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2023-08-31-accounts

Annual Report For the year ending 31st August 2023

Charity Number 1169328

Table of Contents

02

03

05

11

12

Charity Information

Letter from the CEO

Year in Review

Activities

Performance and Achievements

Impact 14

Structure, Governance 18 and Management

19

Objectives

20

Plans for Future Periods

21

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

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Organisation Information

Charity number 1169328

Trustees

Stephen Hermer; Jerome Raphaely, Mark Lockhart, Theodora Baron

The trustees who served during the period under review were: I C Brunner, S Hermer, N Kaye, N Minors, R Pfende, S Reasbeck, C Wuillamie

Key Management

Lucy Maguire (CEO)

Sophie Drysdale (COO)

Registered address

196 Freston Road, London W10 6TT

Mailing address

Unit 503 Pall Mall Deposit, 124-128 Barlby Rd, London W10 6BL

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 CEO

This was a big year for Nucleo – our tenth anniversary!

We have come so far since starting out with our first “orchestra” rehearsals in 2013 (in quotes because, back then, our so-called orchestra was two violins, one viola and one trumpet)! In those early days, when “Nucleo” just meant me and a small-but-growing handful of kids, supported and cheered on by their families, we used to talk about what we wanted to build together for our community – how as the first Nucleo generation, they weren’t just there as students learning, but also as Nucleo’s founders and leaders, who were creating something that hadn’t existed before. Something that we hoped, one day, would be important to a lot of people.

Ten years later we have a thriving programme of 450 students, a team of staff, an office, 15 freelance music teachers, a six-figure budget, and a waiting list of over 200 children. In early 2022, we were entrusted by the former Sistema England with their national remit and programmes, and we now run the national Instrument Donation Bank and the Young Leaders Programme. We delivered the Young Leaders camp for the first time in October 2022, to great feedback from both staff and students – you can read further detail on this in the report! The 10, 11 and 12-year-olds from our first orchestra are young adults, out in the world working and studying (in some cases even working at Nucleo!), and the first members of our 3, 4 and 5 yearold groups are teenagers, some of them now leading our most advanced ensembles. Since we started, our local project has had six different homes! (We are lucky now to be based in the large and beautiful buildings at Essendine Primary School.) Year-on-year, we have honed and reshaped our programme to meet the needs of our students as they grow and learn. We now run classes and ensembles at 10 different levels and age-groups, as well as individualised programming for students whose needs are not fully met in the group setting, and our Traveller Programme delivered at Oxford Gardens Primary School which provides in-school music lessons for students from our local Traveller community.

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Over the past decade, Nucleo students have had many musical successes – exam results, performances, and entry into national orchestras such as the National Children’s Orchestra, National Youth Orchestra, and Chineke! Junior Orchestra. Many of our most advanced students combine their Nucleo ensemble programme with Saturday studies at the Royal College of Music Junior Department. A few students have won music-based bursaries to attend private schools. These musical achievements were showcased at our 10th Anniversary Concert, held at Opera Holland Park in June. However, what audience members mention most after a Nucleo concert is the feeling of energy, community and joy. For the last three years, we have collected student questionnaires as part of our impact evaluation framework, and each year our students report that they are proud to be part of Nucleo, and that they feel a sense of connection to others here. When we ask them to tell us about their Nucleo experience, they rarely mention their musical achievements – they talk about the people they care about and the relationships they have built. Very often, they use the word “family”.

Looking back over the past ten years, I hope those first young musicians feel proud of where they have led us so far. Thinking back on some of their goals for Nucleo, we’re not doing too badly - we still don’t have “a gold flute”, but we did “get better at playing”, and we have “more instruments”, “more rooms”, “more teachers”, and definitely “more kids”! (We also don’t have “orchestras like this in the whole country”, but we’re not finished yet!) And although today’s Nucleo kids have a much bigger, more developed programme than that first generation, I hope they remember that they too are not just learning but also leading at Nucleo - representing their community, working together to create beauty, and building the future.

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As well as looking back, this has been a year for looking forward, and planning where Nucleo will go next! We have been focusing on organisational development, growing our capacity, and beginning plans to expand our year-round delivery beyond our current single-site community programme. We have put a lot of thought into how Nucleo will grow, and what we will need in order to do so. We have been thinking about organisational structure and culture, board development, and team capacity. A major milestone of this year was the appointment of a Programme Director, taking over the “on-the-ground” leadership and administration of our community programme! This means that my own focus, besides teaching, is now on the organisation as a whole. It also enables us to envision how multiple programmes, each with their own Director, could operate in the future. This next year is one of preparation, internal development and gathering organisational strength, equipping ourselves to take the next steps forward. I cannot wait to see what the next ten years will hold!

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Year in Review

2022-23 has been a year of growth, change and challenge at Nucleo. We’ve had a milestone anniversary to celebrate, new projects to deliver, and more new students to teach than ever before.

Behind the scenes a lot has been taking place to shape Nucleo into an organisation ready for the next phase of its development. Over 500 children and young people have been a part of Nucleo’s programmes over the last academic year, and it’s been a huge privilege, joy and challenge to help them all along their musical journeys.

Our Beneficiaries

Nucleo’s community programme now works with an incredible 447 children and young people. As always, September was the busiest time for enrolment, with other new students joining us after this as spaces became available. Despite accommodating more students than ever, there were still 260 children and young people on our waiting list at the close of this school year. We cannot meet this level of demand in our current form and so are currently considering how best to address this evident need.

Nucleo continues to serve a diverse community in which a high proportion of children are socially disadvantaged. We collect family information at enrolment, which gives us some insight into who is accessing our programme.

