ANNUAL REPORT AND
FINAN(IAL STATEMENTS
2024-2025
## C O N T E N T S
## EXECUTIVE SUMMARY 01
Founding Director’s Report 03
## OVERVIEW OF WORK 02
|OVERVIEW OF WORK||
|---|---|
|Vision & Mission|05|
|Our Values|06|
|The Need for Nucleo|07|
|Impact Stories|08|
2024-25 IMPACT 03
|2024-25 IMPACT||
|---|---|
|2024-25 Impact|11|
|Fundraising and Partnerships|13|
|Our Services|14|
|Our People|15|
## 04 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
17
Statutory information
Report of the Trustees Independent Examiner’s Report Statement of Financial Activities Balance Sheet Statement of Cash Flows
Notes to the Financial Statements
## FOUNDING DIRECTOR’S REPORT
## LUCY MAGUIRE
The 2024-25 academic year was Nucleo’s 12th year of delivery, and brought learning, growth, fun and some great musical moments for our community.
This was the first full year of our partnership with Cadogan Hall, and our performance there in June was a highlight! The concert was presented by one of our very own students, whose confidence and smooth delivery would have been impressive at any age, but especially at only 9 years old! We were also really excited to have our very first alumni concerto performance, welcoming back Lucas, who had last played as a soloist with the Nucleo orchestra 7 years ago. We look forward to making alumni guests an annual tradition.
Of course, our Cadogan Hall partnership brings more than just performance opportunities, and the donations of Cadogan audiences are a great contribution to our overall fundraising efforts. Sustaining a high-quality programme for over 400 children and young people requires huge dedication from our fundraising team, and we brought more support onboard this year to develop the sustainability of that work. This has proven to be a great step, and our fundraising team went from strength to strength this year, bringing in new and increased support and spreading awareness of our work to a wider audience.
EXECUTIVE SUMMARY
3
Nucleo was recognised this year with a Mayors’ Award from the Mayor of Kensington and Chelsea, and students very much enjoyed performing as part of the award ceremony at Kensington Town Hall. The same ensemble (our advanced strings) went on to win the large ensemble class at the North London Festival of Music, Speech and Drama a few weeks later. We continue to be motivated by what our students and their families say about what Nucleo gives them - this year’s Impact Report shows that over 90% of our students rate themselves and their experiences highly for connection to others, determination and resilience, independence and responsibility, and self-belief.
As more and more of our students and former students grow up and go out into the world, we love getting to see what they go on to do. With many from our early cohorts now entering adulthood, this carries us into a new phase of reflection and discussion on what Nucleo offers to young people, and what they carry with them from their time with us. This year we began exploring the formation of an alumni network, and we look forward to developing these connections, and to learning from and keeping conversations going with a group who know Nucleo so well, and who form such a fundamental part of our story. It is incredible to see just how far our students can go, and a real joy to know them for so long.
I cannot let the year pass without acknowledging and celebrating the contributions of all our incredible teams – our teaching and delivery team, operational team, fundraising team, board of trustees, and volunteers – all of whom pour their dedication, generosity and ingenuity into Nucleo and make it a success. Nucleo’s work is all about community, and I often say that part of our secret is that kids want to come because the other kids are here. I believe this is true of our adults as well, and am grateful not only for each person’s work, but for what they bring to everyone else in our community by being here. Finally, of course, I want to thank all our supporters. We may not always see them in person, but they have been active in every one of over 3500 Nucleo sessions delivered in the past year, and not a single one of these could have taken place without them. We are so grateful.
Thank you for reading, and I very much hope this report will give you a sense of how Nucleo works and what we do. However, I also want to remind you that we are all about people, connection, and real-life experiences – so there is no substitute for experiencing Nucleo in action! Please get in touch, talk to us, and come along to join us at an event, concert or open day soon. We would love to see you.
EXECUTIVE SUMMARY
4
## 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
5
## 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
6
## 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 431 to 564 children and young people in the past 12 months, all through word of mouth.
564
## 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
Around 1 in 4 children in Kensington & Chelsea live in poverty
In Westminster, 33% of children and young people live in poverty.
