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REGISTERED CHARITY NUMBER: 1161850
THE SIDNEY NOLAN TRUST
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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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

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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 Eth￿￿10. 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￿$￿jn Envelope ID.. B906ADCC.2EOF4339-B5BE-9108561738D2
THE SIDNEY NOLAN TRUST
TRUSTFES, REPORT
YEAR ENDED 31 DECEMBER 2023
¢. ACTIVITIES UNDERTAKEN TO FURTHER THE TRUST'S PURPOSES FOR PUBLIC
BENEFIT
The Trustees have referred to the guldance contained in the Charity Commission's general
guidance on PL1￿1¢ benefit when reviewing the Trust's aims and object5. All these aims are
undertaken to further our objective for the publi¢ beneflt.
REVIEW OF ACTIVITIES
During 2023 the Trust opened to visitors from 30 March to 30 September on Thursday. Friday
and Saturday from 11 am lo 4pm. Our programme opened with two exhibilions.. Thirty Years
of Landscap8 by Philip Hughes in our main Gallery, a sutvey exhibition of the artist's paintings
of landscapes from the UK. Ireland, France, Australia. Peru, and Antarctica. drawing parallels
wilh Nolan's travels ar5d captivalion with vast and awe-ir)spiring landscapes. Concurrenuy In
Praise of Shadows presented new work by Jony Easterby and Pippa Taylor. following their
2022 year-long residency and inspired by Sidney Nolan's epic P2radise Garden athork.
Easterby explored patterns of shadow and form created by thè dynamiG interplay of plants and
light in landem with Taylorfs paintings. The Trust's relationship with Hereford College of Art
MA Fine Art programme students conlinued with a number of outdoors Sculpt￿al works
installed for the season by artists Rick Greswell and Kate Harvey, both recent graduates of
the HCA MA.
A Selection of Sidney Nolan's workfrom our collections was presented in Rodd Court including,
a series of sli15 lives painted for Mary Nolan during Ihe 1980s and work from his Paradise
Garden and Shark murals. The damage from a flood in December 2022 due to frozen water
PIP85 blfrrsting reduced the number of spaces in the House available to present w0￿S from the
colleclions - Geilings in several rooms were damaged and were drying out and subject to
Insuran￿ asses$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

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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 S￿CesSfUl. 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

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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 be￿n 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.

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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.

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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 Ba￿Ing Service clearanct. The Trust maintains
insurance cover against major risks impacting ils activities inGluding public and employe￿5
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 prO￿sS 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.. B￿DcC-2EOF433￿85BE-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 A￿9Pted 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

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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

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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

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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
R￿tr￿ted 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), effe￿1ve 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 othe￿iSe staled in Ihe relevant accounting
2.2 GOING CONCERN
The Trusl has cash resources and the Truslees h8ve 8 reasonable ex￿lation 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 F￿babIe 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 r￿ed asset class and depr8ciated over the
useful economlc life in accordance wtth the TTusfs accounting FKJli¢ies.
On receipt. donated professional seNices and fa￿litIeS 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 re￿Verable in relation to investment income Is recognisèd at the time the investment In￿Me 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.. B￿DeC.2E0F4339￿s8E-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 acti￿ty 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.
Dep￿cIatIon is charged $0 a5 to allocate the cost of tangible fixed assets less their residual value over Iheir
estimated useful lives, using the slraight-line melhod.
Depre￿ation Is provided on the following basts..
F￿ehOld propety - 2% Straight line
Plant and ma¢hlnery- 2% Straight line
Motor vehides- 20Q/o Straighl line
Fixtu￿$ 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 ob1lg8￿nS 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 di5￿￿nt offered. PrePa￿nts
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 reqUI￿d 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-2ECF433￿85BE-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 Enve￿pe 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&2EOF433￿a38E-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
F￿8hold 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 De￿rnI￿r 2023
136.204
80,389
2,209
218.802
NET BOOK VALUE
At 31 De￿mber 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 g￿en 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 a￿0mm￿jalIon 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 a￿t 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
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DDCus￿Jn 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 Mer￿r.
25