Do¢usgn ErNeknpÈ ID.. B9D8ADcC-2E0F433$BE-9lO8S61736D2 REGISTERED CHARITY NUMBER: 1161850 THE SIDNEY NOLAN TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docu5wn Enpe ID." B9ADCc-2EoF433SBE-9108S6l73aD2 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2023 Pago Reference and adminlstrative details of the charity, Its trust¢es and advlsors Trustees, roport Independent examlners, roport to the truste•3 Statemènt of financial 8Ctlvitie8 10 Balance shoot 11 Note8 to tho flnancial statsments 12-25
Doc81)n En¥ebpe10.. 89D6A¢.2EOF4339.658E_gIO8s617J8D2 THE SIDNEY NOLAN TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARifi, ITS TRUSTEES AND ADVISE'RS YEAR ENDED 31 DECEMBER 2023 Trustees Lucy Trench (Chairperson) George Littlejohn {Honorary Treasurer) Peter Conradi {appointed 24 April 20231 Professor David Ferry Alison Giles Professor Peter Lloyd {resigned 29 April 2024) Ruth Lloyd Gria Shead (r8signed 21 April 20231 Matthew Trustman (appointed 24 April 2023, rasigned 26 March 2024) Nicola Kalinsky {appointed 21 July 2024) Tony Morris (appointed 21 July 20241 Charltable In¢orporated Organlsation numbèr 1161850 Registered Offlce Th8 Rodd nr. Presteigne Herefordshire LD8 2LL Indopendenl Examiner J M Roderick, BSC ACA WJ James & Co Limited Bishop House 10 Wheat Street Brecon Powys LD9 7DG Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Maling Kent ME19 4JQ
Docuslgn Eth10. B9D6ADCC-2EOF4339-85BE-9108561738D2 THE SIDNEY NOLAN TRUST TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2023 The Charity Trustees {the Trustees) of The Sidney Nolan Trust (the Trust) present their annual report together with the financlal stat&ments of the Trustfor the year ended 31 December2023 These flnancial statements have been prepared in accordanGe with Statement of Recommended Practice." Accounting and Rgporting by Charities preparing their accounts in accordan with the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland (FRS 102} issued on 16 July 2014 and Flnancial Reporting Standard applicable in the United Kingdom and RepubliG of Ireland {FRS 1021 and Charities Act 2011 aT¥J Ihe Trust's Constitution. OBJECTS AND ACTIVITIES a. OBJECTS The objects of the Trust, as more fvlly sel out in its Constitution dated 28 January 2015 are. briefly. to advan¢& the education of the publlG in the knowledge. understanding and appreciation of the Arts gener811y and the works of art of Sldney Nolan in parti¢ular. b. ACTIVITIES In order to meet its oblectlves, th8 Trust looks after and provides access to heritage ass8ts, landscape, and Éts ¢olleclion$ Ènd archive of Sir Sidn8y Nolan. tt engages in a broad lange of 8Ctivlties includin9 delivery of creative and leaming programmes, exhibitions, events and workshops primarily from its base at The Rodd. located in an idyllic rural setting on the Welsh borders in Northwest Herefordshire. The Rodd historic estate. Sldney Nolan's home for the last nine years of his life, includes Rodd Court (a 17th century manor house} and a range of historic and modem farm buildings, some of which have been restored and converted by the Trust for its use. 140 acrès of working famland are managed through a tenant farmer to recognised environmental practice guidellnes and 40 a¢res of semi-ancient woodland are under aGtive developm8nl and management. A forrner tithe barn has been converted into gallery and concert venue, offic8s and houses Nolan's studio, professionally conseNed in the arrangement as it was left al his dealh in 1992. The House, grounds 8nd gallery are operated as a visitor destination March to September each year. Leamlng. events. digltal and co118Ctions research activities take place year-round. Other buildings are used as workspaces for artists and educational courses and workshops. The Trust manages a holid8y cottage on sile that providés accommodation for gener81 vlsltors and off-season for wsiting r8searchers, and artists. In March 2023 the Bleddla Trust merged with th8 Sidney Nolan Trust. after the challenge of Covid and the energy ls18. So the Trust now operat85 the Bleddfa site 10 miles away in Powys. Comprising the Old School House and Hall Barn. The Bleddfa Centre has 8 long history since 1g74 a5 a community hub in a vary rural area enabllng access to creativity, wellbeing 8nd Ideas. Until 2020 it rnn varied programrnes bringing together local people and visttofs for meetings. evenls, exhibilions. classes. talks, performances. Based on shared values. a$ one Trust we seek to safeguard and rebuild community use at th8 Bleddfa sile enabling social onnection. arts provision and wellbeing in this rural district. Through ihis wide-ranging programme of activities the Trust has furthered its st8lus as an innovative and vibrant fural cenlre for the arts. The Trust plans to build on this in years to come with improved interpretation of th6 heritage of Ihe site and continued wmmitment to the legacy of Sidney Nolan, contemporary arts and the environment. We airn to widen and deepen audience access and engagement from divèrse local resi(Sents, communlty groups and regional g8neral visitors, to collaborations with arbsts, musicians, poets and writers of int8rnational standlng. and gallery and museum partnerships.
