2024-08-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 2023-2024

C O N T E N T S

EXECUTIVE SUMMARY 01

Chair's Welcome	03
CEO Report	05

2023-24 IMPACT 03

2023-24 Impact	13
Fundraising and	15
Partnerships
Our Services	16
Our People	17

OVERVIEW OF WORK 02

Vision & Mission	07
Our Values	08
The Need for Nucleo	09
Impact Stories	10

FINANCIAL REPORT 04

Financial Performance 19 Trustees’ Report 20 Financial Statements 24

CHAIR'S WELCOME

“The demand for Nucleo’s unique model is manifest and increasing, contributing as it does not only to the UK’s present and future musical life, but also to the educational enrichment and personal development of the young people with whom we are privileged to work.”

3

EXECUTIVE SUMMARY

JEREMY RAPHAELY

I am delighted to welcome you to our report covering a further year of progress and achievement by Nucleo.

The period under review was a challenging one, although I am glad to report that our financial growth has been strongly restored during 2024-25. Despite these challenges, our founder Lucy Maguire and her whole team deserve huge congratulations and thanks for their achievements, maintaining our high standards of excellence in learning and making music, of community energy and spirit, and of the lifechanging experience Nucleo provides for its young people.

I must also record our heartfelt thanks to all our supporters, both those who have stayed with us over the years and those who have more recently become our partners. We hope you will all remain members of our family as we continue to build on what you have enabled us to achieve so far.

Our Impact Report shows growing success in the musical and personal experiences of our students, as well as high levels of satisfaction amongst their parents. We are grateful to both groups for the enormous commitment they all make towards fulfilling Nucleo’s mission and maintaining the values which make ours such an outstanding community.

The demand for Nucleo’s unique model is manifest and increasing, contributing as it does not only to the UK’s present and future musical life, but also to the educational enrichment and personal development of the young people with whom we are privileged to work.

My warm thanks go also to the members, new and older, of our restructured Board of Trustees, who bring a wide range of skills and experience to guiding Nucleo forwards, and to taking advantage of the challenges and opportunities that lie ahead.

With the support we receive from you all, we can face the future with confidence.

Thank you!

Jeremy Raphaely Acting Chair

4

EXECUTIVE SUMMARY

CEO REPORT LUCY MAGUIRE

Nucleo’s 11th year was one of ongoing development and learning, for both our students and our organisation!

We continue to deliver our community programme to 450 children and young people in west London, and the demand for Nucleo’s work is ever-increasing, with the growth of our waiting list (almost exclusively through word of mouth) far exceeding our capacity to take on new students. This is bittersweet, as we would love to be able to provide a Nucleo experience for every child right away, but we are honoured by what it indicates about how Nucleo families value our programme, what they say about it to others, and its importance to our local community.

Our impact data, and the stories from our students and their families, are as inspiring and encouraging as ever, as you will read below. We continue to be reminded that a strong community is one of the most powerful things that Nucleo offers, and that the immersive experience of participating in our programme affects Nucleo families in ways that go far beyond music. But the work of our Learning & Evaluation Manager, and our ever-growing understanding of the impact of our work, goes far beyond inspiration - as the years of gathered data begin to add up, and to be analysed in an increasing number of ways, we gain insights into our students’ experiences that continue to shape the future of Nucleo delivery.

EXECUTIVE SUMMARY

5

One of the biggest developments for us as an organisation in 2023-24 was the launch of our partnership with Cadogan Hall - we were absolutely thrilled to be selected as their first ever charity partner, and are so grateful to have embarked on this relationship, which brings opportunities for fundraising, profile, and of course, new and incredible experiences for our students.

The year was a challenging one for fundraising, and we responded to this by increasing capacity in the early months of the subsequent financial year. We are extremely proud to report that our team rose to the challenge, and that now several months on from the close of the 2023-24 financial year we are in a strong position, with further investment and growth in our fundraising team underway.

Looking back over the 2023-24 year at Nucleo, it is easy to feel that the future is bright, both for our students and for our organisation. But alongside all our ambitions and excitement about the future, we should not overlook that in fact, the present is very bright, too! Our young people are full of energy, and the buzz of their learning and enjoyment are contagious. Our community is thriving, and our organisation is strengthened and carried forward by a team of passionate and highly capable colleagues, and a board of trustees who combine deep and varying expertise with a seemingly limitless commitment to the work we do. As always, Nucleo thrives thanks to the people who make up our community - and they are also the reason it is such a pleasure to be a part of this story.

Finally, of course, our supporters - everyone who promotes and sustains our work, in big and small ways, whether they have been with Nucleo since 2013 or have only just joined us - are the ones who make everything we do possible. To you, on behalf of everyone else in our community, thank you.

Nucleo is about bringing people together. So to every reader, I’d like to invite you to come along if you can to one of our events, concerts or open days in the coming year. We would be delighted to see you!

EXECUTIVE SUMMARY

6

OUR MISSION Nucleo uses music to build communities and empower young people.

OUR VISION

We build strong, connected musical communities in which children and young people can discover and fulfil their potential. Nucleo’s ultimate goal for our students is that they leave us with more opportunities and a greater array of choices before them. We want them to be equipped, empowered and supported, so that they have the freedom to pursue any future they choose. We believe in them unconditionally and without limits, and whatever they go on to do, we hope that music will bring them joy throughout their lives.

OVERVIEW OF WORK

7

OUR VALUES

Our values are what unite our organisation and guide our actions as a charity. They represent the core principles and beliefs that shape our culture and define how we operate in our community. Each of these values carries deep meaning and significance for us:

Community

Nucleo is a group of people united to build something together. We nurture and are proud of each individual, our diversity of identity and perspective, our independence, and also our synergy and collaboration. The beauty of our community lies in the balance of the uniqueness and individuality of each person, with the unity and connection of the whole. Courage This is the essential ingredient to tackle challenges, overcome obstacles, persevere through difficulties, explore new horizons and turn ideas into reality.