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Enrolment data, 22-23 community programme

Our data for the last year tells us the following about our 447 students

(previous year’s information also provided for comparison)

% in 2022-23 % in 2021-22
aged 0-5 17 30
aged 6-10 56 49
aged 11-15 24 19
aged 16+ 3 2
from Kensington & Chelsea 37 38
from Westminster 25 21
from Brent 17 19
from Hammersmith & Fulham 7 9
from Global Majority backgrounds 79 82
of Black African/African-Caribbean heritage 34 35
from the most deprived 20% of
neighbourhoods according to the IDACI		 50 49
from the most deprived 50% of
neighbourhoods according to the IDACI		 85 89
receiving Free School Meals 46 37
living in social housing or homes in receipt
of housing benefit		 51 46

38 children and young people took part in our national Young Leaders Programme, which is reviewed on p10.

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Celebrating 10 years

Nucleo reached an amazing milestone this year – we are now 10 years old! When we began in 2013 we had one volunteer and four students. So many have joined since then, and a small number has been with us for almost our whole existence! Many of our students continue with Nucleo throughout much of their childhoods, and for them this milestone has especial importance. Here are some reflections from students and parents who have been with us long-term:

‘To me Nucleo isn’t just a place where you learn to play the flute or the trumpet. It’s also where you get together with friends and for me now, they’re basically family.’

Nucleo student, aged 10

‘We are a community, a family with very very strong bonds. When we first started coming, Lucy did everything on her own and the mums help. That’s it. And it was madness. Madness and genius at the same time!’

Nucleo parent

‘I originally went there with my tiny recorder and they were like, you can’t have this in orchestra. So they gave me this flute. It was still like a kids’ size flute, but it was so long, I couldn’t even reach the end of it, so they had to give me a mouthpiece that like swirled around. It was all really new and exciting, and I just remember being really excited and ready to start a new instrument and have lots of fun.’

Nucleo student, aged 16

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It was a real joy to celebrate our 10th anniversary with a very special concert on 20th June at Opera Holland Park. We started the evening with a performance by all the Nucleo brass and percussion players—ranging in age from 5 to 20 —led by our two most senior trumpeters. In honour of our spectacular venue, our musicians had the opportunity to perform with five professional opera singers and a guest conductor. Another highlight of the evening was the concerto performance by this year’s Senior Concerto Competition winner, a 17-year-old violinist who played the first movement of the Mendelssohn violin concerto.

Towards the end of the evening, we enjoyed the premiere of What a Beautiful Life, a piece composed by a Nucleo graduate, also 17, a former Nucleo cellist and National Youth Orchestra member, to commemorate our anniversary. It was incredibly special to have a piece written about Nucleo, by a student, for our students. We look forward to performing this piece again, and perhaps to playing even more Nucleo student compositions in future.

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Nucleo goes national

Following our merger with Sistema England, Nucleo is now officially a national organisation. While our day-to-day work remains heavily centred on the community programme in London, we are also now delivering two national projects, both originally established by Sistema England. From 23 to 26 October 2022, 38 young musicians joined us from across England to take part in Nucleo’s first ever Young Leaders

programme at the Pioneer Centre in Worcestershire. As with our London programme, we prioritised access for socioeconomically disadvantaged young people, a group who often have fewer opportunities to develop their leadership skills. It was an actionpacked few day of rehearsals, classes, improvisation workshops, adventurous outdoor activities and even a campfire. Here’s what some of our Young Leaders had to say about it:

What have you gained from the experience?

“Confidence and learning that mistakes happen and I should not shy away from the difficult tasks ahead.”

“I have definitely gained a lot of social skills, and I’ve managed to face my fears and do things I didn’t think I’d be able to do before.”

What was your favourite part?

“Being able to lead the orchestra for the first time. It was so much easier than I had expected and I enjoyed every single part of it and would 100% love to do it again!”

“Making new friends and getting to experience new music and culture I haven’t before. The adventure activity was also really fun.”

Having attended Young Leaders, what do you feel you can give back to your local musical community?

“Encourage others to be proud of the instrument they play and have the confidence to teach music.”

“One of the best leadership qualities I’ve learnt is not telling people how to do things, but showing them ways to do things. It’s not an instruction, it’s a suggestion.”

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We were absolutely thrilled to read these comments in the post-event surveys, and to know that we had a genuine impact on young peoples‘ personal development. Our pre and post event surveys asked every participant how they felt about their abilities in 14 different areas including listening skills, working with others, creativity, leadership and self-confidence. Most students rated themselves as having improved in every single area, with the most significant improvements having taken place in the understanding leadership and confidence in leadership domains. Additionally, young people felt that their courage, self-confidence and resilience had increased markedly. We also gathered feedback from our participants on how we could improve our events in future.

Instrument Donation Bank

We’re also pleased to report that things are also taking off with the Instrument Donation Bank. This is run by one very dedicated volunteer at present, with staff pitching in to help with collection and distribution of instruments. Since its inception over 2,500 donated instruments have been redistributed to young musicians who needed them.

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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:

Instrumental and ensemble teaching

Ages 3-4

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

Musicianship teaching

1 session per week for all students – classes focused on musicianship, musical literacy and music theory. For students aged 0-2, this is a parent/carer and baby class.

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.

Ages 7+

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

Scholarship programme

1 session per week – additional individual or paired instrumental lessons offered to around 30 students each year who demonstrate particular potential and a high level of commitment.

All students who have begun learning an instrument, at least 1 performance per term.

