## **Trustees’ Annual Report for the period** From 1 January 2023 to 31 December 2024 **Charity name:** Nucleus Foundation (the “ **Charity** ") ## **Charity registration number:** 1200800 ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|The Charity’s purpose is to:
-
relieve those who are in need,
whether as a result of financial
hardship, disability, illness, age
or other disadvantage;
-
preserve and protect good
health; and
-
advance education and
opportunities available to
beneficiaries.
| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|The Charity has made a number of grants
over the past 12 months for the public
benefit, including:
-
a donation of £500 to Winton’s
Wish in memory of a Nucleus
employee to support the work of
Winton’s Wish to help bereaved
children, teenagers, and young
adults.
-
a grant of £35,300 to a family to
support with the costs of care for
their mother who suffers from
dementia; and
-
a grant of £3,000 to an individual
to support her learning to drive
and to contribute towards the
cost of a car to enable her to
visit her terminally ill father who
lives in an area with poor public
transport links.| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The trustees are aware of and have regard
to the guidance issued by the Charity
Commission on public benefit.
For example, when reviewing grant
applications, the trustees look to ensure
that the Charty’s objects are being met in a
manner that benefits a sufficient section of
the public, including by considering grant| applications from locations throughout the UK. The trustees are also aware of the guidance in relation to conflicts of interest and have implemented a grant-making policy and process to seek to ensure that grants are made in accordance with Charity Commission guidance. |**Additional information (optional)**
You may choose to include further statements|**Additional information (optional)**
You may choose to include further statements|where relevant about:| |---|---|---| ||SORP reference|| |Policy on grant making|Para 1.38|The Charity has a policy on grant-making
which sets out the principles, criteria and
processes that govern how grants are
made to individuals and organisations to
further the Charity’s objects.| |Policy on social investment
including program related
investment|Para 1.38|The Charity does not have a policy on
social investment as it is not relevant to the
Charity’s activities.
| |Contribution made by
volunteers|Para 1.38|The Charity is grant-making only and
therefore does not have a requirement to
work with volunteers.| |Other||| ## **Achievements and Performance** ||SORP reference|| |---|---|---| |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|In addition to the Charity’s grants as noted
above which seek to support causes to
preserve and protect good health, relieve
hardship and advance education and
opportunities for the benefit of society as a
whole, the Charity has continued its
support of the Verve Foundation’s “We are
Change” programme and has agreed to
sponsor another cohort of women who
would not otherwise have had the means to
commence a career in financial services
through obtaining professional
qualifications.| |**Additional information (optional)**
You may choose to include further statements||| |Achievements against
objectives set|Para 1.41|The Charity’s objects are detailed in the
Charity’s constitution.
All activities are undertaken with the
Charity’s purpose in mind. Grants are only
made where one or more of the objects of
the Charity apply and where there is need.| |Performance of fundraising
activities against objectives
set|Para 1.41|Not applicable – the Charity does not
actively fundraise.| |Investment performance
against objectives|Para 1.41|The Charity holds cash in a term
arrangement with Santander and has
received interest payments totalling £19,127.| |Other||| ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|A full breakdown of the Charity’s financial
position is set out in the Charity’s accounts.
The Chairty’s total income was £19,127.
The Charity has spent £74,950 on
charitable activities.
The Charity’s cash is at £541,350 and
creditor’s amounts is at £1,800. Fund
balances as at 31 December 2024 were
£539,550.
None of the charity's activities were
acquired or discontinued in the period.
All funds are unrestricted.| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The reserves policy statement includes:
-
the level of reserves held, and why
they are held;
-
where material funds have been set
aside for future expenditure, the
likely timing of the expenditure; and
-
where any fund is materially in
deficit, the circumstances giving rise
to the deficit and details of the steps
being taken to eliminate the deficit
must also be reported.| |Amount of reserves held|Para 1.22|The Charity’s free reserves total £539,550.
