**Charity registration number 1143496**
## **THE NISBET TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **THE NISBET TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr A Nisbet Mrs A M Nisbet Mr J P Nisbet Miss E R Nisbet Ms Z J Joyner Mr H L M Bothamley **Charity number** 1143496 **Principal address** 22 Clifton Road Clifton Bristol BS8 1AQ **Auditor** Simpkins Edwards Audit LLP Michael House Castle Street Exeter Devon EX4 3LQ **Bankers** C Hoare & Co 37 Fleet Street London EC4P 4DQ
## **THE NISBET TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 15|
## **THE NISBET TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
## **Objectives and activities**
The objects of the charity are to act as a resource (whether directly or by providing funding or assistance to existing organisations) for young people living in and around the area of benefit by providing advice, assistance and organising programmes of physical, educational and other activities as a means of:
- Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and reasonable individuals;
- Advancing education;
- Relieving unemployment; and
- Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reasons of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life for such persons.
The "area of benefit" is that of Greater Bristol.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. In the opinion of the trustees all of the grants and donations made are in accordance with the objects of the trust and accordingly benefit the public.
- 1 -
## **THE NISBET TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Achievements and performance**
The COVID-19 pandemic continued to have an effect of reducing the income of the Trust during the first eight months of the year. During that time, the Charity remained closed to new applications while continuing to fulfil existing commitments. New income in the last four months of the year enabled the trustees to hold two invitationonly grant rounds, for charities known to the Trust who were offering essential support to communities. During the year, the Charity disbursed 44 new grants and 31 instalments of multi-year grants which had been awarded in previous years.
The key areas of interest are:
- Children and Young People - Prioritising organisations and projects which support disadvantaged young people to gain skills and qualifications for employment.
- The Arts - Supporting performance venues and groups across Bristol.
- Prevention of Homelessness - Including support for organisations who provide advice and guidance to people at risk of losing their homes.
- Community Cohesion - Projects which support equality, diversity and social inclusion for high need groups from all communities in the city.
Grants and donations awarded during the year can be summarised by the following sectors:-
|Children & Young people|39%|
|---|---|
|Arts|23%|
|Prevention of Homelessness|11%|
|Community Cohesion|24%|
|Other|3%|
||_____|
|Total|100%|
||_____|
## **Decision making process for grants**
The Trust has an established application process detailed on their website (www.nisbettrust.co.uk). Applicants apply using an electronic application form. Trustees meet quarterly to discuss applications and make funding decisions. Where appropriate, the Director and Trustees visit applicant organisations as part of the due diligence process. Visits are also made during the grant period to learn about progress. Successful applicants are required to provide a detailed report annually during their grant or at the end of the grant period.
## **Financial review**
During the year the charity made grants totalling £1,326,265 from the total donations received of 1,500,000. Net income for the year was £149,751 (2020: net expenditure £1,018,432). There were accumulated funds brought forward of £605,910, thus leaving a balance of reserves of £755,661 to carry forward. All funds are unrestricted.
With charity running costs being minimal, reserves represent amounts available to the trustees to make further grants, including meeting commitments relating to multi-year grant awards. All such awards are conditional on the awardee meeting specified criteria and are therefore not reflected as liabilities on the charity's balance sheet. However, the trustees recognise the importance of maintaining reserves to meet those commitments.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
At the end of 2021 the trustees expected to be able to return to open access grant making in the following year and beyond and funds of £2m were being budgeted for disbursement in 2022.
- 2 -
## **THE NISBET TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Structure, governance and management**
The charity is controlled by its governing document, a deed of trust dated 4 August 2011 and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr A Nisbet
Mrs A M Nisbet Mr J P Nisbet Miss E R Nisbet Ms Z J Joyner Mr H L M Bothamley
The power of appointing new trustees of the charity is vested in the continuing Trustees.
The trustees' report was approved by the Board of Trustees.
## **Mrs A M Nisbet**
Trustee Dated: 31 August 2022
- 3 -
## **THE NISBET TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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 detection of fraud and other irregularities.
- 4 -
## **THE NISBET TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NISBET TRUST**
## **Opinion**
We have audited the financial statements of The Nisbet Trust (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 5 -
## **THE NISBET TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NISBET TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In so doing, we considered the following:-
- The nature of the charity, its control environment and performance indicators;
- Results of our enquiries of management and Trustees regarding their own identification and assessment of the risks of irregularities; and
- the matters discussed among the audit engagement team regarding how and where irregularities might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in relation to the misappropriation of funds allocated for grant awards. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
- 6 -
## **THE NISBET TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NISBET TRUST**
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context relate to the UK Charities Act.