Traveller Programme

A programme of weekly in-school lessons offered to primary-aged children from North Kensington’s Traveller community, delivered at Oxford Gardens Primary School.

Individualised Provision

Individualised Provision (IP) programmes are bespoke activity plans created for students whose needs are not met within our ensemble programme - often, though not always, students with Special Educational Needs, or with mental health or behavioural challenges. Some receive IP as a supplement to the ensemble programme, while others only attend IP sessions.

PERFORMANCE & ACHIEVEMENTS

Organisational Update

– Successes and Challenges

Nucleo’s success to date is largely down to the passion and commitment of a small team, and one person in particular, our founder Lucy. We were absolutely delighted Lucy received recognition this year, in the form of an MBE in the 2023 New Year’s Honours List. From modest beginnings, she has worked tirelessly to grow Nucleo into the organisation it is today, to the benefit of hundreds of children and young people, their families and our wider local community.

As remarkable a story as it has been so far, without more of the right people on board there are limits to what even the most committed teams can achieve. Our founder has long had a national vision for Nucleo, but scaling an organisation like ours requires the energy and expertise of a larger

team, and guidance from people with experience in organisational growth.

On 31st October 2022 we were delighted to appoint Christiane Wuillamie OBE as Chair of our board. Christiane is a highly successful entrepreneur and business transformation expert, and brought a valuable skillset which she put to great use in her year as Chair. She worked with our senior team to set out a clear vision and mission for Nucleo, to define our organisational values and to develop a strategic plan that outlines what we are aiming for in the next five years and the key deliverables that will underpin this. Board development will be a critical component for Nucleo’s continued success and growth, and Christiane worked with us to bring this area into focus.

Alongside the board of Trustees, we are also grateful for the expert support of Nucleo’s Advisory Council, a group of people with an impressive array of knowledge and skills whose guidance and insight we are very fortunate to have at our disposal.

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We will also need to increase our staff capacity to achieve our strategic plan. This will be a gradual process, as we work to develop the mutually dependent areas of financial and human resource, but it is already underway with one particularly significant step taken this year. In June 2023, we filled the critical post of Programme Director, appointing Francis Gagliardi to the role. This appointment will help to relieve our CEO of day-to-day operational duties at the community programme, enabling a stronger focus on strategy. After 10 years, this is no small transition, and the CEO and Programme Director will work closely together in 2023-24, with the aim of complete handover by 2024-25.

Nucleo steps into the 23-24 year with renewed focus, a new strategy and an energised Board to take it forward. It is an exciting moment of change and challenge, and we are looking forward to the developments that lie ahead. As we take on this new work, it is important to recognise how far we have come and what this has meant for the individual children and young people we work with, and to acknowledge all those who have helped us on our journey so far.

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Our Impact

This is the third year of our evaluation programme, designed with Sound Connections. Our summary Impact brochure for 2022-23 is the culmination of this year’s research, and is available on our website.

Each year’s findings provide fine-grained insights into student attainment in musicianship and performance, aiding us to further develop the programme to meet student needs. The accuracy of attendance reporting has also been improved, enabling us to identify students and groups of students who need further support to attend regularly.

Our latest (2022-23) findings demonstrate that:

15

ACCESS AND INCLUSION

During the period of reporting:

79%

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

46%

of the children enrolled receive Free School Meals

*We use the phrase Global Majority since Black, Indigenous and people of colour represent over 80% of the world's population.

Students attend more than different schools and speak over 90

different languages at home 40

50%

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

ATTENDANCE

*Based on English Indices of Deprivation 2019

In 2022-23, attendance at the programme was high, with some students even attending more sessions than they are required to!

----- Start of picture text -----
100
80
60
40
20
0
(Attendance percentages calculated from 22-23 registers)
Purple Yellow Orange Green Superstrings Wonderwinds Top Brass Stripes JSO SymphonyInstrumental lessons Musicianship
----- End of picture text -----

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MUSICAL EXCELLENCE

5

During the period of reporting:

students gained entry to and / or took part in an elite programme such as RCM's Junior Department

447

33 students passed an ABRSM exam 108

children and young people received a free music education

children and young people accessed our programme for the first time

ASSESSMENT OF MUSICAL PROGRESS

Teachers assess students twice a year using a framework of 68 levels. Levels up to 17 represent smaller beginner milestones, with later levels corresponding roughly with each ABRSM grade, where each grade has 6 sub-levels. As a guide, a student working at level 35 is playing at Grade 3 Level, and a student at level 45 is around Grade 5.

----- Start of picture text -----
Number of students at this level
----- End of picture text -----

Student’s current working level

17

SOCIAL ACTION THROUGH MUSIC

During the period of reporting:

EVALUATION OF SOCIAL AND PERSONAL SKILLS

Students are proud of their achievements at Nucleo, which have helped to develop their confidence, courage and resilience:

“I am proud of being able play confidently in front of other people”

“I am proud of playing in the concert even though I just started percussion”

They can recognise that their own efforts are crucial to success, as well as appreciating the input of their teachers, meaning that learning music at Nucleo supports their personal skills such as self-efficacy as well as teaching the value of community and mentorship:

“Nucleo has helped me to achieve by encouraging me to practise, motivating me and by showing me new techniques. I have helped myself by practising most days.”

Parents agree with this, in particular commenting that the confidence that their children develop at Nucleo radiates out into their everyday life, helping them to tackle challenges at school and at home:

“Being part of Nucleo has built up her confidence in speaking and presenting herself publicly.”

“[My daughter] is very confident when playing and I’m sure that helps with her confidence outside Nucleo too.”