The trustees believe that this level is
sufficient to ensure that the Charity can
continue to pursue its objects.| |Reasons for holding zero
reserves|Para 1.22|Not applicable.| |Details of fund materially in
deficit|Para 1.24|The Charity does not have a deficit.| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|The Charity is expected to continue as a
going concern for the foreseeable future.| |**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:| |---|---|---| |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|The Charity is funded predominantly by
donations from the Nucleus Financial
management team.| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|The Charity’s investments policy includes
details of:
-
the type of investments to be made,
to achieve growth;
-
the objectives of the investments (for
example capital growth, income, a
balance between the two or total
return);
-
how much is available to invest; and
-
how long investments should be
made for.
The investments policy will not cover social
investments as this is not relevant to the
Charity’s activities.| |A description of the principal
risks facing the charity|Para 1.46|The trustees consider that the principal risks
facing the Charity are:
-
failure to act in accordance with the
Charity’s constitution;
-
failure to comply with charity law,
regulations and guidance;
-
failure to plan and consider future
potential risks;
-
failure to identify conflicts of interest
(in particular in relation to Nucleus
Financial); and
-
fraud/misuse of funds.
The trustees look to mitigate these risks by
following the grant-making processes which
enable trustees to make informed decisions.
The trustees have taken legal advice and
received training from a law firm specialising
in charity law in order to ensure that the
trustees have a proper understanding charity
law and their responsibilities.
| |Other||| ## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document
(trust deed, royal charter)|
Para 1.25|The governing document is the Charity’s
constitution.| |How is the charity
constituted?
(e.g. unincorporated
association, CIO)|Para 1.25|The Charity is a Charitable Incorporated
Organisation (“**CIO**”) with registration
number 1200800.| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|The Charity’s constitution sets out the
following as requirements for trustees;
-
every charity trustee must be a
natural person and over the age of
18 years;
-
if any checks conducted by the CIO
reveal anything which might make
the individual unsuitable to be
appointed as a charity trustee they
must not be appointed; and
-
trustees can only act for the Charity
once they signed an attestation that
they understand objects and
policies of the Charity, that they will
keep confidential all information in
relation to grant applications and
there are no circumstances that
exist that mean that they are
ineligible to act as the trustee of a
charity.
| |**Additional information (optional)**
You may choose to include further statements||where relevant about:| |Policies and procedures
adopted for the induction
and training of trustees|Para 1.51|Training has been provided to all trustees
of the Charity in relation to the Charity’s
constitution, their responsibilities under
charity law and the Charity’s policies and
processes.| |The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|The Charity is a standalone charity and
makes decisions via meetings of the
trustees or via written approval of proposals
(e.g. in relation to grant-making).| |Relationship with any
related parties|Para 1.51|The Charity has an agreement in place with
Nucleus Financial for the use of the
Nucleus brand and to use Nucleus offices
for trustee meetings and as the registered
office for the Charity. The agreement’s
purpose is to ensure clarity and avoid a
conflict of interest between the Charity and
Nucleus Financial.| |Other||| ## **Reference and Administrative details** |Charity name|Nucleus Foundation| |---|---| |Other name the charity uses|Not applicable| |Registered charity number|1200800| |Charity’s principal address|Suite B & C Milford House
First Floor
43-55 Milford Street
Salisbury
SP1 2BP| ## **Names of the charity trustees who manage the charity** |1
2
3
4|**Trustee name**|**Office (if any)**|**Dates acted if not for**