DO$jn Envelope ID.. B906ADCC.2EOF4339-B5BE-9108561738D2 THE SIDNEY NOLAN TRUST TRUSTFES, REPORT YEAR ENDED 31 DECEMBER 2023 ¢. ACTIVITIES UNDERTAKEN TO FURTHER THE TRUST'S PURPOSES FOR PUBLIC BENEFIT The Trustees have referred to the guldance contained in the Charity Commission's general guidance on PL11¢ benefit when reviewing the Trust's aims and object5. All these aims are undertaken to further our objective for the publi¢ beneflt. REVIEW OF ACTIVITIES During 2023 the Trust opened to visitors from 30 March to 30 September on Thursday. Friday and Saturday from 11 am lo 4pm. Our programme opened with two exhibilions.. Thirty Years of Landscap8 by Philip Hughes in our main Gallery, a sutvey exhibition of the artist's paintings of landscapes from the UK. Ireland, France, Australia. Peru, and Antarctica. drawing parallels wilh Nolan's travels ar5d captivalion with vast and awe-ir)spiring landscapes. Concurrenuy In Praise of Shadows presented new work by Jony Easterby and Pippa Taylor. following their 2022 year-long residency and inspired by Sidney Nolan's epic P2radise Garden athork. Easterby explored patterns of shadow and form created by thè dynamiG interplay of plants and light in landem with Taylorfs paintings. The Trust's relationship with Hereford College of Art MA Fine Art programme students conlinued with a number of outdoors Sculptal works installed for the season by artists Rick Greswell and Kate Harvey, both recent graduates of the HCA MA. A Selection of Sidney Nolan's workfrom our collections was presented in Rodd Court including, a series of sli15 lives painted for Mary Nolan during Ihe 1980s and work from his Paradise Garden and Shark murals. The damage from a flood in December 2022 due to frozen water PIP85 blfrrsting reduced the number of spaces in the House available to present w0S from the colleclions - Geilings in several rooms were damaged and were drying out and subject to Insuran asses$menl and listed planning consent lor repairs during the Season. Nolan's conserved studio was open as part of the visilor experience durlng 2023. In May the Trust presenled work by artist and choreographer Dean Cross, further developing our work with Contemporary Australian artists. Cross was bom and raÉsed on NgunnawallNgambri Country and is a Worimi man through his paternal bloodline. Works included Cross's recent twin-channel video work, SOMETIMES I MISS THE APPLAUSE which specifically responds lo Nolan's stage and theatre work,. it was commissioned by Heide Museum of Modern Art in tandem with their 2022 exhibition Sidt7ey No18n.' Search forParadise. In 2023 we were 8 new tOUTin9 partner in Earth Photo, an established international pholography and moving image compelition organised by parlners including Forestry England and The Royal Geographical Society. A selection of prize-winning and shortlisted entries wer8 presented in large-fomal panels outdoors in the Orchard from July to September and proved very popular with visitors. The Trusl awarded a residency prize to 2023 entrant Anna Sellen who h3s subsequendy spenl tlme al The Rodd d8veloping her practice. The final sFw)w of the year was Planl Communitas curated by Patricia Brlen and first shown at Museum in the Park Stroud in 2022. The exhibition fe81ured a community of 8rtisls from diverse practiGes and places which together highlighted the networks of human-plant relations and the complex cap2Cltie5 of planls lo nourish, heal and medicale. Exhibitor Ingrid Pumayalla undertook a linked sidency, spending time at Bleddfa and The Rodd and responding to ideas of the nalural world. global migration and identrty. In 2023 we awarded 12-month residencies to Daisy Dixon and Katé Green. Dixon developed an interest in Mary Nolan and Mary's presence within Rudd Court. During ihe year
Do3n En¥dope10.. b9D6ADCC.2E0F43385BE-9lQ8561738D2 THE SIDNEY NOLAN TRUST TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2023 she developed her dfawing print and photographic pracllce, linking wrth Lemonade Press in Bristol to create a series of photo lithographs. Green's focus w28 on Nolan's travels, particularly his 1964 Antsrctic trip which sha used as a springboard lo develop a project focused on glacial Lake Wigmore and 8 simllar laTrJscape in Eastern Poland. Green's work includ8d a participatory P05tcard element. new embossed arknork5 and new stories and song wtiling. As part of the residenGy both artists participated in our 2023 Community Day and Green again in 2024. Green also delivered workshops for our Cultivate and Abel groups. Alongside our exhibition programme. we delivered a varied programme of events, tslks 8nd workshops for all ages including artistworkshDPS, online lalks and family art workshops weekly in school holidays. The Online talks as part of the Plant Communilas exhibition were very popular and it was the firsl lime the Trust has lesteé this form81 of dellv8ry. Our annual free Community Day wa$ held In early July with a range of arts-based activities, storytelling, live music, BBQ, woodworking demonslralions and more. The event was SCesSfUl. drawing i over 300 visitors with very positive feedback from particypants. The Trust's soGial media platfomis were succes8fulSy used as one of the main marketing Approaches. alongside a visilor leaflet, door-to-door mailouts and targeted advertising in local and reglonal magazines and publications. In Autumn 2023 regional matkeling agenGy Ffin consultancy undertook a modest aLJdience dat8 gathering and survey exercise to inform evaluatlon and development of our visitor offer and marketing. Their report was delivered in January 2024 to support planning promolion of thè 2024 season. Or¢hard Cottage holiday let traded well and bookings were strong with ex¢ellent reviews from guests. During the year work on the collections and archive progressed well establishing a fomial accessN)ns database. A regular group of volunteers worked on cataloguing Nolan's extensive personal archive onto our online colleGtlons management plalform. During this process all items h8ve been rehoused in archive quality materials and moved to safe offsite storage. In tlm8 this datsbase w511 be publicly available as a valuable research tool. Our learning programme has conunued lo develop with support from both The Ashley Family Foundation and Herefordshire Community Foundation during 2023 for our Cullivale and MAKE young people'5 programmes. Thrs award enabled continuation of MAKE weekly outreaGh sessions for 10-14-year-olds piloted in 2CI22 and held at a local youth G6nlre- these were consistently well-atlended during the year. Also Cultivate our youth prograrnme of monthly sessions enabling young people 15 -25 years old from the local communities in both England and Wales to explore conlemporary arts and Culture. The group meet for talk8 and workshops with professional artists, makers and Curators, focus on arts techniques and project management skills, as well 8$ visits to galleries and studi05. External evaluation of bolh programmes was Gonducted in Spring 2023 and the feedback from participants, parents, visiting artists and programme lead were unanlmou51y positive. In October 2023 we also launched a regular engagoment strand for adutts - Abet, held approximately bimonthly and designed lo engage Adulis 25+ with cont8mporary arts practic8. This slarted strongly with 22 participants joining the first session. In 2023 a part-time learning and éngagement as8i818nl enabled expansion of our leaming activity with schoolslHEISEND groups engaglng 275 pupils from seven organisalions. In landem with the Plant Communitas exhibition we developed curricular-linked leaming and actively promoted ihis to 811 primary and secondary schools within an approximately one-hour drive time of The Rodd. The sessions received very positive feedbad( and the leaming role