Our procedures in response to the risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- testing of the application of internal controls, including segregation of duties, in relation to the grant awarding process;
- substantive testing of transactions to supporting documentation;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Jonathan Williams BSc ACA CTA (Senior Statutory Auditor) for and on behalf of Simpkins Edwards Audit LLP** 14 September 2022 **Chartered Accountants Statutory Auditor** Michael House Castle Street Exeter Devon EX4 3LQ
- 7 -
## **THE NISBET TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2021**|**2020**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations||1,500,000|400,000|
|Investments||5,000|3,712|
|**Total income**||1,505,000|403,712|
|**Expenditure on:**||||
|Charitable activities|**2**|1,355,249|1,422,144|
|**Net income/(expenditure) for the year/**||||
|**Net movement in funds**||149,751|(1,018,432)|
|Fund balances at 1 January 2021||605,910|1,624,342|
|**Fund balances at 31 December 2021**||755,661|605,910|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
## **THE NISBET TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Debtors
**7**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**8**
Net current assets
**Income funds**
Unrestricted funds|**2021**
**£**
100,000
658,661
758,661
(3,000)|**£**
755,661
755,661
755,661|**2020**
**£**
100,000
508,910
608,910
(3,000)|**£**
605,910|
|---|---|---|---|---|
|||||605,910|
|||||605,910|
The financial statements were approved by the Trustees on 31 August 2022
Mrs A M Nisbet **Trustee**
- 9 -
## **THE NISBET TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**10**
**Investing activities**
Investment income received
**Net cash generated from investing**
**activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
**£**
144,751
5,000
5,000
-
149,751
508,910
658,661|**2020**
**£**
**£**
(1,124,894)
3,712
3,712
-
(1,121,182)
1,630,092
508,910|
|---|---|---|
- 10 -
## **THE NISBET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Charity information**
The Nisbet Trust is an unincorporated charity and registered in England and Wales. The charity's principal address is 22 Clifton Road, Bristol, BS8 1AQ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
## **1.6 Grant Making**
Grants that fulfil the objectives of the charity are offered subject to conditions.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
- 11 -
## **THE NISBET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **2 Charitable activities**
|Audit and accountancy fees
Consultancy fees
Bank fees
IT Software and Consumables
Grants payable (see note 3)|**2021**
**£**
3,390
25,125
469
-
28,984
1,326,265
1,355,249|**2020**
**£**
2,710
24,643
343
288|
|---|---|---|
|||27,984
1,394,160|
|||1,422,144|
**3 Grants payable**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Grants to institutions:|||
|The Park Community Centre Ltd|250,000|250,000|
|Creative Youth Network|-|125,000|
|King's School Taunton Ltd|100,000|100,000|
|Royal West of England Academy|50,000|50,000|
|Oasis Community Learning|7,000|36,600|
|The Matthew Tree Project|30,000|30,000|
|Southmead Development Trust Ltd|-|30,000|
|Bristol Law Centre|10,000|30,000|
|Youth Moves|35,000|25,000|
|South Bristol Consortium for Young People|25,000|25,000|
|Oasis Community Hub North Bristol|20,000|24,283|
|Groundwork (South)|22,150|22,870|
|Off the Record (Bristol)|22,900|22,592|
|StreetSpace Knowle|20,000|20,000|
|Stand Against Racism & Inequality|-|20,000|
|North Bristol Racism & Inequality|-|20,000|
|inHope (Bristol) Limited|20,000|20,000|
|Full Circle @ Docklands Ltd|-|20,000|
|CHAS (Bristol) Housing Advice Service|20,000|20,000|
|Caring in Bristol Ltd|20,000|20,000|
|1625 Independent People|10,000|20,000|
|Bristol Old Vic Theatre School|18,000|18,000|
|Kippax & Chong CIC|-|16,200|
|The Jessie May Trust|-|15,000|
|Somerset and Avon Rape and Sexual Abuse Support|15,000|15,000|
|Rework Ltd|-|15,000|
|Learning Partnership West CIC|-|15,000|
|Key for Life CIO|10,000|15,000|
|Unique Voice CIC|-|14,940|
|Avonmouth CE Primary School|-|11,237|
- 12 -
## **THE NISBET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**3**|**Grants payable**||**(Continued)**|
|---|---|---|---|