**whole year**|**Name of person (or body)**
**entitled to appoint trustee (if**
**any)**| |---|---|---|---|---| ||Richard Rowney|Trustee|Fullyear|Not applicable.| ||Kathryn Purves|Trustee|Fullyear|Not applicable.| ||John Baker|Trustee|Fullyear|Not applicable.| ||Alice Dixie|Trustee|Fullyear|Not applicable.| – Corporate trustees names of the directors at the date the report was approved **Director name** Not applicable. Name of trustees holding title to property belonging to the charity |**Trustee name**|**Dates acted if not for whole year**|| |---|---|---| |Not applicable.||| ## **Funds held as custodian trustees on behalf of others** Description of the assets Not applicable. held in this capacity Name and objects of the Not applicable. charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for Not applicable. safe custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** |**Names and addresses of advisers (Optional information)**|**Names and addresses of advisers (Optional information)**|**Names and addresses of advisers (Optional information)**| |---|---|---| |**Type of**
**adviser**
**Name**
**Address**||| |Accountancy
firm|TC Sussex Limited
(company number
06501676)|The Courtyard, Shoreham Road, Upper Beeding,
Steyning, West Sussex, BN44 3TN.| **Name of chief executive or names of senior staff members (Optional information)** Mark Cummins – Partner ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details Not applicable. ## **Other optional information** Not applicable. ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** > **Signature(s)** _Alice Dixie_ **Full name(s)** Alice Dixie **Position (e.g. Secretary,** Trustee **Chair, etc) Date** 31 October 2025 Charlty Rgglstrallon No. 1200800 NUCLEUS FOUNDATION TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 NUCLEUS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 Tru5to8s K E Purves J Baker R A Rown8y ASRDixie Charlty number 1200800 Prlnclpal address SuileB&C First Floor Milford House 43-55 Milford Street Salisbury SP1 2BP Accountants TC Group The Coutyard Shoreham R￿d Upper Beeding Sleynlng West Sussex BN44 3TN Bankers Santander UK plc 2 Triton Square Regent's Place London NW13AN NUCLEUS FOUNDATION CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Trustees. report statement of financial activities Balanc8 sheèt Notes lo the accounts Tha lollowing page do not fomi part of the financlal Statements Accountants, ￿port NUCLEUS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees prasant the Annual Réport, together with the financial ststements for Nudeus Foundation for the year to 31 December 2024. The ac£ounts comply with the Charitie5 Act 2011. th8 tharty's trust deed, and Accountlng and Rèporting by Charities_. Statement of Recommended Practice applicable lo charities preparing their aecounls in acCorda￿e th the Fina￿lat Reporbng Standard applicable in the UK and Repu￿1¢ of Ireland IFRS 1021 leff8¢tive 1 January 20191 Structure, govemance and management The ¢harty was establlshed by a charitable trust deed on 22 October 2022. The Trustees vkno served during the period wero.. K E Purves J Baker R A Rowney ASRDlxia we￿ there a requirement for new trustees, these would bè klentified and appointed by th8 Principal trustee in consullalion with the other trustees. The twslees meet at least annually 2nd review investment poli¢y and donations. There are no employ6es of the charty. Objectlves, aetfvitie$ and future plans The Nucleus Foundation is a granl-m8king charity whose objects are to relievg those who are in need (whether a5 a result of financial hardship, disability, illness, age or other disadvantage}. preserv8 and proleet good health and advance education and opportunities. The Nucleus Foundation has made a number of grants in tho peri￿, in¢luding to.. a donation of £500 to Winlon's Wsh in memory of a Nucleus employeè to supp)rt the work of nton's Wsh to help bereavod children, teenagers, and young adults. a grant of £35,300 lo a family lo support wth the costs of care for their motherwho suffers from dementia., and a grant of £3,000 to an indiwdual lo support her leaming to drive and to contribute towards the cost of a car to enable h@r lo visit herterminally ill fathar who Ilves in an area wf(h poor public transport links. In addrtion. Charity has funded a further cohort of women to study for thetr IFA exams who would not hav& otherwise had the means to educate themselves. The Charity's frjiure plans are to continue making grants in line with its charitable 0￿.ectives. Achlev•m8nts and perfomianco The Charity has made grants totalling £73,150 in fUrthera￿e of ils objectives of relieving hardship and prese￿n9 good health. Publlc Benefit The trustees have potd due regard to th8 Charity Commission Guidance on 'Publlc Benèfit, in