> NATIONAL AV.: 22%
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]
OVERVIEW OF WORK
7
## IMPACT STORIES
## 12-year-old Catalina...
joined Nucleo with her two sisters at the age of 9, after the family had moved to London from Spain. Although at first she felt apprehensive, she quickly felt very welcome:
## “I didn’t know that much English, but I was surrounded by people who were all really nice.”
Catalina’s playing has come on leaps and bounds in the last year, going from an ABRSM Grade 1 level to a Grade 3 level in this time. Her teacher reflected on her progress: “She has come so far! Jumping these two grades is a huge leap to make in just a year but she has managed the challenge admirably!”
But for Catalina, being part of Nucleo is about so much more than playing the violin:
“The best thing about being part of Nucleo is that it’s a really fun community. You come in to learn music, but you learn to meet new people and build up your confidence.”
8
OVERVIEW OF WORK
## Josephine, aged 8...
started in Stripes last academic year at the age of 7 and is now just beginning her second year playing the violin in this string group. “She started the year quite shy and uncertain,” said her teacher, “but she is now confident working with her classmates and sharing her opinions, ideas and questions, even in a group where nearly everyone is older than her.”
Caroline, Josephine’s mum, agrees, saying that she has “become independent and taken ownership of her musical journey.”
“I am proud of passing sight-reading and passing a lot of Suzuki songs,” said Josephine. “I helped this happen by practising, practising, practising almost every day, and by listening to my teachers.” Josephine enjoyed receiving a prize this year, saying:
## “I felt very important”
The prize-giving was a real highlight of the year for Caroline too:
“It was so exhilarating witnessing all the hard work the children put in this past year unfold before our eyes.”
19
OVERVIEW OF WORK
## 20242025 IMPACT
432 students accessed a free music education
564
children were on the waiting list, with demand continuing to increase
We taught over
3500
hours of lessons and rehearsals over the year!
SUPPORTING REFERRAL ROUTES OF STUDENTS WERE MEMBERS OF THE GLOBAL MAJORITY,* WHO ARE STILL DRASTICALLY UNDER-REPRESENTED WITHIN 80[%] SCHOOL LEAVERS UNEMPLOYEDTHE MUSIC INDUSTRY.
16 - 30 OVERCOMING93[%] BARRIERS
OF STUDENTS SAY THEY FEEL CONNECTED TO OTHER PEOPLE AT NUCLEO.**
*We use the term “Global Majority” since Black, Indigenous and people of colour represent over 80% of the world's population. ** Answers taken from student questionnaires from July 2025.
> **1** 0
2024-25 IMPACT
55% OF STUDENTS WERE FROM AREAS RANKING IN THE LOWEST 20% NATIONALLY FOR INCOME DEPRIVATION...
## 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.
## “The concept of Nucleo is amazing. It’s a family, a big family”
Parent of Nucleo students, aged 7, 12 & 14
95[%]
of students said they keep working towards their musical goals even when it is difficult OUR SERVICES PROGRESSIONS
98[%]
of students said they take responsibility for themselves at NucleoACADEMY STREET SPORTS
93[%]
of students said they believe in their ability to achieve their musical goals*
JOB CLUB *Answers taken from student questionnaires from July 2024
14 2024-25 IMPACT16
11OU2R0 2IM3-P2A0C2T4 IMPACT
## **FUNDRAISING & PARTNERSHIPS**
We are deeply grateful to the funders and partners who have stood with the Nucleo community over the past year. Their unwavering commitment has helped us continue to support children and young people during an exceptionally challenging period, marked by global uncertainty and change. Through their generosity of funding, time and expertise, they have made a tangible difference to the lives of those we serve.
We are proud to celebrate the collective efforts of the trusts, foundations, organisations and individuals who have worked alongside us this year. By coming together with a shared purpose, their contributions have been instrumental in advancing our mission and expanding opportunities for the children, young people and wider community at the heart of Nucleo.
