Dcw%i9n Envelope 10: 037DOBA4-B054421WD&7FF94C26A187 REGISTERED CHARI￿ NUMBER: 1161850 THE SIDNEY NOLAN TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Do¢Ltsign Envdcpe10.' 0370OBA4-BO5H21￿FD8-7FF94¢26AlB7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 Pag8 Refer•n¢e and administrati¥8 dotails of the charlty. its trustoos and advlsor8 Trustees, roport Indepondent examinors, report lo the trustees 10 Statoment of flnanclal actlvltles 11 Balanco shegt 12 Notss to the financial statements 13-26 DOOJS￿n Envdope10.. 037DOBA4-B05442104F08-7FF94C26A187 THE SIDNEY NOLAN TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS YEAR ENDED 31 DECEMBER 2024 Trustees Lucy Trench {Chairperson) George Littleiohn {Honorary Treasurer) Peter Conradi Professor David Fery Alison Giles Professor Peter Lloyd- resigned 29 April 2024 Ruth Lloyd Matthew Trustman- resigned 26 March 2024 Nicola Kalinsky- appointed 21 July 2024 Tony Morris- appointed 21 July 2024, resigr*d 27 January 2025 Tam8r8 M8s¢arenhas- appointèd 21 October 2024 Presldont Lord Dawd Llpsey (passed away 1 July 2025) Charltabl• Incorporated Organlsation number 1161850 Rogisterod Offi¢0 The Rodd nr. Presteigne Herefordshir8 LD8 2LL Indepond•nt Examiner J M Roderfck. Bsc ACA WJ James & Co Limtled Bishop House 10 Wheat Street Brecon Powys LD9 7DG Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Wesl Maling Kent ME19 4JQ Oo¢usvJn En¥¢k)￿lO'. 037DOBA4-B054421LLBFD8-7FF94C26A787 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 The Charity Trustees (the Trustees) ofThe Sidney Nolan Trust {the Trusll presentlheir annual report logetherwilh Ihe finanGial statements of the Trust forthe year ended 31 December 2024 These finan(xal statements have been prepared In accordani% whh Statement of Recommended Pra¢tice.' Accounting and Reporting by Charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard appllcable In Ihe UK and Republi¢ of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporling Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011 and the Trust's Constliutlon. OBJECTS AND ACTMTIES . OBJECTS The objects of th8 Trust, as more fulty sel out in its Constitution dated 28 January 2015 are. briefly, to advai)ce the edu¢ation of the pubk'c in the knowledge, understanding and Bppreclatlon of the Arts generally and the wo￿$ of art of Sidney Nolan in parti¢ular. b. ACTIVITIES In order to meet its objectives. the Trust looks after 8nd provides access to heritage assets, landscepe, and Its ¢011o¢tions and archive of Sir Sidney Nolan. It engages in a broad range of activities including delivery of creats've and 18aming programmes, exhibitions, evenls and workshops primarfly from Ils base at Thè Rodd, located in an idyllic rural setting on the Welsh borders in Northwest Herefordshire. The Rodd historic estste. Sidney Nolan's home for the lasl nln8 years of hls life. includes Rodd Court (a 17th century manor house) and a range of historic and mod8cfi i￿rni buildings, some of which have been restored and convert8d by the Trust for its use. 140 acres of working farmland are managed through a lenanl famier to recognised environmenlal practice guidelines and 40 acres of semi-andent woodland are under active development and managemenL A former tithe barn has been converted into a gallery and concert venu6, offices and houses Nolan's Studio, professionally GonseTved in the arrangemenl as il was left at his death in 1992. The House. grounds and gallery are operated as a visitor destination March to September each year. Learning, events. digital and collections research activities take place year-round. Other buiklings are used as WorkSpa￿S for artists and 6ducational courses and workshops. The Trust manages a holiday cottage on site Ihal provides accommodalion lor g8neral visitors and off-season for vlsltlng r8s&archars, and artists. In March 2023 the Bleddfa Trust merged with ihe Sidney Nolan Tnjst, after the Challenge of COVID-19 and the energy crisi5. So th8 Trust nDW operates th6 Bleddfa site 10 miles away in Powys. comprising the Old School House and Hall Barn. The Bleddfa Centre has a long history sln¢e 1974 as a community hub In a very rur81 area enabling access to creativity. wellbeing and idea5. Until 2020 it ran varied programmes bringing together local people and visitors for meetings, events, exhibitions, classes, talks, performances. Based on shared valuès, as one Trusl we $8ak to safeguard and rebuild community use at the Bleddfa stte enabling social connection, arts provision and wellbeing in this rural districL Through thls WiUE-ranging programme of actwities the Trust has furthere(l its ststus as an innovative and vibrant rural cenlre forth8 arts. The Trust plans to build on this In years to come th improved interpretation of ihe heritage of the site and continued commitment lo the legacy of Sidney Nolan, contemporary arts and the environmenl. We aim to wlden and deepen audience access and engagement from diverse local residents, ¢ommuNty groups and regional general visitors, to collaborations with artlsts, musicians, writers and researchers of internatlonal Standing, 8nd gallèry, museum and HEIFE partnerships. DocuskJn Envd(4)e ID.. 037DOBA4.BO54421￿FD8-7FF94C26A1B7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 c. ACTIVITIES UNDERTAKEN TO FURTHER THE TRUST'S PURPOSES FOR PUBLIC BENEFIT The Trustees have referred to the guidance contained in the Charity Commisslon's general guIdar￿e on public benefit when reviewing the Trust's aims and objects. All these aims are undertaken to further our objectiV8s for the public benefit. REVIEW OF ACTIVITIES During 2024 the Trust opened The Rodd slle to visitors from 23 March to 28 September Tuesday to Saturday from 11 am to 4pm. Total engagement figures across the Tiust's pU￿1c 8clivilies were 4,464 during 2024. 