deciding what activities the charity undertakes. Al ￿tIvItieS undertaken are focused on our charitable purpgses. NUCLEUS FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Revlgw The financial report shows that the Nucleus Foundation received income of £19,127. The Charity has sp8nl £74,950 on charitable activities. Fund balances at 31 December 2024 is £539,550. All fvnds arg unrestsicted. Rgsgrvgs pollcy The charills unrestrcled free reserves lotalled £539,550 at the balan¢8 $heet dale. The trustees believe thatthis level is suffiaentto ensurethal the charity could eontinue if therewas a significant fall in income whilstthey sought further funding or income streams and therefore confirm that tha charity is acting in line wth the set reserves policy. Trustees, responslbllltl8s In rnlatlon to the accounts The iftEslees are responsible fgr preparing the Truslgas, Report and the accounts in acLordance with appllcable law and United King(ksm Ac£ounling Standard5 (United Kingdom Generally Accepted Ae¢ounting Pra¢tsGel. The law r4uires the Irust8es to prepar8 accounts for each financial year which give a trué and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources, including the income and eXpend￿re, of the charity for that year. In preparing these accoun18. the Ini8tees are rewired to.. select suitable xcounting pdlcles and thèn apply them ￿SistentIy', observe the method$ and principles in the Charities SORP., make I[￿gements and estimates that ar8 reasonabl8 and prudent" and prepare the aecounls on the going corKem basis unloss r( is inappropriate to presume that the charity 11 continue in operation. The trustees are responsible for keeping adequate a￿o￿nting records that disdose with reasonable accuraGy at any lime the financAal position ofthe charity and enabl& them to ensure that the accounts comply with the Charities Act 2011. They are also responsible lor safeguarding the assets of the charity and hence for tsking reasonable steps for th$ prevention and detection of fraud and other irregularilies. On behalf of the board of Trustees RA Rownèy Trustee Dated.. 05 November 2025 NUCLEUS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Totsl Tot81 Year ¢nding 31 DpG 2024 Period ended 31 D8c 2023 Incom Donations and grants Inveslmenls Other income 24,723 8,246 25 19,127 Totsl income 19.127 632.994 Ex endlture on: Charitable acbvities 74960 37,621 Totsl expendlture 74.950 37,621 Nèt Incomelmc¥vomant In funds 166.823) 595,373 Fund bala￿88 at 31 December 2023 595,373 Fund balancgs at 31 Deeèmber 2024 639,550 595,373 None of Chari￿s activities were acquired or discontinued in the current year or previous period. All funds are unrestricted. NUCLEUS FOUNDATION BALANCE SHEET AS A T31 DECEMBER 2024 Period ended 31 Oec 2023 Yoar ondlng 31 Dec 2024 Notes Current assots Cash at bank and in hand 641.350 598.973 541.350 598,973 Credltors: amounts falllng dua wlthln onè year (1.800) {3,600) Net current assets 539,560 S95,373 Totsl assets16ss current Ilablllti8s 539.550 595,373 The funds ofthe charfty Unrestricted fvnds 539,$50 595,273 Total charlty funds 539.550 595,373 31 October 2025 The accounts were approved by the Twstees on ..... •dby.' 172¥fA¥4W¥VLT." . R A Rowney Trustee Charity No. 1200800 NUCLEUS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Logal status of thg charitable company The ¢harfLy is a charitable incorporated organlsatlon registered in England and Wales. The charity number can be foLmd on the legal administration page. Accounllng pollcle5 2.1 Basls of preparatlon The financid statements have bean prepared under the Charities Act 2011 in accDrdance with applicable accounting standards and the current 12019) statsment Of Recommended Practice, Accounting and Reporting by Charities SORP IFRS 102). Th& charity meets the defjnition ofa public benefft entity under FRS 102. There are no material uncertalnties about the charity'5 ability to o)nlinue as a going concem. The financial statements have been prepared underthe historical cost convenlion. Thefinanelal statements indude all transactlons, assets and liabiif(ies. The fijnctional cUff8￿Y of the tharity is poV￿lS sterling. ttems in the accounts are rounded to the nearest pound. Incom• All income is included in the Statement of Finanryal Activities when receivabla. 2.3 ExpendFturg Expenditure is included in the Statement of Financial Activitie5 on an accruals basls, with irrecoverable Value Added Tax includèd with the itetn of expenditure lo whlch it relates. (*vemanc8 costs entirely of accountancy fees and any legal advice for the trustees. Support Gosts are all incurréd In the undertaking of the charitable activities of charity. 