## MAJOR DONORS, TRUSTS & FOUNDATIONS
> **1** 2
2024-25 IMPACT
## FUNDRAISING & PARTNERSHIPS
The Patricia Routledge Foundation The Rockspring Charitable Trust in partnership with the Kensington + Chelsea Foundation The Grove Trust The Harold Hyam Wingate Foundation Hyde Park Place Estate Charity
The Calleva Foundation The CMF Charitable Trust The David and Emma Verey Charitable Trust The Simon Gibson Charitable Trust The Martin Charitable Trust G4 Old Possum’s Practical Trust
> **1** 3
2024-25 IMPACT
## OUR SERVICES
## **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, 31 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. **432 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. **80% 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.
## Nucleo is an amazing place in which students can practice music and enjoy the company of their loved ones at the same time. I am really grateful for all that it has done for me.”
Plus Student, aged 13
2024-25 IMPACT
14
## OUR PEOPLE
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 - Founding Director
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 – Director of Finance and Operations
Sophie Drysdale is the Director of Finance and Operations at Nucleo, leading operations since 2019. With a strong background in arts management, she was 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 – Head of Learning and Evaluation
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.
2024-25 IMPACT
15
## Sharon O’Sullivan – Programme Manager
Sharon O’Sullivan is the Programme Manager 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 - 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.
2024-25 IMPACT
16
REGISTERED CHARITY NUMBER: 1169328 CHARITABLE INCORPORATED ORGANISATION (England and Wales) NUMBER: CE025050
## **THE NUCLEO PROJECT**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2025**
## **THE NUCLEO PROJECT**
## **CONTENTS**
## **Page**
Statutory information 1 Report of the Trustees 2 to 4 Independent Examiner's Report 5 Statement of Financial Activities 6 Balance Sheet 7 Statement of Cash Flows 8 to 9 Notes to the Financial Statements 10 to 16
## **THE NUCLEO PROJECT**
## **STATUTORY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025 REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charitable Incorporated Organisation Company Number**
CE025050
**Registered Charity Number** 1169328
## **Registered Office**
196 Freston Road London W10 6TT
## **Project Premises**
Essendine Primary School Essendine Road London W9 2LR
## **Trustees**
Stephen Hermer Jeremy Raphaely Mark Lockhart Theodora Baron Miranda Francis Felix Hale (Appointed 13 December 2024) Theo Footman-Bamber (Appointed 14 March 2025) Sonia Sheta (Appointed 13 March 2026)
## **Executive Team**
Founding Director - Lucy Maguire Director of Finance and Operations – Sophie Drysdale
## **Independent Examiner**
Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP
## **Bankers**
Lloyds Bank plc 25 Gresham Street London EC2V 7HN
1
## **THE NUCLEO PROJECT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025**
The Trustees present their report with the financial statements of the charity for the year ended 31 August 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
“Changing lives and building community through music”
The Objects of the Charity, as set out in its governing document 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’s free, immersive, ensemble-based programme is currently making a musical education possible for over 400 children and young people in northwest London. We work with students aged 0 to 20, building strong, connected musical communities in which our young musicians can grow and thrive, developing both as musicians and as people.
Many Nucleo musicians excel in music and pursue it to the highest levels, but our true goal for our students is that they leave us with more opportunities and choices before them - supported as individuals, equipped with learning and life skills, and empowered with self-knowledge so that they have the freedom to pursue any future they choose.
## **Public benefit statement**
The Trustees confirm that they have had due regard for the Charity Commission guidance on public benefit. Through the objectives and aims of the charity as detailed above, the charity has met its Objects as a public benefit organisation to advance in life and help young people.
## **Achievements and performance**
We taught over 3,500 hours of lessons and rehearsals last year.
- 432 students accessed a free music education.
- 564 children were on the waiting list. Demand continues to increase which means that Nucleo is continuing to provide musical opportunities to those for whom cost may be a barrier.
- 55% of students were from areas amongst the most deprived 20% nationally and 84% of students came from the most deprived 50%, according to the English Income Deprivation Affecting Children Index.
- 80% of students were members of the Global Majority who are still drastically under-represented within the classical music industry.
- 82% of students’ attitude to learning was rated as Good or Excellent by their tutors.
As well as sharing their musical skills with their families and at school:
- 70 students played at Cadogan Hall
- 176 students, some as young as 3, played at Ladbroke Hall;
- 22 students passed ABRSM graded exams, with 19 at merit or distinction level;
2
## **THE NUCLEO PROJECT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025**
- Nucleo students and alumni attended events run by National Children’s Orchestra, Chineke! Junior Orchestra, Benedetti Foundation and NYO Inspire;
- 14 of our musicians attended junior programmes at the Royal College and Royal Academy of Music.