8 significanl Increase on 2,697 recordèd in 2023. Of these 510 people engaged at the Bleddfa site in 2024 vs G180 in 2023. reflecting increased efforts to rebuild use of this venue. The increase at The Rodd was supported by extended open days on Tue an¢ Wed during the visitor season and increased attendance at events. Two new Visitor Welcome assistants on fiexible contracts were recruited during the Summer season. A selecllon of Sidney Nolan's work from the Trust's collections was presented in Rodd Court i￿luding a rare example of his depiction of the UK landscape- a painting of the Thames, and works on paper from the series 'For the Temi of his Nalural Lrfe,. along with many of his books and cameras. As in 2023 the number of spaces in the House available to prosenl works from Ihe wllections was reduced by ongoing restoration works after damage from a flood in December 2022 when frozen water pipes burst. Listed building ¢onsentwas aGhieved in Spring 2024. ceiling repairs w&r8 flnally commenced In August and completed in January 2025. Nolan's conseNed studio was open as part of the visttor experienc8 throughout 2024. In Ui& Ilthe barn Gallery space the programm8 opened in March with Painbng with Light. exploring Nolan's d￿lIa1 artworks using the pioneering Quantel Paintbox application launched in 1981, alongside examples of work by other artisls also experirnenting with this technology. From May to July there was a tandem exhibition of work by Kate Green 'At the Water's Edge, and Daisy Dixon ' A P￿sern¢e, A Home? following their arti8t re8idencie6 at The Rodd during 2023-24. Dixon explored Mary Nolan's presenGe within Rodd Court through drawings. photography and a series of photo Ilthographs presented as part of an installation table-setting work. G￿en,$ focus was on Nolan's trave15, particularly his 1964 Antarctic trip which she linked to her ovm artist's journeys around glacial Lake Wigmore and a slmilar landscape in Eastern Poland. Green work indud8d a participatory postcard element. selection from th8 Nolan ar&llv8s. new 8mbossed artworks and new stories and song writing. July to September Hogback Hllls brought together new athorks by 21 artists working across photography, painting. printmaking and sculpture lo reveal and illuminale the exlracffdinary geological, ecological and human stories of these local hllls- the oldest rocks in Wales, datirvJ back 700 million years. From Juty the Trust also followed up ihe popularity of Earth Photo in 2023, by a98in presenting a $81ection of pholographs and films from the finalists in this annual international image-maklng competition organised by Forestry England, Parker Ha￿lS and th8 Royal Geographi¢al So¢￿. Earth Photo 2024 was again shown outside in the historic orchard at The Rodd on largè-scale panels wilh films shown in our 18th Century Granary bam and attracted good fcK)Ifall, The Trust awarded a residency prtze to 2024 finalist Louise Beer and John Hooper of Pale Blue Dot collecuve. The duo spent time at The Rodd in February 2025. Docu51gn En¥eloFe10.. 037DOBA4-8o54421(￿BFDB-7FF94C26AlB7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 The Trust's relatlonshlp with Hereford College of Art MA Fine Art programme students continued with a January residency and inslallation work Bloodlines by Liz Davis shown In th8 Spring that explored the Hereford Cattle dynasties bred lo¢ally and exported internationally. Alongside our exhibition programme. we delivered a varied programme of events, talks and workshops for all ages including artist workshops, online lalks and famity art workshops in school holidays. The Hogba¢k Hills show in particular was a￿oMpanied by a vibrant programme of artlst talks, adult and family workshops, most of which were well-attended. The Nolan Birthday Le¢ture was delivered in April by Ben Rawlence Director of Black Mountains College and atira¢led 40 attendees., at Bleddfa the James Roose Evans memorial lecture in October was given by Stephen Johnson music writ&r, broadcaster and ¢omposer, to some go people. Our annual free Community Day St The Rodd was held In earty July with a range of art&based activities. storytelllng, live music. barbecue, woodworking demonstrations and more. The evenl was succes5fv1, and grew in 2024, drawlng in c315 visitors with very posltlve fe8dback from participants. In August the Trust participated in Pr8St8igne Open Studios weekend showcasing the adivity of t)ur regular young peopke's creative 18aming groups, reaGhing over 400 people. The Trust's social media platforms were successfully used as one of the maln marketing approaches. alongside a visitor ￿aflet, door-to4oor mailout5 and targeted advertising in local and regional Magazknes and publications. AA yellow road signs added to the awareness of Earth Photo. In Summer 2024 funds were invested in regional legflet distribution wilh i-visit and an A￿lenCeS AgenGy Visitor survey data gath8riThJ was undertaken. Orchard Cottage holiday traded well with comfflercial OLCiipancy up 1SQ/o on 2023 and excellent reviews from guests. Sever81 group visits and hires of spaces at The Rodd and Bleddfa for gatherings and meetings were delivered. Durtng the year a wular group of volunteers