Courage

Energy

A Nucleo is a place that is buzzing with activity and dynamism, packed with people who love what they are doing, and who fuel and inspire one another.

Growth

We are continually growing, changing, developing, learning, asking questions, finding out more, taking the next step, and building from one thing to another.

Innovation

Transformation is at the heart of our mission and we approach this with open and agile minds, bringing creativity, resourcefulness and ingenuity to our work, unafraid of revolutionary change.

Rigour

We believe that Nucleo students both deserve and are capable of the very best, individuallyand collectively. We take pride and great care in our work, take seriously our commitments to one another, value integrity, and pursue excellence for ourselves and our community.

Youth leadership

Nucleo belongs to its students, and is built by and for them, with each generation paving the way for the one to come. Our students will lead us, not follow us, into their future. We put them first in everything we do. We believe in them unconditionally and without limits.

OVERVIEW OF WORK

8

THE NEED FOR NUCLEO

DEMAND

2022 Youth Music survey found music was a more popular pastime than sport, drama and dance.

Our waiting list has grown from 140 to 431 children and young people in the past 12 months, all through word of mouth.

431

LACK OF OPPORTUNITY

Only half of UK primary schools offer instrumental lessons, often only for a term, or a year (Ofsted: Striking the right note – music subject report 2023).

Just 15% of state school pupils receive sustained access to music education

15%

THE IMPACT OF POVERTY

In Kensington & Chelsea the child poverty rate is 23.4%

NATIONAL AV.: 22% ©

In Westminster, 33% of children and young people live in poverty.

A 2019 Social Mobility Commission report found that children aged 10–15 from the wealthiest families are nearly three times more likely to take part in musical activities than children from disadvantaged backgrounds.

3[X] y |

OVERVIEW OF WORK

9

IMPACT STORIES Music runs in the family for Baveen

Baveen, aged 9, has been attending Nucleo since he was just 3 years old. His mum, Sabat, says it’s easy to see the change that his music education has had on his life: “His self-confidence is very high, and he believes in himself.” He wasn’t always so confident; when he was little he was ‘so shy’ and afraid to speak to adults or go to nursery. However, it was different when he attended Nucleo. Although at first he was nervous to play the violin in front of other people, he now gladly performs at home on family occasions and in public, including very recently at Opera Holland Park to a crowd of 700 people.

“I did not get scared at all” - Baveen

As well as gaining confidence through his viola lessons, Baveen has shown determination and good humour when tackling challenges: “He’s positive in his approach to challenges, he’ll say ‘oh this is really hard,’ and then he'll laugh about it and keep trying. He’s not easily discouraged or fazed,” said his teacher, Lucy.

In the future, Baveen hopes to learn more music, and Sabat is looking forward to Baveen’s sense of responsibility and love of music growing even more.

“Nucleo is the best thing that’s happened in my life for my children” - Sabat

10

OVERVIEW OF WORK

Delina’s first steps

7-year-old Delina has been learning the cello for just over a year, and her mum, Ferewaini, has already seen benefits to her daughter and the rest of the family, including broadened social horizons. Although they already had strong bonds in their home community, Nucleo provided them with connections from outside their existing networks.

Ferewaini continues to be amazed by Delina’s persistence, and her confidence to speak up and ask questions in class. She attributes it to the atmosphere that the teaching staff create when tuning students’ instruments and asking about their day at the beginning of each lesson:

“They prioritise that personal connection, so I think the kids are relaxed and happy to talk.”

She particularly remembers the time that Delina volunteered to play in an informal recital alongside some much more experienced players: “She was nervous, but it was really nice to see her show off even the most basic rhythm.”Delina is ambitious and is looking forward to learning the tunes she has heard the more advanced students play, and Ferewaini thinks she might already be making a mental note of them! In the meantime, the family is glad of the commitment they make to Nucleo:

“They’re a brilliant organisation: they do so much for the children. But you have to invest… three, four times a week. There’s no halfhearted!” - Ferewaini

1 1

OVERVIEW OF WORK

Sofia takes centre stage

Sofia, aged 12, began her Nucleo journey as a violinist when she was just 3, switching to French Horn whilst at primary school after being inspired at a taster session. Over the course of these 8 years, she has flourished as an independent musician and valued member of the orchestra. Her teacher Francis commented:

“I don’t see Sofia lowering her head or trying to make herself smaller… she has assumed her position in the orchestra.”

Sofia’s parents are proud of Sofia and her sister’s persistence and commitment, but thy’re invested in the other children’s development, too. Commenting on the Opera Holland Park Concert in 2024, they said: It was fabulous. [Our daughters] have been improving all the time, and it's good to see them. Not only [them] but all the kids, … the way that they are growing and the progress that they've made.”

Sofia’s skills as a French Horn player meant that she gained a prestigious music scholarship to her preferred secondary school, where she now receives singing lessons and has already jumped ahead to Grade 6 in just under two years.

After a successful audition, she will begin attending the Royal College of Music’s Junior Department in September, something that she is very proud of.

“When we found out I got into Royal College of Music, Francis put on some music and we started dancing in the room.” - Sofia

1 2

OVERVIEW OF WORK

==> picture [205 x 48] intentionally omitted <==

20232024 IMPACT

476 students accessed a free music education

431 children were on the waiting list, with demand continuing to increase

SUPPORTING REFERRAL ROUTES OF STUDENTS WERE MEMBERS OF THE GLOBAL MAJORITY,* 79% WHO ARE STILL DRASTICALLY UNDER-REPRESENTED WITHIN THE MUSIC INDUSTRY. SCHOOL LEAVERS UNEMPLOYED THIRD SECTOR TRAINING AND SKILLS ORGS 16 - 30 SOCIAL MEDIA83[%] CONFIDENCE SELF-REFERRAL BUILDING

Across the entire programme, senior students’ average attendance was 83% - a huge 16 - 30 achievement when the OVERCOMING BARRIERS attendance requirement is 3 or 4 times per week!

