménts for thè Year Endod 31 August 2022 Pa99 Report of the Tru8tee8 Ind•pondent Examln8rf8 R•port Statement of FlnJn¢lo1 Actlvlll•8 8alance Sheel Notè$ lo tho Finan¢i41 Statsmonts 5 to 9 O•tallod 8latgm?nt of Flnanclal Acllvlll•$ 10

Th• Nucl￿ Project Report oftha Trnsta for11T• y￿rEnded 31 Augu8t2Wd2 Thè tsustaes who are 8180 dlrectorn of the charity f¢r tha purtxxes of the CompanTe8 Act 20C6, weeenl thelr report wllh lh& finandal statements of Ihe for tho year ondod 31 August 2022. The trusl88s 8doptsd Ihè p￿S1￿n8 of Acojunllng and RoForlng by ChaA￿e6.. Statement of Recommended Prpdc8 8ppllc4bte to ¢harltlès w•p#rfng thelr attounts In a¢eudonco ￿ the Flnanckgl RepO￿rtg StsndoAI 8ppIILyb￿ In UK and Republ￿ of Ireland (FRS 11r21 leffecfve 1 January 20191. FINANCIAL ReviEW Reswves pollcy R￿￿$$ Ihal part ofa charfV3 unre¥trtded fund9 Ihat Is fr••ly ava11bbl• to 8wd on any ofthg charftyb purp)808. The Nudeo ProJ8Ct rDBlnthlns fmb unrestlctsd rese￿$.. - to provlde h of worklng ¢&￿ts1 th81 protscta tha o)nllnutyof ourw)rk - to provlde a level offijndlng forunèxp8Ct8d OPPDrtunlU88 -to PTDvlde wforrfsks such as unforeu8en expenditure OT unant1d￿1¢d oflnojme. The bohTd of tntstees ￿11 review lh8 abtsva C￿tart& wlth raference lo The NU￿￿ ProJecf8 and Amnual Ptan and dstermln8 tho law level offree r918NO8 lo mÈ•t thaso. Tho board of tw8tses ￿11 8t ￿M$S d88lgn8to thjnds from BO reBTh¥ for ￿gnIfi09n1 pro￿￿ (¥)st8 or replacement of rn8lor8gBg1s. CurrgnlFy Tha Nudeo Project elm3 to hold a mlnlmwn level of r￿arveS equfvatont to three morth ol wnnlng ￿819 order to be 8tA8 tDrAJnUnuè to Wd8 a S8￿Ce to our bengfidarfqs. 8TRUCTuR￿ (IOVERNANCEAND IIANAGEMENT aowmlng dooum•nt Tho charty 19 cthroi18d by Its govon¥ng (b)wmnt. a d9&J al t￿￿1, and con8Itute8 a llmlted c¢mp#ny. Ilmltsd ty gugr8rt80, 08defin•J tylhe CompanlesAd 2QO& REFERENCE AND ADhllNISTRATIVE DETAIL8 R•gl•tsr¢d ¢rynpany numbar (Enql8nd and wa￿8) Regl•t•Md Ch•rlty nurnbor 1169328 ROO￿ter•I offl¢0 1g6 Fraston Road Lond WI08rr MB I C Brunn8r S R•wbec S Hemior Mts J C4m•ron Ireelgned 10.12.21) M$ N K8yfr1opFdThtsd 13.12.21 Ind•pendoDt Ex¥mln•r l R Futdw FGA In5UbJte ofCI￿rt￿r0dAf￿￿unt8Trts kn Eng￿nd and Wa 8Wvood Futther & Co. Chartered Aco)untants 9 St GeorgeB Yard Famh&m Surrny GU97LW Approvad tycrfderoflhe board QftruBt￿ on........... .......... 3 .. and 8knied on It8 bthgwty.. PagD 1