||Clifton Suspension Bridge Trust|-|11,150|
||St. Werburghs City Farm|-|11,000|
||Universify Education|-|10,990|
||Urban Pursuit CIC|-|10,500|
||Windmill Hill City Farm Ltd|10,000|10,000|
||Unseen UK|-|10,000|
||The Springboard Charity|-|10,000|
||The Prince's Trust|10,000|10,000|
||The Carers Centre - Bristol & South Gloucestershire|-|10,000|
||The Bristol Ensemble Ltd|-|10,000|
||Architecture Centre|-|10,000|
||The Bridge Foundation - Bridge in Schools|5,000|10,000|
||St Pauls Carnival (Bristol) CIC|10,000|10,000|
||St Pauls Advice Centre|10,000|10,000|
||Penny Brohn|-|10,000|
||Many Minds|-|10,000|
||Hawkspring|-|10,000|
||Empire Fighting Chance|10,000|10,000|
||All-Aboard! Water Sport and Water Recreational Activity (Bristol)|10,000|10,000|
||ACTA Community Theatre Ltd|10,000|10,000|
||Access Sports CIO|10,000|10,000|
||Above & Beyond|-|10,000|
||Bristol Drugs Project Ltd|10,000|9,996|
||Incredible Kids|9,000|9,000|
||Aid Box Community|9,000|9,000|
||Bristol Music Trust|200,000|-|
||One25 Limited|10,000|-|
||The Bristol Children's Help Society|5,000|-|
||Babbasa|10,000|-|
||Bristol Bears Community Foundation|10,000|-|
||FareShare South West|10,000|-|
||Lawrence Weston Out of School Activities|10,000|5,000|
||NSPCC|10,000|-|
||Sea Mills Primary School|10,000|-|
||Lawrence Weston Community Farm|10,000|-|
||Bristol Refugee Rights|10,000|-|
||Talking Money|10,000|-|
||Developing Health & Independence|12,500|-|
||Black South West Network|20,000|-|
||Full Circle Food Project|10,000|-|
||Hope's Place|5,000|-|
||YMCA Bath Group|15,000|-|
||BIIIG Academy|7,005|-|
||Quartet Community Foundation|5,000|-|
||Ape Project C.I.C|10,000|-|
||Southmead Development Trust|10,000|-|
||Sixty-One|5,000|-|
||Square Food Foundation|10,000|-|
||The Greenhouse Bristol|5,000|4,800|
||Team Canteen CIC|6,000|-|
||Nilaari Agency|10,000|-|
- 13 -
## **THE NISBET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**3**
**Grants payable**
The North Bristol Advice Centre
Bristol North West Foodbank
Duke of Edinburgh's Award
Flamingo Chicks CIO
Trinity Academy
Amounts < £5,000
Grants to individuals|**(Continued)**
10,000
-
10,000
-
5,000
-
5,000
-
28,000
-
14,710
66,002
1,326,265
1,394,160
-
-|**(Continued)**
10,000
-
10,000
-
5,000
-
5,000
-
28,000
-
14,710
66,002
1,326,265
1,394,160
-
-|
|---|---|---|
|||1,394,160|
|||-|
The Trust has made a number of grant commitments to fund charitable activities in the Bristol area for periods of up to four years from the date of offer. All such grants include a requirement to provide an annual report by a specified period before subsequent funding is released. Such subsequent funding is not recognised as a liability in these financial statements due to this performance related condition. The commitments will be funded from reserves and future income from donations.
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **5 Employees**
There were no employees during the year.
## **6 Taxation**
The charity is exempt from taxation on its charitable activities.
## **7 Debtors**
|**Amounts falling due after one year:**
Loan to Bristol Together CIC
The loan is unsecured and repayable in full on 31 October 2024.
**8**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2021**
**£**
100,000|**2020**
**£**
100,000|
|---|---|---|
||||
||||
||**2021**
**£**
3,000|**2020**
**£**
3,000|
- 14 -
## **THE NISBET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **9 Related party transactions**
## **Transactions with related parties**
During the year the charity entered into the following transactions with related parties:
The charity received donations in the year of £1,500,000 (2020: £400,000) from Key West (Holdings) Ltd. Mr A Nisbet, Mrs A M Nisbet, Mr J P Nisbet and Miss E R Nisbet are directors and shareholders of that company.
The charity awarded grants of £200,000 (2020: £nil) to The Bristol Music Trust. Mr A Nisbet is a trustee of that charity.
|**10**
**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
(Increase) in debtors
(Decrease) in creditors
**Cash generated from/(absorbed by) operations**|**2021**
**2020**
**£**
**£**
149,751
(1,018,432)
(5,000)
(3,712)
-
(100,000)
-
(2,750)
144,751
(1,124,894)|
|---|---|
## **11 Analysis of changes in net funds**
The charity had no debt during the year.
- 15 -