continued to support collection and archSve lalogulng. digitlsalion and repacking. An area of focus was the travel photography taken during the Nolans, 1961162 trip to Africa lo support 2025 Nolan's Africa exhibttion. The recording and repacking into archive boxes of Nolan's exhibition catalogues was completed during the year. Cataloguing data continues to be cgptured onto our online collections m8nag8m8nt plafform. In time this database will be publicly available Ss a valuable research Our leaming programme has continued to develop wth support from the Ashley Family Foundation during 2024 for our Cultivate and MAKE young people's programmes. This award enabled continuation of MAKE weekly outrea¢h sessions for 10-14year-olds ané held at local youth ￿ntre. Ihese were consistentTy well-attended during the year. ￿s0 Cultivate our youth programme of monthly sessions enabling young people 15-25 years old from the local communities in both England and Wales lo explore contemporary arts culture. Feedback from participants. parents. visiting artists and programme lead were unanimously positive. A regular engagement strand for adults- Abet. piloted from October 2023, experien￿d decllning numbers during 2024 and was not Cyjntinued beyond the Summer. In 2023 3 part-time leaming and engagernent assistant enablèd éxpansion of our learning activty with schoolslHEISEND groups engaging 275 pupils from seven organisations. Unfortunately uptake in 2024 of a formal learning offer was muGh less {82} with many schools ting prohibitive transport costs. In Summer 2024 our learning and en9agemenl assistant Docusign Enydcpe ID.. 037DOBA4-BO544210.8FD8-7FF94C26A1B7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 resigned to follow other opportunities and we re¢ruiled a small group of freelance creative facilitators lo support learning deliv8ry. From Seplemb&r to Nov8mb8r a fortnightly home educalion session was piloted which proved consistently popular. During 2024 the Trust's farmland was managed by a tenant fam)er under a five-year far assured tenancy commenced September 2023. New slock fencing was installed as part of appropriate improvements agreed over the ￿Urse of the tenancy. An agreed portion of a field most accessible to visitors was retained out of Ihe ten8n¢y wllh 8 view to establishing a wildflower meadow - during 2024 the Trust worked with Herefordshire Meadows Trust to assess this area and SUGGe5sfully applied to Hm's granl-supported schemes for wildfiower meadow development, The preparation and seeding of this new meadow will take place in 2025. In 2024 the Trust continued to d8liv8r adions under its woodland m8nagement plan for Rodd Wood, including a planned programme Of de8ring and felling works lo supportfulure increased spe¢les diverslty, tree health and publlc access. A number of veteran trees were identified and documented for ongoing protedion and monitoring. Presleigne Community Garden CIC ntinued to develop and maintaln th8 Kitchen Garden are8 under licence. reclaiming more la￿ for focmj pro(iuction wilh produce supplied to lh& local food bank and soup kitchen. The Comrnunlty Gardeners secured funding during the year for a new greenhouse and to plant vintage fruil tree varieties replacing some lost treès In The Rodd Orchard. The Tru31'8 Groundsperson successfully passed with distinction their Royal Horticuliural Soclety Level 2 Certificate in Practical Horticulture during the year. A planning appliGalion for a new holiday accoiminodatlon cabin on The Rodd site continu8d to be subject lo delays in planning approval arising from new guidance on phosphate mitigation. During the year the Trust sought specialSsl planning consultant adviG8 and earty in 2025 comrnissioned a drainage invesligatiuri to tackle thg queries raised by Herefordshire Planning Department on this m8tter and propose a strategy. There has beBn an increased emphasls on fundralsing during 2024 led by the incoming Director. Support of £56k UK Shared Prosperity Fund8 for urgent maintenance and energy effic4ency improvements Was achleved at the Bleddfa site in Augu61*nabllng roof repalrs, increased insulation, installation offire alam systems. Solar p8nèls and smart heating controls. The Ashley Family Foundation approved a orant of £10k to eslablish a community arts residency at Bleddfe during 2025. Truslees with the Director, staff and nelworks undertook a review of values and purpose and 8 SWOT analysi5 arKS WDrked with Tri(x)lor Assoclates to prepare a sU￿£250k bid to the National Lott4ry Heritage Fund for strategic maslerplanning and audience consultation activtty. This was sU￿sSfUllY awarded in April 2025 with £244k of funds raised lo enable a 12-month programme of activity. Thè Trust eroaged in regional advocacy and partnewhips in¢lu¢Jing the Chair of Trustees joining the curatorial advisory panel for the Hereford Museum artty Art Gallery redevelopment and the Director joining the Herefordshir%8 Cultural Partnershlp group and attending Powys Association of Voluntary Organisations, Community Buildings group meetings. SNT Creative Produc8r 15 the Engage Cymru Mid Wales Representative- Engage is a national network that promotes engagement and participation in the visual arts. t)ocusvJn En¥eloFe10'. 