Indèp•nd•nt Examln8¢s R8POrt to the Tru8tses of Tho Nucleo Project Independent examinaV8 report to the trustse8 of The Nucleo Prolect Ilhe Company? I report lo the charity trustees on my 8X8mination of the accounts of the Company for the year ended 31 August 2022. Respon51bllltl88 and ba515 of roport As the charity's trustees of the Cornp3ny land also its diwtors for the purFK)585 of eornpany lawl you ar8 r85POn5iblè lor the p￿paration ol the accounts in accordance with the requirement5 of the Companies Act 2006 Ilhe 2006 Acl'l. Having satisf18d my88W that the accounts ol the Cornpany are not reoulred to be audited under Part 16 of the 2006 Act and are eligible for independent examinatbn. I report in ￿pect ol my examination of your charills acix)unls a5 carri8d out under sectlon 145 of the Charitie5 Act 2011 Ilhe 2011 Ael'l. In carrying out my examination I have followed the DlrectK)ns giv8n by the Charity Comrni85ion under 88clion 145151 Ibl ol the 2011 Act. Ind8pendeD¢ examlnerfs 8tatoment Since your eharity's gros5 in(x)me exceed8d £250,CA)D your examiner musl be a member of a Ilsled body. I can ¢onfimi Ihal l am qualified lo undertak8 the examin8tion becau88 1 am a registered member ol Institute of Chartered Accnunlants in England and Wa18s whlch is one of th9 lislgd bodi85. I hav8 comp1818d my examinalion. I conllrm that no matters have c4Jma tts my atlentlon In ¢y)nnecth)n wlth the examinatK)n giving me cause lo belleve.. 8(xounlino records were not kept In respect ol the Company as requSr8d by $8ctk)n 386 01 thè 2006 Act., or the accounts do not accnrd wllh thos8 r8cords,' or the accounts do not comply with the 8ccounting requirgments of 88ctlon 396 of the 2006 Act other Ih8n 8ny requiremant that the accDunl$ glve a true and falr view which Is not a maller consldered as p8rt of an independenl examlnalion", or the accounts have not been prepar8d in 8ccord8nc8 wlth the methods and prlnclples of the Slal8m8nl ol Recomrnended Practice for acwunling 8nd r8POrting by tha￿118$ lapp11¢8ble to ¢h8rilies prepadng Ihelr accounts in accordance with the Finono81 Reporting Standard appllcab18 In th8 UK and R8publlc ol Ireland IFRS 10211. I h8v$ no concems and h8V8 comg across no other mallers In conn¢ollon wllh thè examln#llon lo whlch allenllon should be drawn in this report in order lo enable 8 propèr und8rs18nding of th8 account8 lo be reached. JIXJ l R Futcher FCA Instllule of charter￿ Aecounlants In England and W8le8 Blackwood Fulcher & Co. Chartered Account8n15 9 Sl George's Yard Famham Surrey GU97LW Datg., Page 2

The Nucleo Project Slalem8nt of Financial Activltles for the Y&ar Ended 31 August 2022 31.B.22 Total funds 31.B.21 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 308,660 140.066 448,716 477,039 OthÈr in¢ome 4,773 Total 308,680 140,056 448,716 481,812 EXPENDITURE ON Charflabta actlvi118g 142,802 67.326 210.128 134.007 Support wst8 102,834 166,213 269,047 239.834 Total 245,63e 233,539 479,175 373.841 NET INCOMEIIEXPENDITUREI 63,024 193,4831 130,4591 107.971 RECONCILIATION OF FUNDS Total fund8 broughtforward 134.963 97,680 232,643 124,672 TOTAL FUNDS CARRIED FORWARD 197,987 4,197 202,184 232,643 The Tr)le8 form p8rt of thase flnandal statements Page 3