Docus3n En¥elope ID.. B9EADCC-2EOF4339-85BE410858173802 THE SIDNEY NOLAN TRUST TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2023 h8s been extended to 2024 to work to further develop this strand. Fair Play Consultancy were engaged to review and report sector b8st Practi in KS3 & 4 schools, engagement in GreatiV6 learning. The report highlighted interesting local and regional models. made suggestions for how we might weave the collection and archive into learning and maximise The Rodd as a learning environrnent. The report is being used to infom ftrture planning. During 2023 wilh advice from our land agent we negotlat8d a five-year farm assured tenancy commencing September 2023 with the famer who has been managlng the land on short-tem grazing and cropping licenses. This agreement included appropriate improvaments lo areas of the land. fencing. et¢, over the course of the tenancy. Ar¢ agreed portion of the field m05t accessible to visitors was retained out of the tenanGy with a view to establishlng a wildflower meadow in years to come. In 2022 the Board took the strateglc declsion to sell Iwo outlylng flelds and Ihe former Rodd famihouse (dating from the 1920s}. These sales completed at the end of 2022 and in early 2023 and fr88d up capitsl to re-invest in the rest of the estste and to further the Trust's on%oing public benefit activities. In the cour$8 of the year plans for two cabins that would extend our holiday accommodation provision were developed with specialist consultancy Crown and Canopy. In November 2023 8 planning applieAtion for one cabin was submitted. Unfortunately this application has been subject to long delays in the planning authorrty's processes and is still awatting a decision. The Dlrector and Board actively developed and sought advice on other site and visitor offer developmenl ideas durin9 the year to inform fvture strateglc planniro indudlng development of the cafe offer and playgry)und facilities. The water damage from burst pipes in Rodd Court in Dgcember 2022 was assessed and progressed through a su¢¢essful insurance ¢laim durlng the year. Listed building Consent was receivèd In early 2024 and repairs ale underway and nearly complete In Summer 2024. Other Improvement snd repair works have been carried out lo the house and immediate grounds surrounding the main site. including works to the gardens, supported by an active leam of volunteers. In 2023 Preslelgne Community Garden CIC entered into a license agreement wilh us to develop and maintain the Kitchen Garden area which has started to make a difference to thls space. A merger was conGluded with the Bleddfa Trust In eady 2023, following extensive discussions over the course of 2022. There is clear synergy ben the objects of bolh Trusts and the merger was condud8d in March 2023 with the transfer and management of the Bleddfa assets to th8 Sidney Nolan Trust and the appointrnent of two previous Bleddfa trustees to tha SNT board. During the year the Trust team worked on assessing and Iransferrwig service Contracts and malntenancp needs at the site. We worked with the local communlty to enable approximately monlhly regular use of the Centre for soclal gatherings during the year. Al the end of 2023 the Trusvs Direclor Anna Biennand re8igned after three years in post to go to another opportunity, fi'nlshing her work with the organisalion in February 2024. Tr Board undertook a competitive recruitment process in Winler 2023 appointing a new Director Sophie Heath in January 2024 who brings 17 years, management experience of heritsge, museums, ollections and programm8s In the reglon. The new Director commenced in Ihe role In late April 2024.
Do¢LBlJn Envebpe ID.. B9D6ADCC.2EOF433W858E.9108561738D2 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW a. GOING CONCERN Takin9 accounl of the Trust's assets. th8 Tru$te8s have a reasonable expectation that the Trust has adequate resources lo continue in operational exislence for th8 foreseeable future. For Ihis reason, théy continue to adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going concern basis can be foLJnd in the Accounting Policies. b. RESERVES POLICY The Trustees have established a 18vel of freely available reseNes which excludes r8stricted reserves and tangible assets sufficient tct meet six months, worth of expenditure currenuy approxlmalely £187,500. Al the year end the ¢ash reserves. including investments was £454,109. Truslegs are working to ensure sufficient reserves are malntained. INVESTMENT POLICY AND PERFORMANCE The Trustees have wide powers of investment and they have reviewed the Trusls investment strategy and perfomiance in order to reduce the exposure and risk of Trust funds whilst retaining income generating capability. The perfomi8nce of the investment portfolio is set out in Nole 5 to the accounts. STRUCTURE, GOVERNANCE AND MANAGEMENT . CONSTITUTION The Trust is an independent Charitable Incorporated Organlsation and its governing document Is its Constilution dated 28 January 2015. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Trustees are responsible for the govemance and 8pproving the strategy of the Trust and are appointed under the terms of th8 ConslitutK)n. New Trustees with specific areas of expertise are sought and in principle they are selected as being capable of delivering significant benefit to the Trust. ¢. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES All Trustees receive guidance as to the responsibillties of their role and are updated from time to tlme as to changes lo the requirements of the Charity Commission and the expectations of the Board in the fulfilmenl of their role. Trust staff ensure that all Trustees receive all relevant Charity Commission announcements, publications and updates. New Trustees are required lo declare that they are not In any way ineligible to act as Tru51ee and all Trustees are required to complete Conflict of Inlerest dedarations a5 appropriate. d. REMUNERATION POLICY FOR STAFF Trustee5 keep their remuneration policy for th8 Trust's staff undew review and ende3vour to ensure that remuneration package5 are sufficient to attract and relain individuals of the required calibre, expertise and experi8nce in line with rates in comparable Gharitable Arts organisations in the Welsh Marches region and not exGes5tve.