037DO8A+B0544210.SFD&7FF94C26A1B7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Total income in 2024 was £215,499. This is signkficantly lèss than the £801,612 in 2023. largely due lo that year including £661 k proce￿$ from a property sale. Excluding this capital receipl income in 2024 was £74,887 higher than in 20231£140,6121. This in¢r8as8 included more rental inwme, farm subsidies and bank inlerest and an increase in restricted grant funding achieved. Total expenditur8 was £355,477, down from £38g.958 in 2023. The direct costs of delivering charitable activities were lower in 2024. Savings were achieved in stafflng costs, professional and legal fees, purchases of equipment and materials and programme costs. The overall movement in unrestricted funds was a deficit of £170.565 for the year. a Signifi￿nI Improvement on the operating deficit of 2023 of £244 845 (Stripping out th8 gains from the asset sales 8nd the Bleddfa merger). This shows 8 positive trajectory to adapt to a challenging operaling environment, The Trustees will continue to work with the DireGlor to achi@ve long- tem) resiliencethrough building audiences, increasing fundralsSng and Income generation, and controlling costs. The Trust ends 2D24 wilh £1.03m in restricted funds1£975k is the restricted heritage asset Rodd Court allocated to th8 Trust Ihrough the Acceptance In Lieu scheme, and c£52k in restricted grant funds). The capital receipts from the $ale of two outlying fields and the former Rodd Farmhouse have been placed In designated funds by the Trustees for specific purposes including Investment in new holiday accommodation provssion to suppori'lh8 charity's revenue generation, anticipaled repairs and resloralion for listed heritage assels and malch funding for future capital development. These designated funds total £870k. The charity has £992k in general funds comprising £756,538 of designated property funds (the value of ch8fty buildings other than Rodd Court and their fixtures and fittings) arKI £235,557 of freely available reserves. This latter represents approxiM*ely e￿ht months, operating expenditure which is in line with our reserves policy. PLANS FOR FUTURE PERIODS In 2025 the Trust is undertaking a wld&ranging strategic review and m8slerplannirwJ projed supported by the National Lottery Herilage Fund. This encompassès business planning and options appraisals for The Rodd and Bleddfa siles, their cu￿ent and potential audi8n¢8s. and fulure use-devek)pmenÉ of the various buildings and land a55els. The projed sets out to establish a rtgorous plan for future redevelopment and regeneration and also to bulld supporl for this future through strategic fundraising consultancy and pilot activites to test and learn from OPlion$. Th8 Trust intends lo continue t¢ progrests plans to expand holiday accommodation provSslon al the Rodd. TrusteeE will invest in increased"iundraising activty arKI ¢apa¢ity. The wildllower meadow project will be established in Aulumn 2025 becoming part of the visitor expgrigne8 in Springlsummer 2026. DocJJ*gn Envelope ID.. 0370U9A4-B054421tkBFD8-7FF94C26A1B7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 The Sidney Nolan Art Prize is an exciting new ¢yn call art competition18unthed in 2025. open to entries inlernatlonalty and across artforms to bulld awareness and highlight the Import8n￿ of Nolan's lega￿ and the rélevance of the themes of his work for art today. At the Bleddfa site new crealive arts for health sessions and a monlhly pop-up community café will commence In September 2025 supported by Powys Health and Social Care funds until March 2027. a. GOING CONCERN Taking account of the Trust's assets, the Truslees have a reasonable expectation that the Trust ha8 adequate resources to continue in operational 8xislenGe for the foreseeab￿ future. For this reason. they continue lo adopt the going concern basls In preparlng the financial slatements. Further details regarding Ihe adoption of the going ¢on¢em basis c£n be found in Ihe AGGounting Policles. b. RESERVES POLICY The Truslees have established a level of freety available reserves which excludes restricted reserves and tangible assets sufficient to meel six months, worth of expenditu￿ currently approximatety £185.000. Al thÈ year end the general reserves, including investments was £235.557. approximately eight months of operating costs. Trustees continu6 to work to ensure sufficient reserves are maintained. c. INVESTMENT POLICY AND PERFORMANCE The Trustees have wide powers of investment and they have reviewed tho Trust'5 investrnenl strategy and perfornance in order to reduce the exposure and risk of Trust funds whilst retaining income generating capability- There was a net gain of £8.5k on investments in 2024. Delail on the performance of the investm8nl pJrtfolEo Is set out In Notes 5. 6 and 16 to the accounts. STRUCTURE, GOVERNANCE AND MANAGEMENT . CONSTrruTION The Trust 1$ an independent Charitable Incorporated Ckganisation and f(s governing document is ils Constitution dated 28 January 2015. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Tru$tees are responsible for the govamance aThJ approving the stralegy of the Trust and are appolnted under the terms of the Constitution. New Trustees with sp8ciflc areas of expertise are sought and in principle t￿,eY ar8 selected as being capable of delivering significant benefit to the TrusL c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES All Trustees receive guidance as to the responsibilities of their role and are updated from tim8 to lime a5 to changes to the requiremenls of the Charity Commission and the expectations of Ihe Board in the fulfilment of their role. Trusi Staff ensure Ihat all Trustees recelve all relevant Charity Commission announcements. publications and updates. New Trvslees ar& required to declare Ihat they ar8 not in any way ineligible lo act as Trustee and all Trustees are required to complete Conflict of Interest dedarations as appropriate. DoC￿￿jn Envdope ID.. 037DOBA4-B05442106FD&7FF94C28A1B7 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 d. REMUNERATION POUCY FOR STAFF Tnjstees keep their remuneration pollGy for the Trusfs staff under revlew and endeavour to ensure that remunerallon packages are sufficient to 8ttract and retain individuals of the required ¢alibr8, expertise and experience in line with rates in comparable charitable Art8 organisations in the W8lsh Marches region and not ex￿s1Ve. f. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trust is govemed by its volunteer Board of Trustees and the day-lo-day operation and management of the Trust and its assets is Ihe responsibility of its Director. In the period under review Trusl employed two salaried full time ané three part-time and I￿0 fl8xible members of staff. In addltlon, the Trust engages the services of freel8nce specialists to assist in the delivery of speufic programmes andlor projects. The Trustee Board rneets al least four times each year. Whilsl it does seek to attract and valu8$ the contribution of ils volunteers. the Trust is wt ¢)verly reliant upon volunteers to m88t its core objectivps. The Director is r6sponsible for the managemenl of the Trusvs books and records and regular reporting to the Trustees on the Trust's affairs and financial performance. Annual Operat￿n9 budgets are prepared by the Director and agreed with the Trusl6es. Monthly report5 on the Trust's finances are prepared 8nd discussed wilh the HDnorary Treasurer. Management Ac¢ounl$ are di￿U5¥ed at regular Finance and Fundraising sub-committee meetings lo support presentation and re¢ommendalEons made to full Board meelingS- the Director attends both these meeting strands. The Trustees contribute to the work of the Trusl through sharing their expertise and contacts derived from theirexperience and active involvement In all asp8Cts of th8 Arts. govemment. education and buslness. g. RISK MANAGEMENT The Trust keeps under review th8 major risks to which the Trust is or may become exposed and has established systems in place lo dèsigned to manage those rfsks. The Trustees carry out regular reviews of govemance and all major areas of concern including Health and Safety, Safeguarding a￿1 Equal Opportunilies. All relevant permanent staff and, wher8 appropriato, freelance contractors. have Disclosure and Barring Service clearance. Th• Trust maintains insuranc8 cover against major risks impacting its actlvilies including publio and 8mployerfs Ilability- It also provides Trustee indemnity insurance for lh8 Trustees in respect of their rcles as Charity Trusteès. D￿U514Th ErhvebpÈ10.. 037008A4.BOS44210.BFD8-7FF94C26A187 THE SIDNEY NOLAN TRUST CONTENTS YEAR ENDED 31 DECEMBER 2024 STA TEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsibl8 for preparing the Trustees, Annual Report and the financlal sta18ments In accordance wllh applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Pra¢ti¢el. The law appllcable to charities in Engl8r)d & Wales requires the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the tharity and of the incoming resources and appliCat￿n of resources of the charity for that period. In preparing these financial statements. the trustees are r8qLJired to: s818ct suitable acwunling policies and then apply them consistently., observe the methods and prfnclpl8s In the Charities SORP 2019 (FRS 102): make judgements and estimates that aff reasonable and prudent., state whelher applicable accounting Standards have be6n followed, subject to any material d6partur8s disclosed and explained in the financial stalemenls.. prepare the financial statements on th8 going concem basis unless il is inappropriate lo presume that the char¢ty will ccntinue in operation. The trustees are responsible for keeping proper accounting records that disclose with r8asonabl8 ac¢)Jracy at any time the financial posilion of the charity and enable them to ensure that the financial stalements Comply wllh the Charities Act 2011. the Charities (Acwunts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Approved by order of the Trustee Board on 14 August 2025 and signed on their behalf by s¥nth1by.' Lucy Trench, Trustee. DD¢u$WJn Envelope ID: 037DOBA4BO54421fyBFD8-7FF94C26A187 THE SIDNEY NOLAN TRUST INDEPENDENT EXAMINER'S REPORT YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIDNEY NOLAN TRUST {'the Charfty,) I rtsport to the charity trustees on my examination of the accounts of the charty for the period ended 31 December 2024 whith are set out on pages 11 to 26. Responsibilities and basls of r•port As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'}. I report in respect of my exam1￿tIOn of the charity's accounts carried out under section 145 of the Act and in carrying oul my examination I have follow8d all thg applicable D1￿CtionS given by the ChaAty Commlsslon urKler sectlon 145(5Mb) of thè Act. Independent examlnerfs statement I have Completed my examination. I confirm that no material matters have o)me lo my attention in connectlon with the èxamination gNing me cause to believe that in any matedal respect: accounting records were not kept In reswt of th8 Gharity as required by sectlon 130 of the Ad. or 2. the accounts do not ac￿rd wlth those records" or 3. the accounts do not fX)mply with Ihe applicable requirements rr>ncemlng the fonn an¢J content of accounts set otrt in the Charities {A¢¢ounls and Reports) Regulations 2008 other than any requirement that the accounts give a Xrue and fair view which 1$ not a matter considered as part of an independent examinalion. I have no con¢ems and have come across no other matters In connecticn wllh the examinat￿n to which attenlion should be drawn in this report in order to enable a proper understanding of the accounts to te reached. orm J M Roderick Bsc ACA WJ James & Co. nhartered Accountant Bishop House 1 Q Wheal Street Brecon Powys LD3 7DG 2025 10 Docu51gn Envelope ID,. 