Further information is available in our Impact and Achievement Report 2024-25 accessible via our website, www.thenucleoproject.org.
The Trustees warmly thank Lucy Maguire for her continued inspiring leadership of our programme, and our management and delivery teams for taking Nucleo forward during the period under review.
## **Future plans**
Nucleo will consolidate and enhance its current main programme and will further secure its future through investment in our fundraising capacity. We will continue work on our growth strategy to identify if, how, when and why we will develop our offering geographically. We will look at the purpose, operation and success of the National Instrument Donation Bank and plan a future for it.
## **Key risks and risk management**
The Board carries out regular reviews of the risks facing Nucleo and is committed to actively managing risks. The Trustees have examined the major operational risks that the charity faces and consider that they are:
- Safeguarding incidents within the project;
- Loss of key staff;
- Fundraising;
- Digital security.
The Trustees confirm that systems have been established to enable regular reports to be provided so that the necessary steps can be taken to mitigate these risks.
## **Financial review**
The results for 2024/25 show a significant improvement from the previous year. Fundraising income rose by 42%, following a strategic review by the management team, the allocation of greater resources to our fundraising function and development of the Board. Following a significant deficit in 2023/24, economies were made in the scope of the main teaching programme and the Young Leaders Programme was deferred to future years. As a result, expenditure on charitable activities reduced by 17% over the previous year.
Due to the work undertaken in fundraising, Nucleo was able to record a surplus for the year of £285,000, which allowed us to replace the drawdown on reserves made in the previous year of £54,000, improve reserve levels to target, and start the new financial year with a positive contribution to its fundraising requirements.
Nucleo’s policy of providing opportunities to young people without charge results in our entering each year with a significant fundraising target, which is a position we accept and work to with positivity. We confidently believe we have a stable financial base. We thank all our funders for their continued support, and our fundraising team for their successful efforts.
3
## **THE NUCLEO PROJECT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025**
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Project has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Reserves policy**
Reserves are that part of a charity's unrestricted funds that are freely available to spend on any of the charity's purposes.
The Nucleo Project maintains free unrestricted reserves:
- to provide a level of working capital that protects the continuity of our work
- to provide a level of funding for unexpected opportunities
- to provide cover for risks such as unforeseen expenditure or unanticipated loss of income.
The Board of Trustees will review the above criteria with reference to The Nucleo Project's strategy and Annual Plan and determine the target level of free reserves to meet these. The Board of Trustees will at times designate funds from free reserves for significant project costs, for new developments, and replacement of major assets.
Currently The Nucleo Project aims to hold a minimum level of reserves equivalent to three months of running costs in order to be able to continue to provide a service to our beneficiaries.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document which is a Foundation model (in which the Trustees are the Members of the Organisation) and is registered as a Charitable Incorporated Organisation with the Charity Commission in England & Wales.
## **Methods for appointing and training Trustees**
The Board undertakes a skills assessment and needs analysis on a regular basis and recruits new Trustees against that analysis. Potential Trustees are invited to participate in a Board Meeting as observers, before an appointment is made. New Trustees meet the Executive Team, visit the teaching project and receive governance and safeguarding training as part of an induction programme.
## **Organisational structure**
The day-to-day operations of the Project are managed by the Executive Team comprising the Founding Director and the Director of Finance & Operations, supported by the senior team. They report directly to the Trustees through quarterly Board meetings, monthly Board calls, monthly management accounts and reports, ad hoc working parties and ad hoc meetings as required. An annual budget is set and approved by the Trustees. A working party of Trustees review senior salaries as required and the Executive Team review other salaries at least annually, having regard to standard rates for music teaching and market rates for other posts.
## **Report of the Trustees**
Approved by Order of the Board of Trustees on …. 1/06/2026 .........and signed on the Board's behalf by:
Jeremy Raphaely - Acting Chair
4
**THE NUCLEO PROJECT**
## **Independent examiner’s report to the Trustees of The Nucleo Project**
I report to the Trustees on my examination of the accounts of the Charitable Incorporated Organisation (CIO) for the year ended 31 August 2025.