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

1 3

2023-24 IMPACT

50% OF STUDENTS WERE FROM AREAS RANKING IN THE LOWEST 20% NATIONALLY FOR INCOME DEPRAVATION...

AND 84% OF STUDENTS CAME FROM AREAS IN THE LOWEST 50%

which means that Nucleo is continuing to provide musical opportunities to those for whom cost is likely to be a barrier.

“I am proud of being able to perform on stage confidently after working hard in practising my pieces” - Student

95[%]

of students said they keep working towards their musical goals even when it is difficult OUR SERVICES PROGRESSIONS

94[%]

of students said they take responsibility for themselves at NucleoACADEMY STREET SPORTS

==> picture [114 x 37] intentionally omitted <==

----- Start of picture text -----
SUSTAINED EMPLOYMENT
OUTCOMES
PIAS
----- End of picture text -----

89[%]

of students said they believe in their ability to achieve their musical goals*

JOB CLUB *Answers taken from student questionnaires from July 2024

14 2023-24 IMPACT16

14OU2R0 2IM3-P2A0C2T4 IMPACT

FUNDRAISING & PARTNERSHIPS

The Nucleo community is so grateful for the unwavering support of our funders and partners this year. Throughout the past 12 months, they have stood by the children and young people of Nucleo, during what has been one of the most challenging years due to the cost of living crisis. Their financial support, time, and expertise have made a significant difference – thank you! We want to celebrate the collaborative efforts of trusts, foundations, organisations and individuals that have united with us over the past year to create a meaningful impact. Their invaluable contributions have played a crucial role in our mission to change lives and provide opportunities for the children, young people and community we serve.

MAJOR DONORS, TRUSTS & FOUNDATIONS

The Band Trust

The CMF Charitable Trust The David and Emma Verey Charitable Trust The Ellis Campbell Foundation Enterprise Arts Trust The Martin Charitable Trust G4 The Neville Abraham Foundation Newby Trust

Old Possum’s Practical Trust The Patricia Routledge Foundation The Rockspring Charitable Trust in partnership with the Kensington + Chelsea Foundation Strand Parishes Trust Thomas’s Foundation

2023-24 IMPACT

1 5

OUR SERVICES

==> picture [201 x 48] intentionally omitted <==

Nucleo‘s Community Programme

Nucleo is for everyone, but prioritises access for children and young people from income disadvantaged backgrounds. In total, over 100 classes are delivered each week through afterschool and Saturday sessions, 30 weeks of the school year. The programme has a structured progression pathway with 12 different levels for children of different ages and levels of musical experience. Nucleo students attend multiple groups sessions weekly with some joining sessions as much as five times a week. 476 students accessed a free music education at Nucleo this year.

Nucleo’s community programme creates an immersive, ongoing music learning opportunity that offers:

• Children 0-2: weekly sessions with their parents / carers to develop early musicality

• Children aged 3-4: weekly instrumental lessons and musicianship classes

• Children aged 5+: group instrumental & musicianship lessons, and ensemble practices

• There are 7 different ensembles, from groups for complete beginners through to our Symphony fffff Orchestra for students at grade 3+ level, and a smaller advanced ensemble for students at ffffffgrade 5+

• Access to free loan of an instrument – 17 different instruments taught

• Performance opportunities, from sharing concerts for Nucleo families to big public events

• Scholarship programme of weekly 1-to-1 or paired instrumental lessons for students ffffffdemonstrating the need for an accelerated pathway

A programme that belongs to young people: Nucleo’s ethos of speaking and listening is embedded throughout the organisation - our students value their own voices and those of others, and so do we. Younger children are guided to develop their independence and decision making skills through questions, choices and expressing opinions. Young people contribute to their sessions actively and exercise choice and self-advocacy while working as part of a team. Our programme is constantly adapted, in big ways and small, to meet the needs of the group of students we are working with at any given moment.

Equity, Diversity and Inclusion: Nucleo is passionate about providing equity of access for children from minoritised groups. 79% of students are of Global Majority Backgrounds. We offer an Individualised Provision programme, providing tailored and adapted programmes of activity for students with an identified need, for example those with SEND.

“So grateful to have found Nucleo as we would not have been able to give this opportunity to learn music and play an instrument to this level. It is amazing to see the changes in my son and all the music buzzing in his brain. ” - Nucleo parent

2023-24 IMPACT

16

OUR PEOPLE

==> picture [201 x 48] intentionally omitted <==

Nucleo’s work is made possible by a team of highly skilled, inspiring and dedicated individuals, including our teaching and delivery team, our administrative team, and our board of trustees. Some of the leaders working with this remarkable team include...

Lucy Maguire, MBE - Founder & CEO

Lucy founded Nucleo in 2013, setting out to create a free, high quality, ensemble-based music education programme in her local area of North Kensington. Since then, she has been privileged to work alongside hundreds of incredible students – as well as their families, and the passionate and tireless team of Nucleo staff – to build the Nucleo that she imagined for our community. In doing so, she hopes to support our young musicians to build the things they dream of, too. Lucy was awarded an MBE by King Charles for services to children and young people in the 2023 New Years Honours.

Sophie Drysdale – COO

Sophie Drysdale is the Chief Operating Officer at Nucleo, leading operations since 2019. With a strong background in arts management, she spent a decade as Commissioning Editor at Laurence King Publishing and served as Managing Editor at A & C Black Publishers. A lifelong resident of North Kensington, Sophie is deeply committed to her community, driving her mission to ensure that every child can access the transformative power of music. Her expertise in management and strategic development has been instrumental in securing funding and building partnerships that allow Nucleo to thrive.