DowswJn Envelope ID.. 8906ADCC-2ECf4339-858E-9108561738D2 THE SIDNEY NOLAN TRUST CONTEKrs YEAR ENDED 31 DECEMBER 2023 f. ORGANISATIONAL STRUCTURE AND DECISION MAKING Th8 Trust Is governed by its volunteer Board of Trustèes and the day to day operation and management of the Trust and it5 assets is the responsibility of ils Diredor. In Ihe period under review the Tru51 employed Ihree Èalaried full time and three part-time members of stsff. In addilion. the Trust engages the services of freelance specialists to assist in the delivery of specific programmes andlor projects. The Trustee Board meets at least four limes eaGh year. Whilst it does seek lo attract and values the Gonlribution of its volunteers. the Trust is nol ovedy reliant upon volunteers to meet its core objectives. The Director is responsible for the management of the Trust's tooks and records and regular reporting to the Trustees on the Trust's affairs and financial performance. Annual operating budgets are prepared by the Director and aweed wlth the Trustees. Monthly reports on the Trusl's finances are prepared and discussed with the Honorary Treasurer. Management Accounts are dlscussed al Trustee Board meetings, whlch the Director attends. The Trustees contribut8 to the work of the Trust through sharing their expertise and contacts derived from their experience and active Involvement in all asp8cts of Ihe Arts, government. education and business. g. RISK MANAGEMENT The Trust keeps under review the major risks to which the Trust Is or may become 8xposed and has established Systems in place to designed to manage those risks. The Trustees carry out regular reviews of governanre and all major ar8a8 of concern includlng He81th and Safety, Child Protection and Equal Opportunities. All relevant pemi8nent staff and, where appropr18te, freelance contractors, have Disclosure and BaIng Service clearanct. The Trust maintains insurance cover against major risks impacting ils activities inGluding public and employe5 liability. It also provides Trustee indemnty insurance for the Trustees In respect of their roles as Charity Tiuste8s. PLANS FOR FUTURE PERIODS The Trusl continues with its major strategic plannlng prOsS to review the site at Th8 Rodd, th8 use ol the various buiEdlngs and the agricultural land. In the year lo Gome the Trust intends to progress plans to expand hollday accommodation provision at Ihe Rodd and seek appropriate adwce on r81slng regeneration and redevebpment funds for the House and historic bam structures. At the Bleddfa 5tte nècessary repairs and maintenance will be undertaken with 8 view to establishin9 artist residency spaces and building inGreased community use and hires. Development options for the estate including café and playground facilities and a wldflower meadow will b8 further reviewed against the Trust's charitable and strateglc objectives to be built into fulure plannlng.
Docuswn Énvelope ID.. BDcC-2EOF43385BE-91O856l738D2 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are r8sponsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom AccountirvJ Standards (United Kingdom Ganerally A9Pted Accountlng Practice). The jaw applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which oive a true and fair view of the stale of affairs of the tharity and oflhe in¢oming resources and application of resources of the charity forlhal period. In prep8rlng these finanaal statements, the trustees are requlred to.. select suitable accounting policies and then apply them consistentty. observe the method5 and principles in the Chariti8s SORP {FRS 102). makg judgements #nd 8Stimates that are reasonable and prudent. stale whether applicable accountin9 Standards have been follt)wed. subject to any material departures disdosed and explained in the financial statements: prepare the finanGi81 statements on the going ¢orKem basis unl6ss It is inappropriate to presume thai the chartty will continue in op&ration. The trustees are responsible for keeping proper a¢countlng records that di5Ctose with reasonable accurdcy at any lime the financial posidon of Ihe charity and enablé them to ensure that the financial statements comply with the Charlties Act 2011, the Charities (Accounts and Reports) Regulalions 2008 and the Provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. Approved by order of the Trustee Board on 21 October 2024 and signed on thèir behalf by n*d 219C8
Do¢usvJn Envdopp ID." B9D6ADCC4EOF4339-85BE-9108561llBD2 THE SIDNEY NOLAN TRUST INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIDNEY NOLAN TRUST I'the Charfty,) I report to th8 Gharity truslees on my examination of Ihe accounts of the charity for th8 pedod ended 31 December 2023 which are set out on pages 1010 25. Responsibilitles and basls of report As the Gharity's trustees you are responsible for the preparation of the accounts in awrdance with Ihe requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried oul under section 145 of the Act and in carrying out my examlnalon I have followed all the applicable Direotions glven by the Charity CommissK)n under section 145(5Xb) of the Act. Indepondont examlnerfs statorn•nt Since tho company's gross income exceeded £250,000 your examiner must be a memter of 8 body listed in sectlon 145 of the 2011 AGt. I confim that l am qualified to undertake the examination because l am a member of Institute of chartered accountants, which is one of the listed bodies. I have completéd my examinallon. I confim that no material matters have come lo my attention in connection with the examii)ation gbving me cause to believe that in any materi81 respect.. accounting CordS were not kept in respect of th8 charity as required by section 130 of the Act. or 2. the accounts do nol accord with those records,. or 3. the accounts do not Gomply wilh th8 applicable requirement5 Concerning the fom and )ntent of accounts sel out in the Charlties (Accounts and Reports) RegulatK)ns 2008 other than any requiremenl that the accounts give a Irue and fair view, which is not a matter considered as part of an independent examinatlon. I have no Goncems and hav8 come across no other mallers in cnnnection wlth tho oxaminatm to which attenlion should be drawn in ihis report in order to enable a prop8r underslanding of Ihe accounts to be reached. J M Roderick Bsc ACA WJ James & Co. Chartered Accountant Bishop Hou50 10 Wheat Slreet Brecon Powys L03 70G ..a.i. .o.¢¥tsbéf . 2023