## **Responsibilities 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 Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
As 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 I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Fullerton FCA, DChA For and on behalf of Moore Kingston Smith LLP 6[th] Floor 9 Appold Street London EC2A 2AP
Date: 2 June 2026
5
## **THE NUCLEO PROJECT**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025**
|**Notes**
**Income from:**
Donations and legacies
**2**
Investments
**3**
**Total income**
**Expenditure on:**
Raising funds
**4**
Charitable activities
**5**
**Total expenditure**
**Total funds carried forward**
Net income/(expenditure)
**Total funds brought forward**|**Unrestricted**
**Funds**
**£**
464,825
636
**465,461**
51,410
156,965
**208,374**
257,087
**160,503**
**417,590**|**Restricted**
**Funds**
**£**
365,821
-
**365,821**
38,016
300,011
**338,027**
27,794
**5,576**
**33,370**|**Total**
**Funds**
**2025**
**£**
830,646
636
**831,282**
89,425
456,976
**546,401**
284,881
**166,079**
**450,960**|**Total**
**Funds**
**2024**
**£**
584,816
1,033
**585,849**
92,875
547,269
**640,144**
(54,295)
**220,374**
**166,079**|
|---|---|---|---|---|
The notes on pages 10 to 16 form part of these financial statements.
6
**THE NUCLEO PROJECT**
## **BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
**13**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Net assets**
**Funds**
Unrestricted funds
General funds
**14**
Restricted funds
**Total**|**2025**
**£**
2,250
452,576
454,826
(7,061)|**2025**
**£**
3,195
447,765
450,960
450,960
417,590
33,370
450,960|**2024**
**£**
2,199
189,484
191,683
(30,201)|**2024**
**£**
4,597
161,482
166,079
166,079
160,503
5,576
166,079|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on …. 01/06/2026 .............. and were signed on its behalf by:
Mark Lockhart - Trustee
The notes on pages 10 to 16 form part of these financial statements.
7
**THE NUCLEO PROJECT**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Cash used in operations**
Net provided by/(used in) operations
**(i)**
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
**Net cash (used in)/provided by investing activities**
**Net increase/(decrease) in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**£**
264,624
(2,168)
636
(1,532)
263,092
189,484
452,576|**2024**
**£**
(168,125)
(832)
1,033
201
(167,924)
357,408
189,484|
|---|---|---|
The notes on pages 10 to 16 form part of these financial statements.
8
**THE NUCLEO PROJECT**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025**
## **i. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
(Increase) in debtors
(Decrease) in creditors
**Net cash provided by/(used in) operations**|**2025**
**£**
284,881
3,570
(636)
(51)
(23,140)
264,624|**2024**
**£**
(54,295)
3,375
(1,033)
(304)
(115,868)
(168,125)|
|---|---|---|
## **ii. ANALYSIS OF CHANGES IN NET FUNDS**
|Net Cash
_Cash at Bank_
Total|At 1
September
2024
189,484
189,484|Cash flow
263,092
263,092|At 31 August
2025
452,576
452,576|
|---|---|---|---|
The notes on pages 10 to 16 form part of these financial statements.
9
**THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 ACCOUNTING POLICIES**
## **1.1 Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **1.2 Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of
i
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
## **1.3 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes VAT which cannot be recovered.
## **1.4 Tangible fixed assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery 25% on cost Computer equipment 25% on cost
## **1.5 Taxation**
The Project is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
10
**THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1.6 Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Project has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **1.7 Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **1.8 Musical instruments**
The cost of repairs to instruments is written-off in the period in which they are incurred.
## **1.9 Financial instruments**
The CIO only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.10 Pension costs**
The CIO contributes to defined contribution pension plans in respect of its staff. Contributions are recognised as costs when they become due.