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.

Nucleo’s community 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 further build our profile by developing our communications, upholding our reputation as a leader in our field, and expanding Nucleo’s network of supporters

To diversify funding streams, develop sustainable income streams, and achieve increases in core funding and repeat or longterm donations

To develop our relationships with schools and other local organisations, building partnerships for future collaboration and growth

To prepare our team for growth by bringing in additional skills and manpower, particularly in the areas of operations and development

To grow our board of trustees, ensuring that we are led by a governing body that brings varied skills and expertise, reflects our

organisation and can execute its vision

To pursue support for a pilot expansion of our community programme, and begin preparations for the same in collaboration with local partners

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:

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.

to provide cover for risks such as unforeseen

expenditure or unanticipated loss of income. 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.

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

Operating Result

Our income increased by some 44% and expenditure by 31% over the preceding year, resulting from an increase in participants in the core programme, our adoption of the Young Leaders programme, capacity-building to deliver a wider programme and the general increases in the cost of living. We made a relatively small surplus of £18,000 in the year.

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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.

Currently, a significant risk to the charity is insufficient fundraising capacity. The charity plans to mitigate this by building our fundraising team and recruiting fundraising skills to the board.

REGISTERECI COMPANY NUMBER.. CE025050 (England and Walè81 REGISTERED CHARITY NUMBER- 116932B Report of the Trustees and Unauditad Flnanclal Statements for the Year Endod 31 August 2023 for The Nucleo Project Blackwood Futcher & CoTr. Chartered Accounlanls 9 Sl George's Y8rd Farnham Surrgy GU9 7LW

The Nu¢leo Project Contents of the Financlal $14tements for the Year Ended 31 August 2023 Page R•port of th• Tru¥tees Independent Examlner'¥ Report Statgmtrnt of Flnan¢lal Activitlqs *lanc& ShaBt Ca$h Flow Stat•mont Note8 to the Cash Flow Statement NotgB to the Flnanclal Statem•nts 6 10 14 D•tall8d statement of FlnancSal Actlvltle8 15 10 16

The Nuc190 Prtsject Report of the Tru8tee8 for the Year Ended 31 August 2023 The Iruslees who aro a180 director# of the charlly for the purpos08 of Iha Cornpanies Act 2006. pr8sanl their report wllh Ihe ffnan¢ial statements of the charity for the y¢ai ended 31 August 2023. The trustees have adoptod the provision5 01 Accounting and Reporting by Charities.. Slalement of ReGommended Practice applicable to eh8rilie5 preparing their accounts In accordAn¢e wlh the Fln8ncial Reporting Slandard applicable in the UK and Republic ol I￿land (FRS 1021 leflective 1 January 20191. STRATEGIC REPORT Reserves polley Reserves are that P8rf of a charily'8 unrestrlclod funds thai l# freely available lo sp8nd on any ol the ch8rllls purposes. Th$ Nucleo Project maintalns Iree unreslrlcled resew88'. lo provlde a level of working Capital that protects thè conlinuily of our work to piovide a level ol funding fr)r unexpeeled opportunllles lo provldè cover for ri8ks such 85 unforeseen 8xpenditure or unanliclp8led loss of Incorne. The board ol Iruslees wlll rovlew tha above crllerla wllh r8f6rence lo The NuGleo Prolecl'8 81ralegy and Annual Plgn and delemiln8 the largot level ol free resetves lo meet Ihe6e. The board of Iru8lees will al limes d85ignate funds Irorn Iree reserves lor significant project costs or replacemonl ol major 88sels. Currently The Nucleo Project aims lo hold a minlmum level ol res9rve8 equivolenl lo three month8 of runnlng c051s in order lo be able to ¢onllnue lo provide a 8ervlce lo our ben8fiaaries. Mu•lcal Instrumeni8 Inslrumenls Ihal arè donated lo the N8lion81 Inslrumgnl Donation Bank are received fre8-of-charge. The InBlrumenl$ are receivèd In varylng condillons and il is dlfficull lo provlde an accurale value lor the items. The InBlrumon15 are d151rlbuled fr68-of-charge lo schools, charllles an(J other inslllullons, including The Nuclèo Project, for use by sludenls In their progammes, An esllma16 of the r8plaeemenl value of Inslrumenls dlslrlbuled In the yèar 16 £19,70012021122', £24,0￿1. Inslrum8nls provided lo students partlcipallng In the Charlll8 core programme$ m8y be replaced for largw-8ized Inslrumenl8 as studenls progress through the progrgmme and are relumable lo the Project al the end ol Ihelr partlcipalion. Instrumen18 can b8 In varylng condillons when relurnèd and are not valued In Ih8se accovn18 du8 lo the uncertalnly ol that valu&. Instrumen18 are Insured 01 an e8llrnalg of Ihelr second-hand replacement cosl of £85.700. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Tho charity 58 controlled by Ils goverlllng document. 8 deed of Iru$l, and conslllutes a Ilmlled cornpgny, Ilmited by guarantee, as defined by the Companle8 Acl 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglstgrèd Company numb•r CE025050 (England and Wales) Registered Charity numb&r 1169328 R&gistered ofllcts 1gfj Frestrjn Rtsad London W106TT Trusts Imogen C Brunner {r88igned 18.9.231 St6ven C Rtrasbeck {r$signed 1.11.221 Stephen Heimer Nina Kaye (resigned 18.7.231 Chrisliane Wuillamle lappoinled 31.10.221 Ireslgn6d 10.11.231 Nadia S Minors lappolnled 26.6.231 (resignèd 8.12.231 Rumbidzayl Pfende (appointed 26.6.231 I￿81gned 8.12,23} Stsphie Lew15 lappoinled 5.8.231 (resigned 9.10.231 Ma¥k R Lockhart lappcTrinled 8.12.231 Jerome D Raphaely lappoinled 18.9.231 Theodora Baron lappolnled 22.3.241 Page 1