2.4 Accumulated funds Unrestrided funds are funds which can be used in accordants with the charitable objects al the discretion of the charity. 2.5 Cash at bank and In hand Cash at bank and in hand includes cash and liquld short-term investments. The trustees seek lo use short and medium lemi deposits where possible to maximise the retum on monigs held al the bank and to manage cash flow. Creditors and provlslons Creditors and provisions ar8 recognised where the charity has a present obligation resulting from a past event that will probably resLS11 in the transfer of funds to a third party and the amount due lo setue the obligation can be measured or estimated reliabty. Crltieal accountlng gstlrnatss and Judggm•nts In the application of the charity's aceounllng policie5, the trustees are required to make judgements, estimates and assumptions about the carrwng amount of assets and liabilitiesthat are not readily apparent from other sources. The estimates and associated assumptions ara based on historical experience and other factors that are considered rel8vant. Actual results may differ from these estimates. The estimates and Undertw￿ assumptions are revwed on an ongoing ba315. Revisions to attounllng estimates are recognised in the period in which the estimate 18 revised. The Iruslees do not consider that there are any critical estimates or areas of judyemenl that need to te brought to the attention ofthe readers of the financial stalementS. NUCLEUS FOUNDATION NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incomo Year endlng 31 Doc 2024 Period ended 31 Dec 2023 Donations 624,723 Donations and legaclos 624,723 Interest re￿1vabl8 19,127 8.246 Investsnents 19,127 8,246 Sundry ineome 25 Otherlncome 25 Total Income 19,127 632,994 Expendltur* Period ended 31 Oec 2023 Year endlng 31 Doc 2024 Charitable activltles Donations and grants Legal and professional costs Support costs (note S) Other costs 73,150 33,565 360 3,600 1,800 Charltable actlvllles 74.980 37.621 Total expenditur 74.950 37.621 Support costs Pèrlod ended 31 Dec 2023 Year endlng 31 Dec 2024 Govemanee Costs 1.800 3,600 1.81MI 3,6(M) Governance costs conslsl ￿tirfjty of aGcounlancy fees. NUCLEUS FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees None of the trustees lor any person$ connected with th￿ll} receSved any remuneration from th8 charity during the curr6nt year or previous period. Employees The￿ wer8 rto employees during thg current year or wTor period. Taxatlon Nudeus Foundation became a ￿giSter8d charity (no. 12008001 on 24 October 2022. All actwities are undertaken lo fulfil the primary objeetives of the charity and are ther6fore exempi under Part 11 of the CO￿OratiOn T8xAci 2010. Credmorn: amounts falling due withln on8 yéar Period ended 31 Dec 2023 Year ending 31 Dee 2024 Accruals 1,800 3,600 1,800 3,600 10 Rolated party transactlons During this year, the charity did not receive any donations from a related party. In the previous period, the charity received a donation of £624.723 from members of the management team of Nucleus Group SeNces, a cornpany of which one trustee is a diractor. NUCLEUS FOUNDATION REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF NUCLEUS FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 These finan¢ial statements have been prepared in accordan￿ wth our temis of engagement and in order lo assist you tofulfil your duties underthe Charthes Acts 2011 that relate lo preparing the financial statements of the charity forthe year ended 31 December 2024. W& have prepared Ihe8e financAal statements based on the accounting records, infomiation and exptanauons provid8d by you. We do not expr8ss any opinion on the flnan¢ial statements. On the balance sheet, you hav8 acknowledged your duties under the prevailing Charities Acts 2011 to ensure that the charty koops adequate accounting r8cords and prepares financial stslemerts that give a true and fair view. You have determined that the charity is ex8mpt from the slalulory réquirement for an audit for this accc¥Jnting year. Therefore, the financial statements are unaurJiled. The financial statements are provided exclusively to the trustees for the limlled purpose mentioned above, and may not be used or rèlied upon for any other purpos8 or by any other p9rson, and we shall not be h'able for any other usage or rdiance. TC Group Datè.. The Coutyard Shoreham Road Upper Beeding Steyning Wèst Sussex BN44 3TN