DoW$an En¥dope ID.. B9[D¢G-2E0F4338SBE-91fj8561738D2 THE SIDNEY NOLAN TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrnslricted Funds 2023 R•stricted Funds 2023 Totsl Funds 2023 Total Funds 2022 Note INCOME FROM: Donations and legacies Charitable adivilies Investments Other income 13.484 19,291 62.938 1,126.742 10,000 23.484 19,291 62,936 1,126.742 20,779 18,256 63,894 304,102 TOTAL INCOME 1,222.453 10,000 1,232,453 407,031 EXPENDITURE ON: Raising fvjnds Charitsble actlvitie8 5.400 373.459 5,400 384,558 6,S05 310,723 11,099 TOTAL EXPENDITURE 378,859 11,099 389,958 317.228 Net Gainsl(losses) on Inveslmenls 4.501 4.501 {4,585) NET INCOMEI(EXPENDITURE) 848,095 1.099 846.996 85,218 NET MOVEMENT IN FUNDS 848.095 1,0991 846,996 85.218 RECONCIUATION OF FUNDS Total funds brought forward 984,566 989.105 1,973,671 1,888,453 TOTAL FU14DS CARRIED FORVIARD 1.832,661 988,006 2,820.667 1973,671 The Statement of Flnancial Activities includes all gains and lossed recogni5ed in the year All of the activities of the charity are classed as conlinuing The comparallvo funds aro detailed in note 9 Th• notss on pages 12 to 25 form part of these financlal Statements 10
OotytsvJn Envdr4)p ID." B9D6ADCC-2EOF433985BE-9108561738D2 THE SIDNEY NOLAN TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangib18 assets Heritage ossets Investments 13 14 16 708,552 975,000 262,024 494.207 975,000 51,570 1,945,576 1.520.777 CURRENT ASSETS Deblors Cash at bank and in hand 16 37,042 855,228 892,270 10 508,209 508.219 Credltors . Amwnts falliro dLFe wlthin one yaar 17 117,1791 (55,3251 NET CVRRENT ASSETS 875.091 452,894 TOTAL ASSETS LESS CURRENT LIABILITIES 2,820.667 1,973,671 TOTAL NET ASSETS 2,820,667 1,973,671 CHARITY FUNDS Unrèstrlcted funds General funds Deslgnaled fvnds.. HolAccoTh Devi Roda Ct& Bams roots HerStage Regen maichfund Rtrted funds 19 19 1.162,661 984,566 330,OCL) 140.0 200.OLK) 988.OL 19 989,105 2 820.667 1.973,671 These finanual statements were approved by the trustees and authorf5 for i88ue by the trustees on 2023 and are $gned on Its behaff by.. $11n by.. 027 Trustee 219CBSC5I?5.- Trustee Thè notes on pages 12 to 25 form part of the¥e flnancial 8tsl•mènts 11
Docusign En¢¢* ID.. B9D6ADCC-2EOF4339-85DE-9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 GENERAL INFORMATION The Sidney Nolan Trust Is a charitable incorporated organisalion in England. with reglstered number 1161850 and the address of Its prinop81 office Is The Rodd. nr Presleigne. Herefordshirg, LD8 2LL. 2 ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The accounts have been prepared in accordance with applicabl8 accounting stsndards, the Statement fo Recommended Practice. 'Accounting and Reportlng by Charities" {"The Charities SOPR FRS 102), effe1ve 1 January 2019 and the Charlues Act 2011. The financial statements are presented in sterfing, which is the funclonal current of Ihe company, Monetary amunls In these financial slatements ar8 roundeé to the nearest £. The Sidney Nolan Trust meets the definition of 8 publlc benefit entity under FRS 102. Assets and Ilabililies ere initially recognised at historical Gost or transaction value unless otheiSe staled in Ihe relevant accounting 2.2 GOING CONCERN The Trusl has cash resources and the Truslees h8ve 8 reasonable exlation Ihat the Trust has adequate resources to continue in operatv)nal existence for the foreseeable future. The Covid-19 pandemic has impacted the Trust's acllvlti8s. The Trust has secured various grants and support schemes to continue to fund the Trust's ongoing costs. The Trustees belleve th8 going Goncern basis of accounting is appropriate in preparing the annual fin8ndal st8tem8nts. 2.3 INCOPIIE All income is recognised once the Trust has entitlement to the income, it is FbabIe Ihat the incorne will be recelved and the amounl of incom& receivable can be measured reliably. Where a donaled good is a fixed asset. it is measured at fair value. unless it is impracli¢al to measure Ihls reliably, in which case tha wst of Ihe item lo the donor should used. The gain is recognised as income from donations and a correspondlng amount is induded in tt)e approprfate red asset class and depr8ciated over the useful economlc life in accordance wtth the TTusfs accounting FKJli¢ies. On receipt. donated professional seNices and falitIeS are recognised on the basls of the value of the gtft to the Trust which Is the emount it would have been willing to pay to obtsin seNices or facilities of equivalent economlc benefit on Ihe open m8rkel' a COTrespondlng amount is then recognised in expendlture In the period of receipt. Income tax reVerable in relation to investment income Is recognisèd at the time the investment InMe is Govemment grants are recngnised based on the accrual model and are measured at Ihe fair value of the asset received or recelvable. Grants are classified as relating eilher to venue or to assets. Grants relating to revenue are recognised in income over the perfod In which the related Gosts are recognised. Grants relating to assets are recognised over the expected useful Ilfe of the asset. Where part of a grant relating to an 8sset is deferred. it is recoanised as deferred income. Other inwrne is recognised in the period in which il is reGeivable and to the extent the goods have b88n provided or on completion of Ihe service. 12