03700BA4-BQ5H211>BF08.7FF94C26A1 B7 THE SIDNEY NOLAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrostrlcted Funds 2￿24 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 as rostatad Not• INCOME FROM: Donations and legacies Charitable acllvfcles Investments Ot￿r incnma 16.192 17.424 80,938 34.637 66,308 82.SOO 17,424 80,938 34.637 23,484 19,291 62,936 695.901 TOTAL INCOME 49,1 66.308 215,499 EXPENDrruRe ON: R8ising funds Charltable acliviti¢s 7,515 319.051 7.515 347,962 5.400 384.558 28.911 TOTAL EXPENDrruRE 326,568 355,477 389.9S8 Nel Gainslllossesl on inveslrnents Assets recgived on acquisrbon of Bleddf8 Trust 8.568 4,501 430.841 NET IMCOMEI{EXPENDITURE) 168.809 37,397 1131.412 846,996 Trdn8fers beiween fund8 19 11,756) 1,T56 NEf MOVEMENT IN FUNDS 170,565 39.153 131,412 846,996 RecoMCILIATION OF FUNDS Totsl lunds brought forward 1.832,661 988.006 2,820,667 1,973,671 TOTAL FUND5 CARRIED FORWARD 1.027159 The Slalemenl of Finandal Ad1vil￿$ I￿L￿1eS all galns and kjsses reeoonised in the y6ar All of the actlvltias of the charity are classed as conllnulng Th8 comparatlve fund8 arè detaiknl ln not• 9 Tho noto8 on pa9os 12 to 25 torm part of thes• flnanclal statgments 11 Oo¢u$ign Envelope10.. o37DOBA4-80544210￿FDB-7FF94c26A1&7 THE SIDNEY NOLAN TRUST BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Not• FIXED ASSErs Tangible assets Heritage assets Investments 14 15 16 798,319 975.000 263.773 708.552 975,000 262,024 2,037,092 1.945.576 CURRENT ASSETS Debtors Cash al bank arK1 In hand 17 237 684.235 684.472 37,042 855,228 892,270 Creditors Amounts falling d¥Je within one year 18 132,309) 117,1791 CURRENT ASSErs 652,163 875,091 TOTAL ASS￿8 LESS CURRENT LIABILITIES 2.689.255 2,820.667 TOTAL NET ASSETS 2 689 255 2,820,667 CHARrrY FUNDS Unr08trlcted funds General funds Designaled funds: HolAccotn D8V't Rodd Ci & Barns Toots Heritage Regen match lund Restrfcted funds 19 19 992,096 1.162,681 330.000 140.000 200.000 1,027.159 330,OC 140.OCiI 200.0 988.0( 2 689 255 2.820.667 These financial stetements were approved by th8 Iruslees auknised for i5$ue by the truslees on 2025 and ¥e signed on Its behaN by.. 191812025 g4•dtsy.' Truslee Trustee The note$ on pagès 12 to 25 fomi part of th•8• flnan¢lal statements 12 Dowsvjn Enwelopolo.. 037DDBA4-B0544210-BFD&7FF94C20A187 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 GENERAL INFORMATION The Sidney Nolan Trust Is a charltable Inc￿p0[a19d organi8alK)n in England. with regi51pred number 1161850 and the address of its principal office Is The Rodd, nr Preslelgne. Herefordshire, LD8 2LL. 2 ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The accounts have been prepared in accordance with appllcable accounllng slandards, the Statemerrt fo Recommended Pra¢ll¢e. °Accounting and Reporling by charIt￿S. {Yhe Charitvds SOPR FRS 1021. effectwe 1 January 2019 and the Charili&s Act 2011. The financial Statemen15 are prèsented In sterling. whlch 18 the functional ￿rrent of the company, Monetary amounts In these financlal sl*ements are rounded to the nearest £. The Sidney Nolan Trust meets the delinition of a public benefll entlty under FRS 102. Assets liabilities are inilialw ffjcx)gni5ed at hlslorkzl co81 or transacllon value unless olheNise stated In the rdevant accounting ￿lICY. 2.2 GOING CONCERN The Trust hAs cash resources and the Trustees have a reasonable expeotallon that the Trust has adequate resources lo continue in operallonal existence for the foreseeable future. The Trustee5 believe Ihe going concern basis of accounting is appropriate In weparlng the annual finew?I statements. 2.3 INCOME All income is re￿gniSeLl once the Trust has entidemenl to th8 income. it is probab￿ that Ihe Income wll be rec8iVod and the amount of Income receNable can be measured rgliablv. Where a donated good Is a fixed asset, il is measured at tslr value. Un￿$$11 Is Impractieal lo mèasure thls rellaNy, in which case the cost of the item lo the dO￿r should be used. The gain is recognised as Income from donations and a corresponding 8mount is included in the appropriate fixèd asset cl8S8 8nd depreciated over the useful 8CCinomic lrfe in accordance with the Trust's accounting policies. On receipt, donated professional servi(*s and lacililies are recogni5ed on the basi5 of th8 value of the g￿L lo t Trust whiGh is the amount It would have been Mlling lo pay lo obtain servKes or f8C41tEles of 8quivalgnl economic benefit on the open market., a COTresponding amount is then recognised in expenditure in the perlod ol receipt. Income tax recoverable In relallon lo Inveslmenl inc¥)rne is recognlsed al Ihs tim¢ tho in￿StMent Income Is Governrn8nl grants ar8 ￿cOgnISed b8S8d ￿ the accrual model and ara measurad at the lair v81ue of the asset èived or fftcefvabl8. Grants are classrfied as relaling esther to revenue or lo assets. Grants rdaling lo revenue are recognised in income over the ￿rfod in ￿tch