Dr. Kate Blackstone – Learning and Evaluation Manager

Dr. Kate Blackstone is a music psychology researcher dedicated to inspiring young musicians to find their own success and create fulfilling lives with music. Her current work is split between Nucleo, the University of Leeds, the Young Classical Artists Trust and the Royal Welsh College of Music and Drama.

Francis Gagliardi – Programme Director

Francis Gagliardi, a dedicated Venezuelan/Italian educator with a passion for inclusive education and social action through music, brings a wealth of experience to her role as Programme Director at Nucleo. With 13 years of teaching experience and involvement in more than six music projects aimed at social action around the world, Francis is highly regarded in her field. Her background as a French horn player is deeply rooted in the renowned Venezuelan youth orchestra system, where she performed with distinction in various ensembles and orchestras. Francis's commitment to special needs education is underscored by her degree in educational psychology with the highest honour from the Pedagogical Institute of Caracas, complemented by her participation in the Firebird Fellowship by the Academy of Impact Through Music. She has also shared her expertise globally, engaging in teaching and training initiatives in diverse socio-cultural settings, including schools, refugee camps, and marginalised communities across Europe and beyond.

2023-24 IMPACT

17

Sharon O’Sullivan – Programme Coordinator

Sharon O’Sullivan is the Programme Coordinator at Nucleo, where she has overseen the delivery site and led the pastoral team since 2015. As a long-term resident of the local community, Sharon has deep roots in the area. Before joining Nucleo, she worked as a teaching assistant at a local primary school and served as a Parent Governor at Queen’s Park Primary School. Sharon takes great pride in being part of a team dedicated to helping children and young people learn music and unite as a community.

Jeremy Raphaely - Acting Chair of Trustees

Jeremy and his family have lived in North Kensington for nearly 50 years. In 2008 he founded the K&C Foundation to support local voluntary organisations tackling local inequalities, having worked for several of them as a trustee and volunteer over many years. Following a career in shipping, finance and helping early-stage businesses to develop, he worked with charities on their growth and replication. As a trustee of Awards for Young Musicians for 12 years and more generally, he has shown particular interest in opportunity for young musicians from low-income backgrounds. He plays the cello in the Portobello Orchestra.

Julian Lloyd Webber, OBE - Honorary Patron

Julian Lloyd Webber enjoys one of the most creative careers in music today. As a solo cellist he has performed and recorded with many of the world’s greatest orchestras and conductors. He has inspired over fifty new works for cello from a wide range of composers. Julian founded the UK Government’s In Harmony programme and Sistema England, introducing the power of music to more than 60,000 school children from the least privileged parts of England. In 2014, Julian Lloyd Webber was forced to retire from playing the cello due to a neck injury. In 2015 he was appointed Principal of the Royal Birmingham Conservatoire where he remained for five years. He continues to devote his energies to the helping young musicians at the start of their careers with his series ‘Rising Stars’ on Classic FM and Sky Arts TV.

==> picture [612 x 266] intentionally omitted <==

2023-24 IMPACT

18

==> picture [201 x 48] intentionally omitted <==

FINANCIAL PERFORMANCE

The Statement of Financial Activities for the year ended 31 August 2024 shows a total income of £585,849 (2023: £646,800) and total expenditure of £640,144 (2023: £628,610) and a deficit for the year of £54,295 (2023: surplus of £18,190). As of 31 August 2024, the charity had funds of £166,079 (31 August 2023: £220,374).

Income for the year was 9% lower than the previous period. Expenditure rose by 1.75%. The net decrease in the cash held by the charity was £167,924 (2023: decrease £112,964).

==> picture [51 x 76] intentionally omitted <==

CASH IN HAND £189K AT AUG 2024 AGAINST £357K IN AUG 2023.

==> picture [90 x 89] intentionally omitted <==

NUCLEO RESERVES 3 MONTHS IN AUG 2024.

CURRENT POSITION

As at 31 August 2024, the charity has total funds of £166,079 (2023: £220,374) of which £160,503 (2023: £215,927) is unrestricted and £5,576 (2023: £4,447) is restricted. Cash and cash equivalents at the end of the year £189,484 (2023: £357,408)

FINANCIAL PERFORMANCE (2018 – 2024)

==> picture [402 x 279] intentionally omitted <==

----- Start of picture text -----
Income Expenditure
700000
600000
500000
400000
300000
200000
100000
0
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
----- End of picture text -----

19

FINANCIAL REPORT

TRUSTEES’ REPORT

The trustees present their report and the audited financial statements for the year ended 31 August 2024.

The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The trustees review the aims, objectives and activities of the charity each year. The trustees have regard to the Charity Commission guidance on public benefit. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity’s aims, objectives, and activities remained focused on its stated charitable purpose.

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 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 THE FUTURE

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 long-term donations

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

TRUSTEES’ REPORT

20

• To prepare our team for growth by bringing in additional skills and human resource, 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

PRINCIPAL RISKS AND UNCERTAINTIES

The trustees are satisfied that these arrangements, combined with the oversight of our executive and continued improvements this year will ensure Nucleo’s services are suitably resourced for the foreseeable future.

Nucleo’s executive and trustees manage and review the risk register on an ongoing basis. It is a live document that is used to ensure the charity’s resilience and sustainability, the safety of our young people and our staff.

INCOME RISK

Nucleo’s objective is to secure funding from a wide range of income streams to reduce reliance on any one stream of income and protect the charity from being unable to fufil its charitable objectives.