Do(aJsKJn Envdopelo.. BDeC.2E0F4339s8E-91O85e1738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation io tr8nsfer econgmic benefit to 8 third paty, It is prcbable that a transfer of economic benefits will be required in settlement and the amount of the ebligalion Can be measured reliably. Expenditure is classified by acllvlty. The costs of ea¢h 8Ctlvity are rnade up of the total of di¢1 costs and shared costs, including SUPPOrt costs involved in undertaking each activity- Direct osts atlribulable lo a single activity are allocated diretlly to that activity. Shared costs which contribute lo more than one actity and support cos15 which are nol attrlbutable lo a single activty are apportioned bethen Iho$e actlvltles on a basis ¢onsistsnt wilh the use of resources. Central staff costs are allocated on the basis of ts'ma spent, and depreciation charges alloc8ted on the portion of the assevs use. Fundraising costs are those incurred In seeking voluntary contributions and do not include the costs of dlsseminating Infomiation in support of the charitable activities. Support costs are those costs Sncurred directy in support of expenditure on the objects of tho Trust and indude project manggement carried out at headquarters. Costs of generating funds are costs incuwed in attracting voluntary incomè, and those Incurred in trading activiliès thal ralse fvnds. Charitable activities and Govemance cosls are 005ts incurred on the TNSVS educational operatKJns. including support costs and wsts relating lo the gcvern8nce of the Trust apportloned to charitable activities. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £1.000 or more are capitalised and recognlsed future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recngnised al cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated deprecialion and any accumulated impairment k)sses. All costs incurred to bring a tangible fixed asset into its intended working condition shoulcs be included in the rneasurernent of cost. DepcIatIon is charged $0 a5 to allocate the cost of tangible fixed assets less their residual value over Iheir estimated useful lives, using the slraight-line melhod. Depreation Is provided on the following basts.. FehOld propety - 2% Straight line Plant and ma¢hlnery- 2% Straight line Motor vehides- 20Q/o Straighl line Fixtu$ and fittings - 10Yo Straight line Other fixed assets - No depreciation 13
Dotusign Envelope ID.. B9f*ADCC4EOF4339-85BE-9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.6 HERITAGE ASSETS The Trust acquired propety and18nd at Rodd Court on 8 August 2018 under HMG Acceptan in Lieu Scheme. The assets are of national historical interest and are held by the Trust for them to managg and maintain. The Trust has no righl to sell or transfer the property without the permission of the Secretary ol Stale and does not expecl to benefit from the Income on sale. The estirnaled value of the herftage assets Is £975,OW. The TTUSI wiu conlinue to maintain the assets to Safeguard the inlegrty of the buildings and will embark on modemisation to ultimately generate income for the TNst and meeting it ob1lg8nS under its agreements for making Ihe prop8ty accessible to th8 public. Depreciation is provided on the followlng basis Rodd Court 8nd Orchard Cottage - No depreclation 2.7 INVESTMENTS Fixed asset investments are a fomi of financlal Instrument and are initially recognised at their Iransactlon cvst and subsequentty measured at fair value at the Balance Sheet date, unless the valu8 ¢&nnol be measured reliably in which cas6 it is measured at ttost less impaimènl. Investment gains and losses, whether realised or £11sed, are Combined and presented as 'Gainsl{Losses) on investments, in the Stslem&nt of Financial Activities. 2.8 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade di5nt offered. PrePants are valued al the amount prepaid net of any Ir8de discounts due. 2.9 CASH AT BANK AND IN HAND Cash at bank and in haNd includes cash and short-tem highly Ilqukl investsnents wrfh a malurity of three months or less from the date of acquisriion or opening of the deposit or similar aGcounl. 2.10 LIABILrriES AND PROVISIONS Liabilities are cOgniSed when there is an obligation at the Balance Sheèt dale as a result of a p8St event, St Is probable that a transfer of economic benefit will be reqUId in settlemen( and the amount of Ihg settlement can be esllmated reliably. Ll8billties are rewgnised at the amount Ihat the Trust anticipates il wsll pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured al the best estimate of Ihe amounts required to settle the obligation. Where the effect of ihe time value of mney is material. the provision is based on the presenl valu8 of thos8 amounts, discounted at ts pre-tax discount rate that rellects the risks specific to the liability. The unwinding of the discount is recognised in the Slalemenl of Financial Actlvllies as a finance ¢osL 2.11 PENSIONS The Trust operates a defined contribution pension scheme and the nsIon charge represents the amounts payable by the Trust to the fund in Rspect of the year. 14
Doclllign Envelope ID.. B9D6ADGC.2EQF4339-85BE-9108561n8D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.12 FUND ACCOUNTING General funds are unrestTided fvnds which are available for use at the discretion of the Trustees In fvrtherance of Ihe general objectives of Ihe Trust and whlch have not been deslgnated for other purposes. Restricted funds are fuThJs which are to be used in accordance wlth specific restrictions imposed by donors or which have been raised by the Tnjst for particular purposes. The costs of raislng and administerfng such funds are ¢harged against the speciflc fund. The aim and u58 of each restricted fund is set eut Sn the notes to th8 financl81 stalements. Inve$tmenl income, gains and losses are alloGated to the appropriat8 fund 3 INCOME FROM DONATIONS AND LEGACIES Unrestricted Funds 2023 Reslrlcted Funds 2023 Total Funds 2022 Funds 2023 Donatlons Grants Farm Sthsidies 1,092 1,092 10,000 12,392 1.126 19.653 10,000 12,392 13,484 10,CQO 23.484 20.779 Total 2022 14.319 20.779 Durln9 the year grants were received from th8 following: Unrestrict•d Funds 2023 RestrScted Funds 2023 Totsl Funds 2023 Ashley FouTrJalion Hereford5hire County Council 10.000 10,0 10,000 10,CAJ) 15