the related costs are rgcognised. Grants relating to assets 8re recognised over the expected useful life of the asset. Where part of a grant relating lo an asset L% deferred, It is recoonlsed as deferred income. Other income is recognised In the period In whlch It Is receivable arKI to the extent the goods have been provlded or on completion of the servleÈ_ 13 Docuslgn Envdwe ID.. 037DOBA4BOSM210-BFD8-7FF94C26A1B7 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.4 EXPENDITURE Expenditurfr 18 recognlsed once there is a legal or construelwe obligalSon to transfer ecx)nom¥c benefft lo £ Ihlrd party, rt 15 probable that a transfer of ecL>nomic benefiis ¥￿11 be required In setuemenl ané the am(wnl of the obligatKJn can be measured reliably. Expenditure is clasSif￿d by actfvity. The costs ol each aclivlty are made up of the lolal of dlTecl costs and shared costs, Induding support costs involved in undertaking each activity. Direct costs attTibJtsbLq lo a slngle 8CtNily are allocated dirtctly to that activity. Shared costs which conlnbute lo more than one activity and $upport which are not attributabl8 to a single activity are apporb'oned behveen thos8 activitiès on basi5 consLslenl with th8 use of resources. Central staff costs are allocated on the basis of lime spent. and depre¢ialion charges all1xat￿l on the porbon of thè asset'$ vse. Fundralsing costs are those Incurred In seeklng voluntary contributN)ns and do not indude the costs of di5sem5nating Informauon In 8UPPOrt of the charitable activities. Support costs are those cos15 incurred direcly in support of expendllure on the objects of the Trust and Includ8 project management carried out al headquarter5. Costs of generating funds are cosls Incurred in allracting voluntary income, and those inGurred in trading gctivilies that TaFse funds. Charltsble activities and Governance Costs ara eosts in¢uffed on Ihe Trust's @ducalknal operations. includlng SUPPOrt costs and cosls relating lo the govemanBe of the Trust apportioned lo charitable acbvities. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fix8d ass&ts cosling £1,000 or more 8re capitsllsed and fèujgnis￿ whfrn fvture gconomlc benefits are probaLqe and the cost or value of Iho asset be measured reliably. Tangible fixed assets are initially reccgnlsed al cost. After ￿COgn1¢10n. under the cost model. tangibl8 fixed assets are measured 81 c051 less accumulated depreciation and any accumulated impaim)enl losses. Al costs inCur￿d to brlng a langlble fixed assel into its intended working condition should be included in the mea8urement of cost. Depreciation is charged so as lo allocate the cost of langiue fixed assets less their resithal value over their eslimaled useful lives, uslng the slraigh14ine method. Depre¢￿tiOn Is provided on Ihg following basis- Freehold property- 2% Slraight Ilne Fknp8rty Improvements - 2% Straight line Fixtures and fillings - 10% Strtsight line Painlings - No fleprecbatlon 14 Docusign Envdope10.' 037DOBA4-BOSU210-BFD8-7FF94C26A1B7 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31 DECEMBER 2024 2.6 HERrrAGE ASSETS Th8 Trust awuired property and larKI al Rodd Court on 8 Auwst 2018 un(ler HMG Acceptance in Lieu Scheme. The assets are of national historical inlore$t and are held by the Trust for them to manage and ma￿taIn. The Trust has no right lo sell or trar￿fer the propety wfthoul the permission of the Secretary of State and does not 8xpect to benefit from the income on sale. The estimateé value of the heritage assets is £975.C(Kl. The TNst ￿11 conllnue to malntaln the assets to safeguard the integrity of the buildings and will embark on mrylemisatK)n to ultimately ger￿rate income for the Trusl and m88b.ng it obligations under its agreements for rnaking the propety to the puNic. Depreciation is provided cn thè fo10￿n0 basis Rodd Court and Orchard Cott&Je- No depreciatiorn 2.7 INVESTMENTS Fixed a5sel inveslmen15 are a form of financial irtstrumenl and inili81ty rec(gnised 8t thelr trans￿110￿ cc6t a subsequently measured at fair value at Ihe Balance Sheet (late, unless th8 value conr￿1 be measured reli8bty In which ￿se it is measured at cost lèss impairmanl. Investment gains and losses, whether realised or unreallsed, are combined and presented as 'GainEJ(Los8es} on Investments. in the Statement of Financial Actlvilies. 2.8 DEBTORS Trade and other debtors are ￿¢09￿7$ed al thè settlement amount after any trade d￿count offered. Prepayments are valu8d al the amount PT8pabd net of any trade discounts due. 2.9 CASH AT BANK AND IN HAND Cash at bank and in hand Includes ￿¥h arKI short-term highly liquid investments wilh a short rnaturlty of three months or less from the dale of acquisiknn or opening of the deposlt or slmM8r ac￿unt. 2.10 LIABILITIES AND PROVISIONS Ll8bililies are reGognised when tr*re is an obligation at the Balancè Sheel date 88 a result of a past event, 11 Is probable that a transfer of economic benefit wlll be requSred In settlement, BrKJ Ihe amounl of the selllement can b6 estimated reliably. Llabllllles ars recognised at the amount that the Twst anlklpates 11 wlll pay to selue the debt or the amount it h8s received 8s a(Jvanoed Paym￿ts for the goods or services it must provlda. Pioviskjns *e measured al the best esllmate of the amounts requlred to s￿e obligation. Wherè thè effed of th8 lim¢ value of mcney ts material, the provislon Is based on Il* present value of those arnounts, discounted at the pre-tax discount rate thal rèfl8Cts the risks spocffic to the liabllty. The un%￿nding ol the discount Is recognlsed the Statement of Flngnd81 A¢livllies as a finance co31. 