SAFEGUARDING RISK

Nucleo’s trustees and senior management team continue to place particular emphasis and attention on how we safeguard the young people whom we support. We have 3 members of the senior staff team appointed as Designated Safeguarding Leads who, alongside Nucleo staff have a consistent, rolling training programme that ensures staff have the correct knowledge and understanding to deal with situations that can be complex and sometimes dangerous, but are critical to the wellbeing of the children an young people in our community. Safeguarding is also reviewed at board level, overseen by the Safeguarding Trustee.

HEALTH AND SAFETY RISK

A senior team member leads our efforts to ensure the safety of the children and young people we work with, along with our staff. We have implemented policies to ensure that the regulations and guidelines for the welfare of young people and the safety of our staff are met.

GOING CONCERN

The trustees have considered the going concern of the charity for a period of 12 months from the approval of these financial statements based on regular forecasting and upcoming funding and confirm that there are no material uncertainties about the charity’s ability to continue as a going concern.

TRUSTEES’ REPORT

21

RESERVE POLICY

The Board of Trustees review Nucleo’s reserves policy annually.

PURPOSE OF THE POLICY

To secure Nucleo’s future and to uphold our commitment to our students, we need to be able to provide reliable services over the longer term. We must be able to absorb setbacks and take advantage of change and opportunities as they arise. Nucleo aims to provide for this by putting aside, when we can afford it, some of our current unrestricted income as a reserves against future uncertainties.

PURPOSE OF RESERVES

In the event of Nucleo experiencing an unexpected termination of funding, having reserves allows the day-to-day operations of the charity to continue in the short term and allows the organisation time to address the situation. This may include acting to reduce costs in line with available funding or covering costs whilst seeking replacement funding.

The availability of reserves allows Nucleo to make decisions in relation to new opportunities that may require investment. Such a decision would be based on an assessment of the longer-term prospects from such an investment, and the opportunity to secure sustainable future funding.

CATEGORIES OF RESERVES

There are two categories of reserves: General Funds (unrestricted) and Restricted Funds.

General Funds: In considering the level of the General Fund that Nucleo should aim to hold, a range of factors need to be considered. The overall aim is to distribute funds quickly to our charitable activities, whilst maintaining a prudent level of reserves to ensure stability and flexibility. It is assumed that on occasion fluctuations will occur in both income and requirements for funding which cannot be fully anticipated in the planning process.

The charity continues to identify and exploit opportunities to develop unrestricted funding, with an emphasis on diversifying income streams further. The aim is for Nucleo to increase the percentage of unrestricted income, which will allow us to increase the unrestricted reserves.

Restricted Funds: Restricted funds are subject to specific conditions imposed by donors. Restricted funds fall outside the general definition of reserves, but the nature and amount of such funds may have an impact on a charity’s reserve policy as they may reduce the need for reserves in other areas of the charity’s work. We aim to minimise the levels of restricted funds held, but these might increase due to timing differences between receipt of the income and expenditure on the specified purpose.

TARGET

This policy recommends that the unrestricted reserve levels for Nucleo are at least 3 months of expenditure. In August 2024 we have reserves that cover 3 months of expenditure. Total funds at the period end are £189,484. The current unrestricted reserves are considered adequate for this purpose.

TRUSTEE REPORT

22

GOVERNANCE, STRUCTURE AND MANAGEMENT

NUCLEO IS COMMITTED TO WORKING TOWARD THE HIGHEST STANDARDS OF GOVERNANCE

We continue to operate our governance framework of quarterly Board meetings and monthly Committee meetings.

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

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.

TRUSTEE RECRUITMENT AND INDUCTION

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.

TRUSTEE REPORT

23

FINAN(IAL STATEMENTS 24 FINANCIAL REPORT

CHARITY NAME

The Nucleo Project

CHARITY REGISTRATION NUMBER

CHARITABLE INCORPORATED ORGANISATION NUMBER

REGISTERED OFFICE

TRUSTEES

SENIOR MANAGEMENT TEAM

BANKERS

PROFESSIONAL ADVISORS

INDEPENDENT EXAMINER

1169328

CE 025050

196 Freston Rd London W10 6TT

Trustees, who served during the period of this report were as follows: Jerome Raphaely - Acting Chair Mark Lockhart - Treasurer Theodora Baron Imogen Brunner Miranda Francis Stephen Hermer Sophie Lewis Nadia Minors Rumbidzayi Pfende Christiane Wuillamie

Lucy Maguire, CEO Sophie Drysdale, COO

Lloyds Bank plc

Moore Kingston Smith LLP

I R Futcher FCA Blackwood Futcher & Co Chartered Accountants 9 St George’s Yard Farnham Surrey GU9 7LW

FINANCIAL REPORT

25

REGISTERED CHARITY NUMBER: 1169328 CHARITABLE INCORPORATED ORGANISATION (England and Wales) NUMBER: CE025050 THE NUCLEO PROJECT Report of the Trustees and Unaudited Flnanclal Statements for the Year Ended 31 August 2024

THE NUCLEO PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents

	Page
Statutory information	1
Report of the Trustees	2
Statement of Financial Activities	3
Balance Sheet	4
Statement of Cash Flows	5 to 6
Notes to the Financial Statements	7 to 12
Independent Examiner's Report	13

THE NUCLEO PROJECT Statutory Information FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charitable Incorporated Organisation Company Number CE025050 Registered Charlty Numbar 1169328 Registered Office 196 Frèslon Road London W106 Trustees Theodora Baron Imogen Brunner Theo Foolman-Bamber Miranda Franci5 Felix Hale Stephen Hermer Sophle Lewis M8rk Lockhart Nadia Minors Rumbidzayi Pfende Jerome Raphaely Chrlsliane Wuillamie Appointed 22 March 2024 Resigned 18 September 2023 ApF)olnted 14 March 2025 Appointed 1 July 2024 Appointed 13 December 2024 Appointed 10 May 2017 Resigned 9 October 2023 Appointed 8 December 2023 Resigned 8 December 2023 Resigned 8 December 2023 Appointed 18 September 2023 Resigned 10 November 2023 Indepandent Examlner l R Fulcher FCA Blackwood Futcher & Co. Chartered Accountants 9 Sl. George's Yard Farnham Surrey GU9 7LW