Docus&n Envelope ID". B9D6ADCC-2ECF43385BE-gTO85$l73BD2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 4 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2023 Total Fund$ 2023 Tot Funds 2022 Concerts, exhibition , course and education 19,291 19.291 18.256 19,291 18,256 TOTAL 2022 18.256 5 INVESTMENT INCOME Unrestricted Funds 2023 Total Funds 2023 Total Funds 2022 Rental income Bank interest and dividends received 5g,344 3,592 59.344 3.592 62,504 62,936 62,936 63,8 TOTAL 2022 63.894 63.894 6 OTHER INCOME UnrestriGt•d Funds 2023 Total Funds 2023 Total Funds 2022 Copyright income Funds received on acquisition of Bleddfa Twsl Proft on disposal of assets other income 31.705 430,841 681,0 3.196 31.705 430.841 661,000 3,196 21,546 21 281.340 1,216 1,126,742 1,126,742 304,102 TOTAL 2022 304,102 304,102 7 ANALYSIS OF EXPENDrruRE BY ACTIVITIES Actlvltles Undertaken Directly 2023 Support Costs 2023 Total Funds 2023 Total Funds 2022 Charit8ble activiUes 328,880 55.678 384,558 310.723 328,880 55,678 384,558 310,723 TOTAL 2022 271,428 39,295 310.723 16
Dorytsign Envepe ID.. B9D6ADCC-2EOF433>85BE4108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEME*s FOR THE YEAR ENDED 31 DECEMBER 2023 7 ANALYSIS OF EXPENDITURE BY ACTivrriES (CONTINUED) Analysis of diroct costs Total Funds 2023 Totsl Funds 2022 Stsff costs Depreciation Archivlst Rates Webhost and sofiw8re Prof8ssion81 and legal fees Printing and printmaking Exhibitions Events costs Insuranc£ Repairs and renewals Maintenance EqLJiprnent and materials Recruitment Consultancy Purch8ses 150,268 16.594 11,074 5.062 1.218 39,188 139.817 11.549 10.705 4,282 1,957 22,245 12 18.065 10.295 19,777 442 26,040 2,979 205 2.580 478 25,745 11.887 27.258 275 27.427 11,243 1.641 328,880 271.428 17
Docu5 En¥dope ID.. BThADC&2EOF433a38E-91os56l738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) Analy$is of support cost8 Total FuDds 2023 Total Fund5 2022 rt costs Electric and utilities Postsoe and stationery Independent examiners fees Bookeeping fees Telephone Bank Charges Health and safety Travel arwj subsistence Marketing Subscriptions Sundry expenses Trustees expen58s Othèr staff costs Bad Debts 13,794 762 1.470 7.920 3,310 247 476 687 14.778 1,701 3.907 2.410 4,216 12,199 1,207 1.865 380 907 2.150 11,747 1.734 1,827 2,528 1.711 200 55.678 39.295 8 INDEPENDENT EXAMINER'S REMUNERATION 2023 2022 Fees payable to the Trust'5 independent examiner In respect of: Independent Examinalion 1,470 9 STAFF COSTS 2023 2022 Wages and salaries Social SeGurity costs Contribution to defined contribution pension schemes 138.395 8,428 3,445 129,512 7,339 2,966 150.268 139.817 The average number of persons employed by the Trust during the year was as follows.. 2023 2022 No Employees No employee CeIVed remuneration armunting to more ihan £60.000 in eilher year. 18
DocU5]n Envdope ID.. B9D6ADCC-2EOF4339-85BE.9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10 TRUSTEES. REMUNERATION AND EXPENSES During the year, rK) trustees reteived any iemuneralion of other benefits (2022 - £NIL). During the year ended 31 December 2023, expenses totalling £2,410 weff reimbursed or paid diredy lo 8 Trustees {2022 - £2.528 to 4 Irustèesl, 11 TAXATION The charity is exempt from corporation tax on its charilable activities. 12 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY FIGURES Unrestricted Roslricted Funds Funds 2022 2022 Total FurKIs 2022 Total Funds 2021 INCOME FROM: Donations and legacles Charitable activities Investments Other incorne 6,460 18.256 63,894 304,102 14,319 20,779 18,256 63.894 304,102 75,302 25.307 79.581 284,778 TOTAL INCOME 392.712 14,319 407.031 464.968 EXPENDITURE ON: Raising funds Charitable activities 6,505 294.439 6.505 310.723 7.987 374,392 16,284 TOTAL EXPENDITURE 300,944 16.284 317.228 382.379 Nel Gain51{losses) on investments {4.585) (4,585) 1152) NET INCOMEI(EXPENDITURE) 87,183 1,965 85,218 82,437 NET MOVEMENT IN FUNDS 87,183 1,965 85,218 82,437 RECONCIUATION OF FUNDS Total funds brought forward 897,383 991,070 1,888.453 1.806.016 TOTAL FUNDS CARRIED FORWARD 984,566 989.105 1973,671 1,888,453 19
DDcu$KJn Envelope ID: B9D6ADCC.ZE(F4339-85BE_9108581738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13 TANGIBLE FIXED ASSETS F8hold Planl and property machinery Fixtures and fittings Paintlngs Totsl COST OR VALUATION At 1 January 2023 Additiong Disposals 397,475 180,409 (70,000) 353,799 46,894 1,138 17,638 752,413 244.941 170,000) Al 31 December 2023 507,884 400,693 18,776 927.354 DEPRECIATION At 1 January 2023 Charge for the year Disposals 184,976 7,228 {56,000} 72.880 7,729 570 1,839 258.206 16,596 156.000) At 31 DernIr 2023 136.204 80,389 2,209 218.802 NET BOOK VALUE At 31 Dember 2023 371.680 320,304 16,567 70 ,55 At 31 December 2022 212,499 281,139 568 494,207 14 HERITAGE ASSETS Assets recognised at valuatlon Rodd Court & Orchard Cottage 2023 Totsl 2023 Carying valu& at 1 Jarthry 2023 975.(WJO 975,000 975.Crf)O 975,000 In August 2018 the trust succeeded in securing the acquistion of Rodd Court through the Government'5 Acceptance in Lieu Scheme, along with Orchard Cottage. The assets are deemed to have Indefirllte useful lives and the ¢8rrylng value will be revlewed when there ig evKlence of impairment. 20