Tho Nucl#o Project Report ofth• Tnxtego for th• Yoar Endod 31 Auou•t2023 REFEReNCE AND AOAINISTRATIVE DETAIL8 Inde￿ndent Examfnor l R Futther FCA Gharterod Accountants 9 St Georg8'8 Ya Famham sU￿8Y GLP3 7LW Report of the tru8te rporafjng a 8trategk report. 8ppro¥8d by order of th? board of tru8t¢e8, a8 th8 ttjmpwy .IX..%ok*......... and the bo8rd'B bohpwby..

Independent Examinerfs Report to the Trustees of The Nucl￿ Project Independent trxamTrner's report to the tn15tees of The Nucleo Project I'the Company'l I report to the charity Iru5te8s on my examinallon ol the accounts ol the Company foT-.he year ended 31 August 2023. Raspon$lbllltles and basls of report As the charity's trustee5 of the Company land also it5 diro¢lors lor Ihe puiposes of company lawl you are rosponsible for the preparalion ol the accounts in accordance wllh the r8quiremenls ol the Compallies Act 20061'lh8 2006 Acl'l. Having sa115fied mysell that Ihe accounts of the Company are not required lo be audiled uiider Parl 16 01 tliu 2006 Aol and are eligible for indopendenl examination, I report in respecl of rny oxaminalion ol youi chgrily's accounls as carri8(S out under Section 145 of the Charities Aet 2011 1'th@ 2011 Acl'l. In carrying out my examinatlon I have followed the Dlreelions given by the Charity Commission und8r Sgolion 145101 Ibl ol the 2011 Act. Indopendgnl examlnor's statement Sinco your charlly's gross inwme exceeded £250,000 your 6xatniner rrusl be a member of 8 lislod body. I can COn￿r that l am qualified lo und8rt8ke the examinallon because l am a merriber of the 11slilute of Charteiod Accounlanls in England and Walgs, which is one ol the listed bodlès. I have compbt8d my examingllon. I confirm that no maller8 have com8 to my allenlion in conn6ellon with th8 oxamlnalion glvlng ffle Cause to bellevo.. accounllng r8cords werg nol kept In rgsp9cI ol the Company as requlred by Secllon 386 01 the 2008 Act,, or th8 arcounls do not acrord wilh Ihose records., or the accounts do not comply with the accounting requlr6men18 01 Secllon 396 01 th8 2006 Act other than any quiremont that the 8ccounls give a Irue 8nd fair view whlch 18 not a maller considered 85 part ol an indèpend8nl examinallon., or the accounts have not been propaigd In accordanc6 wllh Ihg melhods Miiij prlnciples 01 Ilio Slcltament of R8commend8d Pr8cllcg for accounllriq and ropiirllng by cliarlllgs (ap￿li..￿ble tu charllles pr@P<idiig Ilieir 8ccounl8 In accord8n¢e vllh the Flnanclol Reportlng Standard dppllcable In Ihg UK aiid Republlc of Ireland IFRS 10211, I havo no concerns 8nd have corne across no other m£llgrs In connecllon with the examln8llon lo whlch allenllon should b8 drawn Iri thls rèport In order to ènab18 8 proper understandlTig of the acLuun15 to be rBaLhed. J}0 l R Fuleher FCA Blackwood Futehgr & Co. Chartered Ae¢ounlanls 9 $1 GeorgB'8 Yar(1 Farnham Surrèy GU9 7LW Dalg.. Page 3

The Nucleo Prolgct Statement of Flnanclor Actlvlties for the Year Ended 31 August 2023 31.8.23 Total funds 31.8.22 Tolal funds UnreslrlGled fund Rèsliicled fund Nctleg INCOME ANC* ENDOWMENTS FROM Donations and lega¢i8S 300,864 345,376 646,240 448,71e Inveslmènl income 560 Total 301,424 345,378 646.800 448,71 EXPENDITURE ON Cost of Rai51ng funds 52,966 2e,142 70,108 49,26D Charltablg activltlog Charitable activities 230.518 318,984 649.502 429,915 Total 283,484 345,126 628,610 470,175 NET INCOMEIIEXPENDITUREI 17.940 250 18,190 130,4501 RECONCILIATION OF FUND8 Tolal funds brouuhl foNard 197,987 é,197 202,184 232,643 TOTAL FUNDS CARRIED FORWARD 21 Jf,927 4,447 220,374 202.184 The noles form part of Ih98e linancial slalements Page 4