THE NUCLEO PROJECT Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024 The Irusloes prfj8enl thelr r8POrt vAth th8 ftn8nd81 stalemonts of lh8 charlty for lh8 year 8ndad 31 August 2024. The InJslÈ8S h8ve adopled the PTo%Aslons ol Accounllng and Rtspordng by Ch8rt1I88'. Slalemenl of Recommended Pracll¢6 appl1￿ble lo ch8rllle6 prep8rtng Ihelr accounts in 8ccoid8nc8 lth the Fln8nclBI Rgportlng Sl8nd#rd 8ppllcbblo In the UK 8nd Republlc ol IrelBnd IFRS 1021 leffecllve 1 January 2019). Th8 detall8d Informguon glven In thg document 'Nudeo Annu81 Report for the y8ar endod 3181 Augusl 2024. foms Bn InlegrAI part of Ihl8 TnJ¥lees' report. R•#errfoB pollty Re89rve8 sre tho1 part ol g ch8rSVs unrBslrtcted lundB Ihal are freèly 8¥all8ble to 8peftd on any ol the charlWs purposes. The Nucleo ProS8ct m8lntaln8 free unrgslrfct8d re88rve8'. - to pro￿de a lev81 of worklng capllal that protects thè conllnulty of our work - lo provlde 8 level ol fundlng for unoxpacled opportunllie8 - lo provlde covor lor rlsks 8uGh as unforeseen oxpendllure or un8nllclp8led1058 of Income. Th6 bo8rd of trus1808 wlll ravlew Ihg above c4119rt8 ￿th ro18rence lo The Nuejeo Pfol8Ct'$ 8trategy and Annu81 Plan 8nd dglemlne th9 larg9l18vBI of Irng re80rv88 to meet th880. Th9 boar¢1 ol Iru8lee8 w+ll at Ilmes d8$lgn81è fvndg from fro8 le￿r¥8$ lor $19nlllc8nt proloct cosis or roplacemènl of major 858ets. Currently Thè Nucl￿ Project 81m8 lo hold 8 mlnlmum IB¥d ol re8erve¥ equlvalenl lo Ihrea rr#)nthg of wnnlng c051s In or<ler lo be able lo conllnue lo provfde a 8eNlce lo our b&nellcl8rtes. Mu•lcal In•trum•nt• InslNmonl$ Ih818rg donated lo th8 N8llong1 Inslrumenl Donallon 88nk are recelved froevol<h8rge. The Instruments 8r8 recelved In varylng condlllon8 and11 Is difflcull lo provldo gn accurgle valuo for the Ilems. The In¥lTumenls Pre dislribuled free￿<hor9¢ to 8¢hoo18. ¢harfle8 8nd oihgr Inslilulions, Includlng Thg Nucl80 Prolecl, for u88 by sludenls In Iheir pmgrammes. An gsllmatg of tho rep18carnont Value of In8lrum•nl8 dltslrlbuled In the year18 £19.70012022123.. £19.700). Instrumen18 provld8d to Bludents partlclpallng In the Chadtys coro PTooramm88 m8y bè replaced for18rg8r-slzed inslwmenl$ •$ sludonls progross Ihrotsgh Ihe programm8 and 8re rebJm8tye lo Ihe Pn)18ct al tho end of their particlpallon. Inslnjmenls ¢an be In varylno condlllon8 whan relumed ond are not valued In th88e 8ccount8 due lo the uncertalnty of thal value. Inslwments ore In8urod 81 an e8llmo18 ol thelr $econdthand rop18¢em8nl eo#l of £85,700. STRUCTURE, GOVERNANCE AND MANAGEMEMNT Govarnlng document Th8 charlty18 controlled by11s govemlno document 8nd Is rngl81gred as o Charllable Incowpornled Organisallon ￿th Ihg Charlty Commlsslon. 2 Report of Ihe Trustees, approved by order of th8 board of trusleès on . by.. .8nd s￿ned on the board's behalf Jèrome Raphaely- Acting Chair

THE NUCLEO PROJECT STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 AUGUST 2024 Total Funds 2024 Total Funds 2023 Unrestrlcted Restricted Funds Funds Notes Income from: Don8tions and legacies 476,817 107,999 584,816 646,240 Investmenls 1.033 7,033 560 Total incom8 477,850 107.999 585,849 646 800 Exp6ndlture on: Raising funds 92,875 92,875 79,108 Charitable activities Total expenditurè 440,399 533,274 106,870 106.870 547,269 549,502 640,144 628,610 Nel incomel(expenditure) (55,424) 1.129 {54,295} 18,190 Total funds brought forward 215,927 4.447 220.374 202,184 Total funds carried forward 160,503 5,576 166,079 220,374 The notes fomi part of these financial slatements

THE NUCLEO PROJECT BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 Not? 2024 2024 2023 2023 Flxed as88ts Tanglbl8 assets 11 4.597 7.140 Curront asset8 Debtors Cash al bank and In hgnd 12 2.199 189,484 1.895 357,408 Cr•dltors: amounts falllng duo wlthln on8 yoar 191,683 359.303 13 30.201 131.291 N#t ¢urr8nt ass•tsllllabllltlg11 161,482 228,012 Totsl aJ8ets loss current Ilabllltl•• 166.079 235.152 Cr•dltor8: amount8 fglllng du• after ono y•ar 14 (14,778) Not a88•ts 166,079 220,374 Funds Unr851rict8d funds Gener81 funds R8slricled funds 15 160,503 5.576 215,927 4,447 Total 166.079 220,374 The fln8nc181 s18lemenls were approvad by the Boord of Trustees aThJ aulhoTised for188ue on . and were 81gned on Ils behaw by-. •%S Ma k Lockh rt - Trustee The note$ fomi part of these financial stslemenls