Do¢u$KJn EnwknpB10.. B9D6ADCC.2EOF4339-85BE.9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15 FIXED ASSETS INVESTMENTS Unllsted Investments COST OR VALUATION At 1 January 2023 Addilior Dlsposals Revaluatior 51,570 217,844 {11,8911 4,501 At 31 D8cember 20ZJ 262.024 NET BOOK VALUE At 310ecember 2023 262,024 At 31 Decemb8r 2022 51.570 All the fixed asset investments are unlisted investments and are held in th6 UK. 16 DEBTORS 2023 2022 DUE WITH ONE YEAR Other debtors Prepayments and acciued Income 13.002 24.040 10 37.042 10 17 CREDITORS: AMOUNTS FALLING DUE WITH ONE YEAR 2023 2022 Trade Creditors Other laxalion and soclal secuTty Pgnsion fund loan payable Accruals and deferred income 3,800 3.429 1.247 8,703 19.798 2.973 5.995 26.559 17.179 55.325 21
Dow5pJn En¥dopg ID.. e9D6ADCC.2EQF4339-85BE-9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18 MOVEMENT IN FUNDS MOVEMENT IN FUNDS- CURRENT YEAR Balance al 1 January Incomlng Outgolng 2023 r•sourcgs resour¢es Balance at Gainsl 31 Docemb•r (Losses} 2023 Transf¢rs Inlout Restrlcted funds Sculpture programme Rodd Court & Orchard Cottoge Hidden Gems Herefordshire Communty Foundation Ashley Foundation - Cultivats 6.380 {2.2501 4,130 975,OCIO 136 975,000 (136) 3,211 (3,211) 4,378 10.000 (5.502} 8.876 989,105 10.000 111,099 988,008 Unrnstrlctèd funds 984,566 1.222.453 (378,859) 4.501 1.832,661 984.566 1,222,453 378.859 1,832,661 Total funds 1,973,671 1.232.453 389 958 2,820,667 22
Oocusun En¥dope ID.. B9D8ADCC.2EOF4339-85BE.9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18 MOVEMENT IN FUNDS (CONTINUED) MOVEMENT IN FUNDS- PRIOR YEAR 8018n¢o at 1 January Incomlng 2022 resources Balance at Galnsl 31 Decembor (Losses) 2022 Outgolng resources Transfers Inlout Restrlcted funds Sculpture programme Rodd Court & Orchard Cottage Hidden Gems Hérefordshire Communty Foundation Ashley Foundation - Cultivate Historic England HerKage at Risk Leaming programme <1.000) 6.380 975,IX 3.201 975.000 136 (3,065) 3.500 1289) 3,211 3.8 10.819 110,331) 4,378 {599) (1.000) 991,070 14,319 16.284 989.105 Unrestricted fvnds 897,383 392,712 (300.9M) (4.585) 984,566 897.383 392,712 300,944 984,566 Total funds 1,888,453 407.031 317.228 4.585 1.973,671 The specific purposes for which the restricted funds are to be applied are as follows: Sculpture programmes- The Arts Council England provide funding for an ongoing sculpture programme. NHLF Heritsge emergency fund, NHLF Cultural Recovery Fund and Arts Council Emergency fund- Funding was received from 211 the names organisation5 to assist and support the charity through the COVID-19 Thg Eiephanl Trust- the funds were gen towards Ihè Auschwitz exhibition AHFINLHF - the funding provided by these organisations was in support of the Trusfs development of plans for Rodd Courl and its environs. Rodd Court & Orchard Cottage- These funds relale to the transfer of a heritage asset, acquired through the Governments Arxeptance in eU Scheme. 23
Docusvjn Erwelope ID.. BgD6ADC&2EQF4339-858E-9108561738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18 MOVEMENT IN FUNDS (CONTINUED) Hidden Gems- The Fundlng enabled a publiGFy acc9s5iblè creative programm8 to be hekl In Rodd Court. HSstoriG Engkgt* Heritsg6 at risk- Funding glven towards the rgstoration of the Chimneys In Rodd Court. Ashley Foundation - represents 8 granl received in order to Garry out outreaGhlyoung peoples learning acuvltles In 2024. 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unro8tri¢ted Funds Dosignatsd Funds Hol knom Rodd Ct & Herltage Regen Devl Bams roofs Match fund 2023 2023 2023 Genéral Funds 2023 ReBtricted funds 2023 Totsl Funds 2023 Tangible fixed assets Fixed asset InvestmenL, Heritage assets CLrrenl assets Creditors due with one. 708,552 262.024 708,552 262.024 975,000 892.270 (17.179) 975,0 13.C#)6 209,264 (17.179) 330,IX)O 140,0(M) 200,000 TOTAL 1,162.661 330.000 140.0 200.000 988,C#)6 2,820,667 DESIGNATED FUNDS Holiday accommodatlon devolopFn•nt Costs lo develop iwo addltlonal holiday a0mmjalIon cabins. It b 8nttcApat6d that this will tske bvilhin the 24 months. Rodd Court and Bam$ heritage Ilsted-roof repalT¥lrBdeslgn Necessary rèpairs and addressing leaks. It Is anticipabj th91 thls will tske placA within the next 36 months. Match funding for herltage regeneratlon of 17C Court and Bamg To support future development and charitablg use of histoit bulldings. It is awrtiGipalod that this wll take pkce WKI next & months. ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR UnTestrlcted Funds General D•signated Fund8 Funds 2022 2022 Restrlct•d fund5 2022 Totsl Funds 2022 Tanglblg fixed assets Fixed at investments Hgrrtage assets Currenl assgts Creditor5 due with one year 494,207 51,570 494,207 51.570 975.000 S08.219 {55,325} 975.000 14,105 494,114 (55.325) TOTAL 989.105 1,973.671 24
DDCusJn Envelope ID.. B906ADCC.2EOF4339-85BE.91085fj1738D2 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20 RELATED PARTY TRANSACTIONS There were no related party IransaGtions during the year 21 MERGER WITH BLEDDFA TRUST A mergpr was Concluded with the Bleddf8 Tru8t on 3 March 2023. This mbined weP#tablis arts organp on Ihe Wel$h l English border. The Bleddfa Centre Wds founded by James RooseEvans (1927-2022). a ploneering Britlsh theatre dlrector, prfest wiiter Dn experimentsl theatre. rttual and meditation. In 1959 he founded the Hampstead Theatre Club, London, th 1974 the Bleddfa Centre for the Creative Spir6t. in mhfj-wath. The Trustees of the Sidney No Trust r8cognise thelr shared obJ'8ctives In Ihe power of the creatNe arts to enhai hang8 Iwes. Twc trustees with Wkground and involvement with the Bleddfa Trusl joined the SKlngy No18n Trust in 2023 to support Ihe integr8ti¢M. Net Incorne of £430.841 ks included wfthin incom8. whi¢h represents the nel assets atsaulred on Merr. 25