Tho Nucloo Projgct 8alanco Sho91 31 Augu•t 2023 31A23 31.8.22 fu fur¥Y JndB FIXED ASSEf8 Tangl￿tr 8SBel# 1q 3,193 3,947 Y,140 8.818 CURREfrIT A88Ef8 Det)tor8 Cash at bgr 12 250 141,434 1B95 357.408 4.191 470,372 215,974 217,819 141.884 359.303 474,583 CREDITOR8 ATrKJunts fdllng year 18 14,8851 1126.4081 1131,2911 (229.797 NET CURRENT A88ET8 212.734 15,278 228.012 244,786 TOTAL A88ET8 LE81 CURRENT LIABILrrE8 215,W27 19,225 285.102 251,382 CREoifoR8 Amount81alllng duo #ftar mom Ihon one year 14 114,7781 114,7781 149,1981 NET A88Ef8 215,927 4.447 220,374 2.184 FUN08 Unrestrtctsd fund8 R85trlcted fvnds 216.927 4,447 197,967 4,197 TOTAL FUNDS 220.374 202.184 Th• trAr6t8bl• eomFqny IB onldod to •x•mpkn fivn gudll under S•ctlon 477 of th• Cornpenl•• Act 2006 fer ygor 31 August 20rd. Thg hav• not r•qulr•d the company to ¢tsln an audlt of Its finandal 8tatern•th lor th¢ ye•r 9nd￿j 31 August 2023 In aCc&￿￿nC# 476 ofth8 Comp Ac 2006. Tha trugtsè8 athtyvlgdge thelr re8￿￿$1￿¢1￿495 fe¢ en8urfng that the ch8rSt8bl8 cornpany ke8p8 ac&)unOno rowrdB that w5th s$￿OnI 386 ond 387 01 1 tynpanle8 Act2&)6 and p￿On9 finandal 8tst8rl￿nta whlth E4vo • tsug and tslr ￿eW ofth8 8tat• of offelrB of the charbtatlo compw 0$ t t￿ of gath fin￿Ls1 year and ol Its 8urplui or defidt for each fin8nd81 y89r In 8ccordance th ulrnm8nts of S8don$ and 395 and whkh othoNAB8 wmply the r¥qulrnm#nts of th Compgnk Act 2006 rdaung to flnandd 8taternent8, 8ofare8 8Wlc49 to tho Charttsb￿ Djmpary. Ibl Th• fi ndal staten￿ts worn appDv8d by the B¢wd of Tfttytw and authorB&J tr bwja .thw...... and ￿re tJt¥wd on It• behaw by.. Hemw. TNst88 The notss fo￿ part oflhogo finanrA818tatem8nts

Th¢ Nu¢leo Prolgct C48h Flow Stat¢ment for tho Yèar Ended 31 Augu8t 2023 31.8.23 31.8.22 Notes Cash flows from opÈrating actlvltle$ C88h generated from operations 1110,1041 245,362 Nel cash (used Inllprovid8d by operating acllvllles 1110,1041 245,362 Cash nows from Invpstlng a¢tivit19S Purchase of tanglble fixed 888els Interest received 13,4201 560 14.5591 Nel cash u8od In invgsllng 8elivilies 12,8eoi 14,559} Change in cash 8nd ca8h equlvalanls In th& reporting perlod C8gh and cash gqulvalonls at the beglnnlng of the r8portlng perlod {112,9841 240,803 470,372 229,5Sg Ca8h and ¢a8h equlvalèntts at thg end of the r•portlF)g pgrlod 357,408 470.372 The notes form part of these financial slalemenls Pago 6

The Nucleo Project Notes to the Cash Flow Statsment for the Year Ended 31 August 2023 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.8.23 31.8.22 Not Incomellexpendlturel for the reportlng perlod las per the Statement of Flnancial Activltlesl Adjustments for.. Depret581ion charges Interest rec8lved Docrea8ellincreasel In debtors ID&cr885e}/increase In credllors 18,190 (30,4591 2,B98 15601 2,206 {132,9261 1,975 {2.5751 276,421 N•t cash lused Inllprovld8d by operatlons 1110,1041 245,362 ANALYSIS OF CHANGES IN NET FUNDS Al 1.9.22 C8sh flow Al 31.8.23 NBI cash C83h al bank 470,372 1112,9641 357,408 470,372 (112.9641 357,408 Total 470,372 1112,9641 357,408 The noles form part of thes$ fin8n¢lal slalements Page 7

Th• Nucleo Prolect Notes to the Financlal Statements for the Year Ended 31 Augu$t 2023 ACCOUNTING POLICIES B8818 of preparfng the flnantial statements Thè financial slalemenls of thè oharilable company, which i¥ a publlc benefil enlily under FRS 102, have been prepared in accordance with the Chartllès SORP IFRS 1021 'Accounliiig and Reportlng by Ch8rilie8,' Slalemeiil of Recommended Practice 8pplicable to ¢haTllies pr&p8rinu their accoun15 in accord8nce with tha Financial Reportln9 Standard applicable in the UK and Republlc of Irelartrd IFRS 1021 lellecliva l J8iiuary 2010}', Flnancial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic ol Irel8nd' and the Cormpanies A¢1 2006. The linancial slalemgnl8 have been prepared und8r the historical Cost conv8ntion. In¢ome All incomo 18 recognSsed in the Slalernenl of Fln8ncial Acllvilles once the charity has enlillern8nl lo the lunds, 11 58 probabl8 that the Income will be rècgivod and the amount can bg Ineasured rÉll8bly. Expgnditure Llabilllies ar¢ recognised as oxpenditure 85 soon as Ih&ro Is a legal or constructive obllgalton coinmilllng the charity lo that exp&ndilure, il 18 probable Ihal a Ir8nBfer of economic beneflls will be requI￿d In seltlemenl 8nd the amount of Ihe obllgalion can be rn&asured reliably, Expenditure 15 accounted for on an accruals basls and h88 been class￿118￿ under hè8ding8 that aggregate all ¢081 related lo tho calegory. Where COBIS cannot be dlrectly allribu16d lo particular h6adingB they have been allocated lo acllvitles on a basis coiislstenl wllh the us8 of resource$. Tangible flxed assots Depreclalion 18 providéd 81 Ihe followlng 8nnu81 rale5 In order lo wrile ofl each asset over118 e8llmo1gd u8elul Plant and machlnery Computer equiprnonl 25% on cost 250A on cost Taxatlon The charlly18 exernpt from ¢orptrratlon tax on Ils charStable acllvitlgs. Fund 8¢¢ountlnu Unr8strl¢led funds c8n be used In accordanca wlth the charllable oblecllvgs al the dlscretion ol the Iwslee8. RestrlGled funds can only be used fof partlcu18r reBlficled purposes wilhln the objects of (he charlly. Re81rlcllon arise when speclfied by the donor or when funds ara rai88d for p8rtl¢ular ieslrlcled purposeB, Furth&r explgnallon ol Ihe nature ancl purpo80 of each fund18 Includ8d In Ihe notes lo tha linanclal slalemenls. Mu8Scal Instrumgnt Instrumen18 donated lo the Ch8rlly and dlstribuled lo olher org9nl$81ions and parilclpanls In Ils core progromrne8 are not valued due lo the Inherenl uncerlainly of Ihelr second-h8n(I value. The COBI ol iepairs lo Inglrumenlsls wrlllen-off in the perlod In whlch they are Incurred. DONATIONS AND LEGACIES 31.8.23 31.8.22 Donation8 Glft ald 630,OJf4 16,186 432,781 15,935 646,240 448,716 P8ge 8 conllnued...