2.11 PENSIONS The Trust operates a defined contributK)n pension scheme and the p2nsDn charge repwents the amounts payable by thé Trust lo the fund In respect of the year. Docusyn Envelopo ID.. 037D0BA4-BO54421￿8FD8-7FF94c26A1B7 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.12 FUND ACCOUNTING General fur￿$ are unrestricted fijnds which are avaikbtè for use al the diqcretion of the Trusl885 in furtherance the general objectives of the Trust and Yth￿h have not been designated for other purposes. ReslriGte¢J fvnds are funds whiGh are to be used in accordance wlh spgcifir rgstrIGllons Imposed by donors or ¥4thich havo been ralsed by the Tfusl for parucular purposes. The costs of raisiThJ and adminlslering such funds we charged agaln5t the Specif￿ fund. The aim and use of each restricted fund is set out in the noles lo the financrdl statements. Investment income. galns ar￿ loss8s are allctsled lo the appropriate fund 3 INCOME FROM DONATIONS AND LEGACIES unrestri￿Qd Funds 2024 Rastrlcted Fund8 2024 Total Funds 2024 Total Fund$ 2023 Donations Grants Fami Subsmjies 284 1.092 10,000 12.392 66.308 66.308 15.928 15,928 16,192 66,308 82.500 23.484 TDtal 2023 13,484 10,000 23,484 t￿ring the year gran15 were received from the following: Unre8trlct¢d Funds 2Q24 Re8trl¢ted Funds 2024 Total Funds 2024 PAVO- SPF community bldngs grant- Bleddfa Crnmty Fndtn M Wales- AFF Bleédfa artLsl 2025 56,308 10,000 56,308 10.000 06,308 66.308 16 Docu%kJn Envdope ID.. 037DOBA4-B0544210-BFD6.7FF94C26A1B7 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 INCOME FROM CHARITABLE ACTIVITIES UnMstrlct•d Funds 2024 Total Funds 2024 Total Funds 2023 Concert8. exhli )ttion . ts￿r8e and education 17.424 17,424 19,291 17.424 17,424 19.291 TOTAL 2023 19,291 19,291 5 INVESTMENT INCOME u￿￿t￿￿ed FundB 2024 Total Funds 2024 Tot Funds 2023 Renlal income Bank interest and divkl8nds r￿e1ve￿ 71,504 71.504 9,434 3,592 80,938 80,938 2.936 TOTAL 2023 62,936 62,936 6 OTHER INCOME Unr•strlctod Funds 2024 Total Fund$ 2024 Tolgl Funds 2023 as reststed CopyTighl Income Proft on ¢Ylsposal of assets Profit on disposal of investments Forestry income Other Income 25,519 25,519 800 2.155 4,200 1.963 31,705 661.000 2.155 4.200 1,963 3.1Sfj 34,637 34.637 695,901 TOTAL 2023 w rnstated 695.901 696.￿1 7 ANALY81S OF EXPENDITURE BY ACTIVITIE8 Actlvltlos Undertaken Dlrectly 2024 Support Costy 2024 Total Funds 2024 Total Fund$ 2023 Charitable athvilies 290,125 57,837 347,962 384,558 290.125 57,837 347.962 384,558 TOTAL 2023 328,880 384.558 Dowsign Er￿lope ID.. o37DOBA4-B054421￿BFDs-7FF94C2fjAl￿7 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 ANALYSIS OF EXPENDrruRE BY ACTIVITIES (CONTINUED) Analysis of dlrnct costs Total Fund$ 2024 Totsl Funds 2023 Staff costs Depreciation Archive costs Rates Webhost and SOf￿are Professional and legal feos Exhibiuons and events LearnSng Insurance Repairs and renewals Maintenance Equipment and materials Consultancy Retail purcha8e8 Woodland Bleddfa ¢9515 10 146,114 19.676 11,484 5,324 1,549 6.013 19,358 1,535 20,242 16.964 26.485 2,137 8,731 1,000 2.850 663 150.268 16,594 11.074 5,062 1,218 39.188 25,745 11,887 27.258 275 27.427 11.243 1,641 2￿),125 Analysls of support costs Total Funds 2024 Total Funds 2023 Electric and utilities Posla9e and slalion Independent examiners fees Bookeeping fees Telephon Bank charges He￿th and safety Travel and subsislerKe Marketing Subscrfptions Sundry expenses Trustees expenses Other staff costs 14,042 13,794 762 1.470 7,920 3,310 247 476 687 14,778 2,610 7.920 2.476 285 1,003 2,089 20.794 li 1,677 136 2,162 503 1,701 3.907 2,410 4,216 18 ÉnvekJpe ID.. O37DOBA4.B054421￿BFD8.7FF94c26AlB? THE SIONEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 BLEDDFA COSTS 2024 2023 Bleddfa arts programme 663 663 9 INDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Fees payable lo the Tru$l's independent examiner in respecl of.. Indep8nd8nt Exgrninatisn 2.610 1.470 10 STAFF COSTS 2024 2023 Wages and salarlas Social Security costs Contribution to éefinèd contribution pensin s¢hemes 135,214 7,675 3.225 138.395 8,428 3.445 146,114 150,268 The average number of persons em￿oyed by the Trust during the year was as followE.' 2024 NO 2023 No Employees No employee received remuneration amounting to more than £60.(K)O in either year. 19 Do¢us*n Envtlope10.. 037DoBA4-B054421￿BFD8-7FFg4c26Al87 THE SIDNEY NOLAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 11 TRUSTEES. REPJIUMERATIOM AND EXPENSES During the ￿T, no Iru81ees received any remuneration d other benefit8 {2023- £NILI. During the year ended 31 De￿rnber 2024, expenses totalling £2,162 were reimburse(l or pald dw¥tlyto 2 truste8S 12023- £2.410 to 8 trustees). 12 TAXATION The ch8rty Is exempt from cThporation lax on ils charitable actfjvlties. 13 COMPARATIVE STATEMEwf OF F1mANCI￿ ACTMfY FIGURES Unrestrlcted Funds 2023 Restrl¢ted Funds 2023 Total Funds 2023 as rnstated Total Fund$ 2022 INCOME FROM: Donations and leg8cI8S CharIta￿e aclivlti8s Investments Other income 13,484 19.291 62.936 695,901 10,000 23,484 1g,291 62.936 695.901 20,779 18,256 63,894 304,102 TOTAL INCOME 791,612 10,000 801,612 407,031 EXPENDrruRE ON: Ralslng funds Charitable actlvilies 5,4LKJ 373.459 5.400 384,558 6.505 310,723 11,099 TOTAL EXPENDITURE 11.099 389,958 317.228 Nel Ci8lnslllossesl on Inveslmerrt8 Assels recenied on Bcquisition of Bleddfa Trust 4,501 4,501 {4,585) 430,841 430.841 NET INCOMEI