Thg NU￿ ProJoGt Balanco 8hoot 31 Augu•t2Wd2 31A.22 Total furkds 31ffj.21 Total fiJnd8 Unrestdcted Re8trtcted fund bjnd Nolo9 FIXED A88Era TongllAe8wts 2,870 6,618 4,032 cuRREP￿ ASSErs Debtcr8 C4¥h al bank 3.941 196,627 4,191 470.372 1￿le 229.569 271745 200,568 2n.995 474,563 231,18S CREDITOR8 Arnounts dU8￿1n ¢ffl• year 10,2511 1224,5461 1229,7971 (2,574) NETCURREfrIT A88ET8 795,317 49.449 244,766 228,611 TOTAL ASSET8 LE88 CURRENT UABIUTIES 197,987 53,395 261,382 232.643 CREDITORS Amounts falllng due aftor mom than 4)n•y•8r 149,1981 149.198) NEfA88ET8 197,987 4,197 202,184 232.843 FUND8 UnreBtrfct¢d fund6 R•8MGt6d fund8 io 197.987 4,197 134.963 97,680 TOTAL FUND8 202.184 232,643 The dwrftebl8 wrnpany la •nlUad to •xemplon from audll ￿dIr 8o¢ikfi 47T ol Ihe Comwn$98 A¢t 2008 for tho y￿r ded 31 Augu$12022. Th& memb8rn have req￿red thg el>Mp￿ to obleln an audll ol It8 finandd statements lor lh• yggr 0nd￿j 31 AuguBt2022 kn acc0rd9nco￿1h $8ctlDn476 oftha thmp•rbl•s Act 2006. The IrustèeB ackftowledgo t1￿￿r reBponBlblllUe8for angurlng thbt tho chorttable c¢mp?Thy 4co)unUng rwd$ that C4JmP￿ th sectlons 386 awwj 387 of Iho Comp8nle8 A¢t2008 gnd prepa￿n9 finandal 8t8tsment8 whlch gfve a tNe and tslr ¥tst¥ ofAff*lr9 ofth• chaTlloble comw Ot th• end of each fin&ncLql year gnd ol 8urplu9 or doflclt for eBch fjnendal yeBr In K¢ord8nc• ￿1h tho ulremen19 of Sectlons 394 and 395 and vA)kh olhorw190 wmply wjth the rnqulrements of tho Comp3nl88 P£t 200e rel)Yng toflnandal 6laiements, 8ofaras8pp¥cabl8 tothe th#rilAtA• conyny. Ibl These finHnc4#1 st8t8m8nts hava been pTrpar&J In awdan¢• th the provWonB Bppltethle bj dJJrftabl• c4)mpanle8 bjactto Ihe 8mo11 cornpanloB rnglme. Thè ncla 8taternents We￿ approvod by ￿ Boord of ThiotooB authoriBOd tr 19 ond ￿re 8lgn8d OTh 5ts behBifby.' The note8forrn partoflho9• finand•l statements Pagg 4

The Nucleo Prol8¢t Notes to the Flnancial Statements forthe Year Ended 31 August 2022 ACCOUNTING POLICIES Basls of pr•paring the flnaneial statements Th8 financial staternenls of the charflabla company, which Is a public b6nafil 8nlily under FRS 102, havo been epared in accordance with th$ Ch8rili&8 SORP IFRS 1021 'Accounllng and Reportlng by Charfues.. St8t8m8nt ot Recommended Practlce applitsble 19 charities preparing thelr attounts In accordan￿ wlth the Finan(x81 Reportlng Stand8rd appllcable In Ihe UK and R8public of Ireland IFRS 1021 leffe¢tSvè 1 January 2019y, Flnanci81 Reportlng Standard 102 'The FInan￿￿1 Rgporting Standard appllcable In the UK and Republlo ol lieland. 8nd the Companies Act 2006. The fin8nryal slatemènls have been prepared under the hlstorical cost con￿ntion. Incomo All 5ncome is recognised In the Statemènt of Flnanclal Activlli88 once the charity has enullgmenl to the fund8. il is probable that tha income will b8 recèlvod the 8rTh)unt can be measur6d reliably. Expendlture Liabllllles are re¢xonised 8$ &xpendlture as soon 8$ ther8 is B I￿81 or conslruclive obllg8tlon commitllry thè charlly lo that expenditure, 11 Is probable Ihal a transfer of econornlc benefits wlll be required In setuemenl and tho amount of the oblFgalion can be measvred rellably. Expendlturè 1$ 8ccount8d for on an 8￿ru81$ basis and has been classified undar he8dlngs Ihal aggr898te all cost related lo the calsgory. Wh8r8 costs cannot be dl¥eclly attributed lo partl¢ul8r headings they have bean allocated to aollvllles on 8 b8sls conslslenl wllh th8 use ol rssour¢es. Tanglbl? flxgd a88et8 Depredation Is provided at thg followlng annual ral05 In order to wrlle Off each essel over 118 esllmaled u8eful Plant and m8chlnery Computer equlpment 25% on cost 25% on cost Taxatlon The charlly Is gxtmpl from corpor8Uon tax on Its ¢horllable aplivltlo9. Fund accovnllng Unraslricted fund8 can be used Sn accordance wllh th8 chorftsbk8 oblecliv89 8t tho d18Grelion of the Iru81e8¥. R8slrlcled funds ¢an only be used for partlcular raslilct8d purposes h￿thIn the objects of tha chartty. R8slrictlon$ 8rlse when spèclflg(S by Ihe donor or when funds 8r8 r818ed for partlcular restrlcled purpos￿. Further èxplanatlon ol the nolurg eTrJ purpose of e8¢h lund Is Included In the rKJtes to tho financl81 slatemants. Ptnslon co8t8 and other p08t.r•tlrnrnont bgnefit8 The charilobltr company operates a ijollneil Con(rfi￿t￿)n pen84on scheme. Contrlbullons pay8blo to tha chRritable wmpanys penglon schemo 8re charged lo the Slalement of Fin8nclal Actlv+tles Sn th8 pedod to whlch they relate. NET INCOMEIIEXPENDITUREI Nat incomellexp6ndllurel is stated 8fter ch8rglngllcredlllngl.. 31.8.22 31.8.21 Depreclalkjn. owned &5sets 1.975 1,365 Page 5 eontinU8d...