The Nucl80 Project Notès to the Flnanclal Statements . continued for the Yèar Ended 31 August 2023 INVESTMENT INCOME 31.8.23 31.8.22 Deposit account intere81 560 COST OF RAISING FUNDS Ralslng donatlons and1ggacle6 31.8.23 31.8.22 Payroll costs Fre618nco lundralser Recruilmènl Consultancy Coinpuler costs Advertising Office r&nt Subscrlpllon8 19,360 24,710 4,613 19,050 2,200 2.177 6,782 218 19,768 19,200 873 2,803 218 79.108 49,260 CHARITABLE ACTIVITIES COSTS Support costs (see note 61 Dlr8cI Costs Tolals Charllable acllvllles 452,787 98,715 549,502 2D23 TolBI fund8 2022 Total lun(Js Maln programme Payroll costs Recrullment Freelance Teacher5 Staff tralning and development Instruments and related cost8 Exarninallon cosls Sile rent oncerls 160,022 7,502 137,529 15,648 15.509 4,12 26,047 30.309 131,769 999 124,882 1,893 1,244 23,880 13,549 Instrument donatlon bank R&sldenlial aGlivllie8 398,e92 8.224 47,871 315,711 20,374 452,787 338,1185 P8uè 9 conlinLFed...

The Nucl•o Project Notes to the Financlal St8tement8- Colltlnued for the Year Ended 31 August 2023 SUPPORT COSTS costs Charitable aclivi1108 96,715 2023 Total funds 2022 Total funds Payroll c0815 Recruilmenl Office rènt Computer costs Rèpairs and rgnewa18 Insurance Accountancy Prlnl, post, slallonery and telephon6 Trusl¢e recruilmonl Bank charges Subscriptions Depreclalion 45,809 2,545 27,129 43,925 15,213 4,451 2,149 1,885 3.030 589 19,440 18 1,155 1.975 2,159 3,324 1,804 3,600 110 474 2,896 98,715 93,830 NET INCOMEIIEXPENDITUREI Nel Incomellexpendlluiel is $18led after ChargIn￿[CrO￿lI1ngl'. 31.8.23 31.8.22 Depreclallon- owned a88818 2,896 1,975 TRUSTEE8' REMUNERATION AND BENEFITS There were no Irusl8e6' remungr8llon or olher benellls for the year ended 31 Augusl 2023 nor for the year ended 31 AugLtrsI 2022. TruBtg98' *xpgn808 There were no 31 August 2D22, Iwslees, expens&s paltl for Ihe y8Br ended 31 August 2023 nor for the year ended STAFF COSTS 2023 Total funds 2022 Total fund8 Salaries Employe¢s Nallonal In8urance Conlribulions P8n8ions 206,Jf27 14,1B2 4.482 181.833 10,403 225,191 195,481 The average monthly number of employee5 during the year was as follows.. 3f.8.23 Gharflable Programmes Management wnd governance Fundraising 31.B.22 Page 10 ¢onlinued..,

The Nucloo Project Not•8 to the Flnanclal Statements- continugd for the Year End•d 31 August 2023 STAFF COSTS - continued No employees received emolum&nts In 8xcg8s of £60,000. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr$81rlcted fund Restric19d fund Total fund3 INCOME AND ENDOWMENTS FROM Donations and 18gacies 308,680 140.056 448,718 EXPENDITURE ON Cost ol R8ising funds 49,2eo 49.260 Charltablo actlvltlèB Charltable aclivi11èg 196,376 233,539 429,910 Total 245,636 233.539 479,175 NET INCOMEIIEXPENDITUREI 83,024 ID3,4831 130.4591 RECONCILIATION OF FUNDS Total funds brought forward 134,963 97,68CI 232,643 TOTAL FUNDS CARRIED FORWARD 197,987 4,197 202,164 11. TANGIBLE FIXEDASSETS Plant arid machlnery Computer eguipmenl TolalB COST Al 1 September 2022 Ad¢Jlllon8 4,559 301 0,558 3,119 10,117 3,420 Al 31 Augu312023 4,860 8,677 13. Jf37 DEPRECIATION Al 1 S8plember 2022 Chgroe for year 564 1,013 2,917 1,883 3,501 2.896 Al 31 August 2023 l.S97 4,800 6,397 NET BOOK VALUE Al 31 August 2023 3,283 3,877 7,140 Al 31 August 2022 3,975 2,641 6,616 P8gèl1 continued...