THE NUCLEO PROJECT CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Note 2024 2023 Cash used in operations Nel cash (used Snyprovided by oper3tion5 {1) (168,1251 (110,104> Cash flows from investing activities Purchase of tangible fixed assets Interest received {832) 1.033 (3,4201 560 Nat cash provided byl{used in) investing activitles 201 12,860) Net incraasel(decrease) in cash and cash equlvalents (167,924) (112,964) Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year 357,408 189484 470,372 3)r7 408 The notes form part of these financial statements

THE NUCLEO PROJECT NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 I. RECONCILIATION OF NET INCOMEI{EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expondlturellincome for the reportlng perlod las per the statement of Financial Actlvities} (54.295) 18,190 Adjustments for: Depreclatlon charge8 3.375 2,896 Interest recelved (1,033) (560> (In¢rease}Idecrease In debtors (304) 2,296 (Decrease) in credltors (115,868) 132,926 Nèt cagh (used in} operatlon$ (168,125) (110,104) 11. ANALYSIS OF CHANGES IN NET FUNDS At 01.09.2023 Cash flow AI 31.08.2024 Nel Cash Cash al Ban1( 357,408 (167,924) 189,484 Total 357 408 {167.924) 189 484 The notes form part of these financial stalements

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 1 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemenls of the charity, which is a publlc benefll enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounling and Reporling by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing Iheir accounls In accordance with Ihe Financlal Roporllng Slandard applicable in the UK and Republic of Ireland IFRS 102> {effeclive 1 January 2019),, Financial Reporting Sl8nd8rd 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, and Ihe Charities Act 2011. The financial slalements have been prepared un(ier the historical cost convenlion. Income All income is recognised in the Slalemenl of Financial Aclivilies once the charily has enlillemenl lo Iho funds,11 is probable Ihal (he income will be received and the amount can be measured reliably. Expendlture Liabililies are recognised 8$ oxpen(illure as soon as Ih9re is a legal or construclive obligation Gommilllng Ilie charity lo that expendllure, il is probable that a transfer of economic benefi15 wlll be required In selllornenl and the amounl of Iho obligalion can be measured reliably. Expendllure is aceounled (or on 8n accruals basls and has been classified under headlngs that aggregate all cost related lo the category. Wher8 costs cannot bo direclly allribuled lo pariScular headlngs they hEJve been allocated lo activities on a basis consislenl wilh Ilie use of resources. Tanglblo fixed assets Depreclalion Is provided al the followng annual rates in order lo wrile off each asset over Ils gslimaled usoful life. Plant and maGhinery Computer equlpmenl 25% on ￿st 25% on Gosl Taxatlon The charlty Is exempt from corpor8llon lax on ils charllable acllvilies. Fund accounting Unreslricled fund5 ¢8n be usod in aC￿rtIanCe wilh the chorilable Obl￿11ve$ al the dlscrelion of tlio Irusleos. Reslricled funds can only be used for parllcular reslrfcled purpose5 ￿1h1n the obj@cls of the charily. Rcslriclions arlse when speclfigd by the donor or when funds a￿ raised for p8rticular reslric16d purposes. Further explanallon of the nature and purpose of ea¢h fund Is Included In Ihe note5 lo Ihe financial slalemenl8. Musical Instruments Instruments donated to the Charity and dislribuled lo other organisalions and partlcipants in ils core programmes are nol valued dv@ to the inherent uncortointy of their second-hand value. The cost of repairs to instruments Is wrillenvoff In the period in which they are incurred.

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted Total 2024 Total 2023 Donations and legacles Glft aid 458,044 18.773 476 817 107,999 566,043 18,773 584 816 630,054 16,186 646 240 107999 INCOME FROM INVESTMENTS Total 2024 Total 2023 Unrestricted Reslrlcted Deposlt account interest 1,033 1,033 560 560 4 EXPENDITURE ON RAISING FUNDS Ralsing donatlons and legacles Total 2024 Total 2023 Payroll cost Freelance fundraiser Recruilmenl Consullan¢y Computer costs Advertising Office rent Subscrlpllons 17.455 30.590 19,360 24,710 4,613 19,050 2,200 2,177 6,782 216 40,400 2,276 2,154 EXPENDITURE ON CHARITABLE ACTIVITIES Direct costs Support costs Total 2024 £ (See Note 6) Charitablè actlvllies 405,332 141,937 547,269 Dlrect costs Support costs Total 2023 (See Note 6} Charllable acttvilies 452,787 96,715 549,502 Total Total Unrestrl¢ted Restricted Funds Funds Main Programme.. Payroll cost Accompanist fees Recrullmenl Freelance tgachers staff Iralning & development Instrument & related costs Examination costs Sile rent Concerts 2024 2023 172.001 1,635 19,718 180 191,718 1.815 160.022 7,502 137,529 15,648 15,509 4,126 26.047 30,309 396,692 8,224 47,871 452,787 23,936 17,185 16.521 2.132 26.840 16,511 276,760 6,359 49,946 333,065 24,668 4.438 5.422 48.603 21,623 21,g43 2.132 26,840 34,352 349.027 6,359 49,946 405,332 17,841 72.266 Instrument Donation Bank Residential activlties 72,266