Th8 Nucleo Prola¢t Notes to the Flnan¢ial Statements. contlnued for th8 Year Ended 31 August 2022 TRUSTEES, REMUNERATION AND BENEFITS There wgre no trusl8e8' remuneratlon or other benefits for the y8ar onded 31 August 2022 mr lor Ihe y88r ended 31 August 2021. Trustsgs, expenseg Thort were no tru¥lees' expe￿0$ paid for the year &nded 31 August 2022 nor for Ihe year ended 31 August 2021. STAFF COSTS Th8 B￿r￿ge montNy number of employees durlrrfJ the yearwas as follows.. 31.8.22 31.B.21 No amployeè$ recefv8d emolurn8n18 In ex¢g$3 oi£eo,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AGTIVITIE8 Unreslrlcled fund Raslrfcled fund Total fund$ INCOME ANO ENDOWMENT8 FROM Donation$ and legaclgs 393,471 83.568 477,039 Other Income 4.773 4,773 Total 398,244 83,668 481,812 EXPENDITURE ON Charitable acUvilie8 79.878 64.329 134.007 Support ￿8t5 239,834 239,834 Totsl 319,512 $4,329 373,841 NET INCOME 78.732 29,239 107,971 RECONCILIATION OF FUNDS Total funds broughtforword 56,231 68,441 124,6Y2 TOTAL FUNDS CARRIED FORWARD 134,963 97,680 23Z.643 Pagè 6 CL)ntinued...

The Nucloo Project Not85 to the Flnancial Statements. contlnued for the Year Endèd 31 August 2022 TANGIBLE FIXED ASSETS Plant 8nd rnachlnery Computer equiprnenl Totals COST Al 1 September 2021 Addit￿nS 5,558 5,558 4,559 4,559 At 31 August 2022 4,559 5,558 10,117 DEPRECIATION Al 1 September 2021 Ch8rg& for year 1,526 1,391 1,526 1,975 Al 31 August 2022 684 2,917 3,501 NET BOOK VALUE At 31 AuguBt 2022 3,975 2.641 6,616 Al 31 August 2021 4,032 4,032 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8,22 31.8.21 Other deblorB PrepByments 250 3,941 400 1,216 4,191 1,616 CREDITOR8,' AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.22 31.8.21 Trade crgcSllor8 her credllors Deferred Income Accrued expgn$e8 2,804 607 224,546 2,040 594 1.980 229,797 2,674 CREDITORS., AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.22 31.8.21 Dolerred Incomo 49,198 10. MOVEMENT IN FUNDS movement In funds Al 31.8.22 Al 1.9.21 Unrostrictod funds General fund 134,963 63,￿24 191,987 Restrl¢ted fund$ Resldclad 97.680 193,4831 4,197 TOTAL FUNDS 232,643 130,4591 202,184 Pag8 7 continued...