The Nucloo Project Note8 to the Flnancial Statements- contlnuod for th8 Year Ended 31 Augu$t 2023 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.23 31.8.22 Other debtor8 Piepaymenls 250 1.645 250 3,941 1.895 4.191 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.23 31.8.22 Trade creditors Other cr8dllors Deferred Iiicome Accru8d Èxpenses 2,604 607 224.546 2,040 1,010 126,406 3,875 131.291 229,797 14. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.23 31,8.22 Deferied Income 14,778 49,198 MOVEMENT IN FUNDS Nel movement In fvndB Al 31.8.23 Al 1.9.22 Unre6trlctod fund& Gonorgl fund 197,987 17.940 215,927 ReBtrlctèd funds R86lrlcled 4,197 250 4,447 TOTAL FUNDS 202,184 18,190 220,374 Nel movement in lund8. Includ9d In Ihe 8bove are ag follow8., Incomlng resouleas Resource5 expended Movement In fund UnrestrScted fund8 General fund 301.424 1283,4841 17,940 Rè8trl¢ted lunds Re3lricled 345,376 1345,1261 250 TOTAL FUNDS 646,800 1628,6101 18.19D Page 12 continued...

Th8 Nucleo Project Notes to the Financi81 Statements- contlnued for the Year Endsd 31 August 2023 MOVEMENT IN FUNDS - contlnutd 15. Comparatlv88 for movament In funds Nel movement In funds Al 31.8.22 At 1.9.21 Unrostrl¢ted funds General fund 134,963 63,024 197,987 Restrlctpd fund$ Rè81ricled 97,880 193,4831 4.197 TOTAL FLINDS 232.843 130,4591 202,184 Comparallve nel movement In lunds, Included In the above ale 89 fcllow8'. Incoming re80urce¥ R080urcgs expended Movement In funds Unrestrlctod fund8 Gentrral lund 308,8eO 1245,6361 63,024 R•6trlct•d funds Re81rlcted 140,056 {233.5391 193,4831 TOTAL FUNDS 448,71e 1479,1751 130,4Sg1 A current year 12 month8 and prlor year 12 month$ comblned posillon Is as lollow8'. Nel moven?enl in fundg Al 31.8.23 Al 1.9.21 Unrgstricted fundg General fund 134,963 8Q,964 215,927 Restrlctgd fund8 Re5trlct8d 97,080 193,2331 4,447 TOTAL FUNDS 232,643 112.2691 220,374 A cuirenl year 12 Inonths 8nd prlor year 12 rnonlhs comblned net Movomenl funds, included In the above 8r8 as follows.. Incoming resources Resources 8xpend8d Movement in funds Unrestricted funds General fund 610,064 1529,120) 80,984 R8Strlct¢d fundg R8slri¢led 485,432 1578,6651 193,2331 TOTAL FUNDS 1.095,518 11,107.7851 112,2691 Pag8 13 Eonlinued...

The Nucleo Project Notes to the Flnancial Statements- continued for the Year Ended 31 August 2023 RELATED PARTY DISCLOSURES 16. There were no related party Iransactlons for tha year ended 31 August 2023. P8ge 14

The Nucleo Project t)etalled Ststemant of FSnan¢lal Actlvities for thè Year Ended 31 August 2023 31.8.23 31.8.22 INCOME AND ENDOWMENTS Donatlons and legacl•8 Donalions Gift aid 630,054 18.186 432.781 15,935 646,240 448.716 Investment In¢om8 Deposit account interest Total In¢oming r￿Q￿r¢eS 646.800 448,716 EXPENDITURE R8IBlng donations and lega¢ltrs Payroll costs Freelance fundrg180r Recruilmènl Con5ullan¢y CornputÈi cos18 Advertislng Office rent Subscrlpllons 19.360 24,710 4,613 19.050 2,200 2,177 e,702 216 10,768 19,2C 5,400 873 3,803 218 79,1 CI8 49,260 Charltable acllvlllem Payroll costs Recrullmenl Freel8nce 18o¢her8 Staff training and development In8lrumenl$ 8nd rfrlaled costs Examlnallon co818 Sale rent Conc$rts Inslrumonl donallon bank Re8identlal activllle6 160.OZ2 7,502 137,529 15,648 15,509 4,126 28,047 30,309 8,224 47,871 131,789 999 124,882 1,693 17,498 1,244 23,880 13,549 20,374 452,787 338,085 Support Cost Payroll costs Rècruilmenl Offlee rent Cornpuler costs Insurance Accountancy Prlnling, postage and slalion6ry Trustee recruitment Bank charges Subscriptions Repairs and renowals Plant and machinery Cornputei equipmenl 45,809 2,645 27.129 6,865 2,159 3.324 1,604 3,60CI 110 474 43,925 15,213 4,451 1.885 3.030 589 Ig,440 18 1,155 2,149 1,391 584 1,013 1.883 96.715 93,830 This page does not form part of the statutory financial statements Page 15

The Nucleo Prol*¢t Detalled Statement of Flnan¢ial Actlvltles for th& Year Ended 31 August 2023 31.8.23 31.8.22 Toial rosources expendod 628,610 479,175 N•t incomellexpenditurel 18,190 130,4591 Thi$ page does not form part of the slalulory flnanci818talemenls Page 16