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 _2022-23 Annual Report_ _02_ ## 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 _2022-23 Annual Report_ _03_ ## 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. _2022-23 Annual Report_ _04_ 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. _2022-23 Annual Report_ _04_ 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! _2022-23 Annual Report_ _05_ ## 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. _2022-23 Annual Report_ _06_ ## 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. _2022-23 Annual Report_ _07_ ## **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 _2022-23 Annual Report_ _08_ 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. _2022-23 Annual Report_ _09_ ## 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.” _2022-23 Annual Report_ _10_ 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. _2022-23 Annual Report_ _11_ ## 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. _2022-23 Annual Report_ _13_ 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. _2022-23 Annual Report_ _14_ ## 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: - We continue to be highly effective in providing children who are socioeconomically disadvantaged with the personal, social and musical benefits of playing an instrument. - Children and young people are developing personal skills such as self-sufficiency and resilience through all of Nucleo’s activities, whether by preparing for exams, participating in concerts or simply supporting each other in rehearsals. - Attendance at the project is good, and in some cases excellent, with many students even attending over and above their required sessions (no small thing, given that our attendance requirements for most students are 3-4 sessions a week). _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 -----**
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(Attendance percentages calculated from 22-23 registers)
Purple Yellow Orange Green Superstrings Wonderwinds Top Brass Stripes JSO SymphonyInstrumental lessons Musicianship
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_16_ ## 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
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**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: - to provide a level of working capital that - protects the continuity of our work 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 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 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. _2022-23 Annual Report_ _22_ ## **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