11
## **THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
|**2**
**INCOME FROM DONATIONS AND LEGACIES**
**Unrestricted**
**£**
Donations and legacies
437,150
Gift aid
27,675
464,825
**3**
**INCOME FROM INVESTMENTS**
**Unrestricted**
**£**
Deposit account interest
636
636
**4**
**EXPENDITURE ON RAISING FUNDS**
**Raising donations and legacies**
Payroll cost
Freelance fundraisers
Consultancy
Computer costs
Advertising
**5**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
Charitable activities
Charitable activities
**Unrestricted**
**Funds**
Main Programme:
Payroll cost
127,744
Accompanist fees
869
Freelance teachers
-
Staff training & development
-
Instrument & related costs
8,078
Examination costs
1,708
Site rent
716
Concerts
802
139,916
Instrument Donation Bank
1,813
Residential activities
9,674
151,403|**Restricted**
**£**
365,821
-
365,821
**Restricted**
**£**
-
-
**Direct costs **
**£**
349,347
**Direct costs **
**£**
405,332
**Restricted**
**Funds**
41,068
-
72,739
21,473
10,617
-
25,101
21,945
192,944
5,000
-
197,944|**Total**
**2025**
**£**
802,971
27,675
830,646
**Total**
**2024**
**£**
636
636
**Total**
**2025**
**£**
18,011
50,090
15,210
4,056
2,058
89,425
**Support costs**
**£**
(See Note 6)
107,629
**Support costs**
**£**
(See Note 6)
141,937
**Total**
**2025**
168,812
869
72,739
21,473
18,695
1,708
25,817
22,747
332,860
6,813
9,674
349,347|**Total**
**2024**
**£**
566,043
18,773
584,816
**Total**
**2024**
**£**
1,033
1,033
**Total**
**2024**
**£**
17,455
30,590
40,400
2,276
2,154
92,875
**Total 2025**
**£**
456,976
**Total 2024**
**£**
547,269
**Total**
**2024**
191,718
1,815
48,603
21,623
21,943
2,132
26,840
34,352
349,027
6,359
49,946
405,332|
|---|---|---|---|
12
## **THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
|**6 SUPPORT COSTS**
**Unrestricted**
**Funds**
**£**
Payroll cost
-
Office rent
-
Computer costs
-
Repair and renewals
1,008
Insurance
-
Accountancy
-
Print, post, stationery and telephone
220
Bank charges
763
Subscriptions
-
Depreciation
3,570
5,561
**7 NET INCOME/EXPENDITURE**
Net income/(expenditure) is stated after charging:
Depreciation - owned assets
Independent examiner remuneration|**Restricted**
**Funds**
**£**
62,126
870
5,917
2,226
2,749
24,772
1,417
1,499
492
-
102,068|**Total**
**2025**
**£**
62,126
870
5,917
3,234
2,749
24,772
1,637
2,262
492
3,570
107,629
**2025**
**£**
3,570
2,200|**Total**
**2024**
**£**
71,891
33,059
5,785
1,934
2,679
17,845
573
3,762
1,033
3,375
141,937
**2024**
**£**
3,375
2,280|
|---|---|---|---|
## **8 TRUSTEES' REMUNERATION AND BENEFITS**
There was no Trustees' remuneration or other benefits for the year ended 31 August 2025, nor for the year ended 31 August 2024.
## **Trustees' expenses**
There were no Trustees' expenses paid for the year ended 31 August 2025, nor for the year ended 31 August 2024.
## **9 STAFF COSTS**
|Salaries
Employer's National Insurance Contributions
Pensions
The average monthly number of employee during the year was as follows:
Charitable programmes
Management and governance
Fundraising|**2025**
**£**
229,771
13,821
5,357
248,949
**2025**
6
1
1
8|**2024**
**£**
254,532
20,363
6,169
281,064
**2024**
8
1
1
10|
|---|---|---|
13
**THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **9 STAFF COSTS (cont.)**
No Employees received emoluments in excess of £60,000.
The total remuneration for the key management personnel for the year ended 31 August 2025, including employer national Insurance and employer pension contributions, was £140,825 (2024: £149,274).