The Nucl•o Prole¢t Notes to the Flnanclal Statements- contlnuèd for the Year Ended 31 August 2022 10. MOVEMENT IN FUND8- contlnu•d Nel mov8m8nt in funds. Included In thè above are as ltsllows.. Incoming Resoureès axpènded Movern•nl funds Unrestrlcled funds General lund 308,660 1245,6361 63,024 R•$tricted funds Restricted 140.056 1233.5391 193,4831 TOTAL FUND8 448,716 1479,1761 130,4591 Comparatlvos for mov¢mgnt In fund$ Nel movèm8nl In funds Al 31.8.21 Al 1.9.20 Unregtrlcl•d fund¥ Ggneral fund 56.231 78,732 134.963 RgBlrlct•d fund• R8strict•d 68.441 29,239 97,e80 TOTAL FUND8 124,672 107,971 232,643 Comp8rellve nèt movoment In funds, Indud8d In the above ere as follow8.. In¢omlng resources Resources exp9nd8d Mgvernenl In fundg Unr•strlcted fundB General fund 398,244 1319,6121 7B,732 Restrlctèd fund• Reslrlcled 83,668 154,3291 29,239 TOTAL FUNDS 481.812 1373.8411 107,971 A currenl year 12 rnonlhs 4nd prior year 12 months coMbi￿d poslllon 1$ as follows.. movernenl in funds Al 31.8.22 AI 1.9.20 unr8strlct￿ fvnds Gèneral fund 58,231 141,766 197,987 RestrS¢led fund8 R6strrcled 68,441 {64.2441 4.197 TOTAL FUNDS 124.672 77,512 202,184 Page 8 conllnued...

Nucleo Project Note8 to the Flnanclal Ststements. continued forthe Year Ended 31 August 2022 10. MOVEMENT IN FUNDS- contlnued A cvrrent year 12 months and prlor year 12 months combined n8t rnovement In funds, l)dudèd in thg above aro as follows.. In¢oming e50urces R880urces XP8nded m0￿Ment in funds Unrestrlcted funds General fund 706,9 1565,1481 141,756 Restricted fund8 R88trlcled 223,624 12e7,8681 164.2441 TOTAL FUNDS 930.528 1853,0161 77,512 11. RELATED PARTY DISCLOSURES N Kaye 1$ a trust¢0 ol Sistema England Ltd. whlch donale(J £250,000 durln9 year, P8g8 9

The Nucl￿ Project DÈtslled Ststement ol Flnan¢lal A¢tlvltles foi the Year Endèd 31 August 2022 31.8,22 31.8.21 INCOME ANO ENDOWMENTS Donatlons and l•gacles Donations Gift ald 432,781 15.935 463,145 13,894 448.716 477.039 Other Income Job retention schèma 4.773 Total In￿mIng resou￿¢8 448,716 481,812 EXPENDfYLIRE Charitable *lvllle• Teachlng foes In81rumenls 8nd reloted costs Bad debts Hall $nd ev8nl hlre Tlekgts and trips Repairs 8nd renewals Stor8g8 133.337 21,54S 103,116 19.79S 70 5,909 750 15 3,852 27,798 21,872 2,149 3.427 210.128 134.007 Support costs Support 8tsff P6nslon8 Insurance Acwunlancy T8lephon• Postage and Blallon8ry Advertlslng Sundries Tralnlng Profession81 fees Bank ¢hargGs Compuler expense$ Rent Consultancy fo89 SubscrlplFon8 180,046 3.225 1,885 3,030 92 497 873 216 8,528 24,840 18 4,451 19,016 19,200 1,155 174.680 3,137 1,788 4,003 1,176 140 1,122 216 17,520 4,498 10,(M)O 19,200 596 267.072 238,469 Other Oepreclallon of tangible fixed assets 1,975 1,365 Total resources exp&nded 479,175 373,841 Net la¥penditure)Iln¢omè 130,4591 107,971 Thls p8ge does nol part ol the stalutw fln8ncial statgmenls Page 10