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Total Total Unrestrlcted Funds Restricted Funds 6 SUPPORT COSTS 2024 2023 Payroll cost Rocruilment Office rent Compuler c051s Repair and renewals Insurance Accountancy Print, post, stationery and telephone Truste6 recruitment Bank charges Subscriptions Depreciation 38,661 33,230 71,891 45,809 2,545 27,129 6,865 33,059 5,785 1,934 2,679 17.845 573 33,059 5,785 1,934 2,679 17,845 573 2,159 3,324 1,804 3,600 110 474 2,896 2.389 1,033 3,375 1,373 3,762 1,033 3,375 141937 107 334 7 NET INCOME IEXPENDITURE Net Income lexpenditure is slated after charging l(crediting) 2024 2023 Depreclation - owned assets 3,375 2,896 8 TRUSTEES, REMUNERATION AND BENEFITS There was no tru5tees' remuneration or other benefits for the year ended 31 August 2024, nor for the year ended 31 August 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 August 2024, nor for the year ended 31 August 2023. 9 STAFF COSTS 2024 2023 Salaries Employer's National Insurance Contribution5 Pensions 2Jf4.532 20,363 6,169 206,527 14,182 4,482 281,084 225,191 The average monthly number of employee during the year was as follows: 2024 Charitable programmes Management and governance Fundraising 2023 10

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS {Gont.). No Employees received emoluments in excess of £60,000. The total remuneralion for the key management personnel of the Project for Ihe year ended 31 August 2024, including National Insurance and employer pension contributions, was £149,274 (2023.. £86,930}, 10 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Funds Funds Total Funds Income and endowments from Donalions and legacies Investment income 300,864 560 345,376 646,240 560 Expenditure on Costs of Raislng funds 52,966 26,142 79,108 Charitablg actlvlties 230,518 318,984 549,502 Total 283,484 34Jf,126 628,610 Net inGomel(expendilure) 17,940 250 18,190 Reconcillalion of funds Total funds brought forward 197,987 4,197 202,184 Total funds carried forward 215 927 220 374 11 TANGIBLE FIXED ASSETS Plant and Machinery Computer Equipment Total Costs At 01 September 2023 Additions At 31 August 2024 4,860 832 5,692 8,677 13,537 832 14,369 8.677 Depreclation al 01 September 2023 Charge for the year At 31 August 2024 Net Book Value Al 31 August 2024 1,597 1,371 2,968 4,800 2,004 6,397 3,375 9,772 6,804 2,724 1,873 4,597 At 31 August 2023 10

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 12 DEBTORS 2024 2023 Other debtors Prepayments 250 1,949 250 1,645 2,19g 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade ¢￿ditOrS Deferred income Accrued expenses 1,740 22.786 5,675 127,416 3,875 30,201 131,291 14 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Deferred income 14.778 14,778 At Net 01.09.2023 Movement At 31.08.2024 15 MOVEMENT IN FUNDS Unrestrlcted funds General Fund 215.927 (55,424) 160,503 Restricted Funds 4,447 1,129 5,576 Total Funds 220.374 (54.295} 166,079 Incoming resources Resources Movements in expended funds Unrestricted Funds 477,850 (533,274) (55,424) Restricted Funds Home- Blue Home - Concerts and special events Home- Green Home- Musicianship (over 7-s) Home Stripes Home - Symphony Support costs- COO salary grant Trave118r programme 30.769 5.000 (30,7691 (5,0001 4,000 15,000 20,000 31,630 1.600 (4,000) (13,871} (20,000) (31.630) {1.600) 1.129 Total Funds 107,999 {106,870) 1,129 11

THE NUCLEO PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 15 MOVEMENT IN FUNDS (cont.). Comparatives for movement In funds Brought forward 01.09.2022 Net movement in funds Carried forward 31.08.2023 Unrestricted funds General fund Restricted funds 197.987 4,197 17,940 250 215,927 4,447 202,184 18,190 220,374 Net movement in fund5 included in the above are as follows: Total Total income expenditure Movemont in funds Unrestrlcted funds General fund Restricted funds 301.424 345,376 (283,484) (345.126) 628 610 17,940 250 Total funds Net assets can be analysed by fund as follows: Unrestricted funds Restricted At funds 31.08.2024 Flxed assets Current assets Current liabllities Non-currenl liabilities Total Funds 2,724 187,980 (30,201) 1,873 3,703 4,597 191,683 {30,201) 160,503 5.576 166,079 Unrestricted funds Restricted At funds 31.08.2023 Fixed assets Current as5els Current liabilities Non-current liabililies Total Funds 3,193 217,619 (4.885) 3,947 141,684 (126,406) {14,7781 7,140 359,303 (131,291) (14,778) 220 374 215 927 16 RELATED PARTY TRANSACTIONS There were no relaled party transactions in the year ended 31 Augu512024 {2023= nil). 12

Independent examiner's report to the Trustee5 of The Nucleo Project Independent examiner's report to the Trustees of The Nucleo Project I report to the Irustees on my examination of the accounts of the CIO for the year ended 31 August 2024. Responsibilitles and basis of report As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Chartlies Acl 2011 ('the Acl,). I report in respect of my examination of the CIO'S accounts carried out under section 145 of the 2011 Acl and in carrying out my examination I have followed all the applicable Direct10115 giveii by Ihe Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Since the CIO'S gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of CharteredAccountants in England 2nd Wales. which is one ofthe listed bodies. I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulalions 2008 other tlian aiiy requiremenl that the accounts give a 'true and fair view whicl) is not a matter considered as part of an independent examination. I have no concern5 and have corne across no other matters in connection willi the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the 8ccount5 to be reached. J3JL l R Futcher FCA Blackwood Futcher & Co, Ch8rtered Accountants 9 Sl George's Yard Farnham Surrey GU9 7LW Date.. Z* 13

www.thenucleoproject.org England & Wales Charity No. 1169328