## **10 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**Income and endowments from**
Donations and legacies
Investment income
**Total**
**Expenditure on**
Costs of raising funds
**Charitable activities**
**Total**
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
**11**
**TANGIBLE FIXED ASSETS**
**Costs**
At 1 September 2024
Additions
At 31 August 2025
**Depreciation**
At 1 September 2024
Charge for the year
At 31 August 2025
**Net Book Value**
At 31 August 2025
At 31 August 2024|**Unrestricted**
**Funds**
**£**
476,817
1,033
477,850
92,875
440,399
533,274
(55,424)
215,927
160,503
**Plant and**
**Machinery**
**£**
5,692
-
5,692
2,968
1,371
4,339
1,353
2,724|**Restricted**
**Funds**
**£**
107,999
-
107,999
-
106,870
106,870
1,129
4,447
5,576
**Computer**
**Equipment**
**£**
8,677
2,168
10,845
6,804
2,199
9,003
1,842
1,873|**2024**
**Total**
**Funds**
**£**
584,816
1,033
585,849
92,875
547,269
640,144
(54,295)
220,374
166,079
**Total**
**£**
14,369
2,168
16,537
9,772
3,570
13,342
3,195
4,597|
|---|---|---|---|
14
**THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **12 DEBTORS**
|Other debtors
Prepayments
**13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Deferred income
Accrued expenses
**14 MOVEMENT IN FUNDS**
**At 1**
**September**
**2024**
**£**
**Unrestricted funds**
General fund
160,503
**Restricted funds**
5,576
**Total funds**
166,079
**Incoming**
**resources**
**£**
**Unrestricted funds**
465,461
**Restricted funds**
Community Music Education Programme
114,000
Home - Blue
26,000
Home - Concerts and special events
8,250
Home - Green
28,014
Home - JSO
35,000
Home - Orange
12,058
Home - Plus
5,000
Home - Purple
7,963
Home - Stripes
15,000
Home - Symphony
30,560
Home - Westminster beneficiaries
15,000
Home - Yellow
11,944
Instrument Donation Bank
5,000
Instruments and related costs
4,587
Salary costs
47,445
**Total funds**
365,821|**2025**
**2024**
**£**
**£**
250
250
2,000
1,949
2,250
2,199
**2025**
**2024**
**£**
**£**
2,075
1,740
2,786
22,786
2,200
5,675
7,061
30,201
**Net**
**Movement**
**At 31**
**August 2025**
**£**
**£**
257,087
417,590
27,794
33,370
284,881
450,960
**Resources Movements in**
**expended**
**funds**
**£**
**£**
(208,374)
257,087
(90,246)
23,754
(26,000)
-
(8,250)
-
(23,974)
4,040
(35,000)
-
(12,058)
-
(5,000)
-
(7,963)
-
(15,000)
-
(30,560)
-
(15,000)
-
(11,944)
-
(5,000)
-
(4,587)
-
(47,445)
-
(338,027)
27,794|
|---|---|
15
**THE NUCLEO PROJECT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **15 MOVEMENT IN FUNDS (cont.).**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**|**Brought**
**forward**
**1 September**
**2023**
**£**
215,927
4,447
220,374|**Net**
**movement**
**in funds**
**£**
(55,424)
1,129
(54,295)|**Carried**
**forward**
**31 August**
**2024**
**£**
160,503
5,576
166,079|
|---|---|---|---|
Net movement in funds included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
**Total funds**|**Total**
**income**
**£**
477,850
107,999
585,849|**Total**
**expenditure**
**£**
(533,274)
(106,870)
(640,144)|**Movement**
**in funds**
**£**
(55,424)
1,129
(54,295)|
|---|---|---|---|
## **Net assets can be analysed by fund as follows:**
|Fixed assets
Current assets
Current liabilities
**Total funds**
Fixed assets
Current assets
Current liabilities
**Total funds**|**Unrestricted**
**funds**
**£**
1,353
423,298
(7,061)
417,590
**Unrestricted**
**funds**
**£**
2,724
187,980
(30,201)
160,503|**Restricted**
**funds**
**£**
1,842
31,528
-
33,370
**Restricted**
**funds**
**£**
1,873
3,703
-
5,576|**£**
3,195
454,826
(7,061)
450,960
**£**
4,597
191,683
(30,201)
166,079
**At 31**
**August 2025**
**At 31**
**August 2024**|
|---|---|---|---|
## **16 RELATED PARTY TRANSACTIONS**
There were no related party transactions in the year ended 31 August 2025 (2024: nil).
16