OTTO GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021
OTTO GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 CONTENTS Page Trustees, Roport Ind8pendenl Examiner's Report Statement of Flnancial Activities Balance Shgel Cashflow Statement Notes to the Accounts 10-19
OTTO GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2021 Charfty reglstration number Principal •ddr•ss 281199 Mr R Morfey.Jacob Secretary lo the Truste8s ol the Otto Giesen Fund 2 Lambs P8ssa9e London EC1Y8BB TrUstS Trexco mit&d R J Donovan M A Whellon V MacDuff R J Clark Independent Examiner John Stanllorth Jore Kingston Stnith LLP Devonshlrè House 60 Goswèll Road London EC1M 7AD Accountants hAoor8 Kingston Smith LLP Devonshite House 6() Goswell Road L(>ndon EC1M 7AD Sollcllors Slaughter and May One Bunhlll Row London EC1Y 8YY Bankars National Westmlnster Bank Ple 49 Bishopsgat8 London EC2N 3AS Investment managgrs JM Finn & Co 4 Coleman Slreel London EC2R STA Structure Governance and Mana oment Govornlng document The will of Helen Mariha Giesen (widow of Otto Gl88enl dated 20 December 1976, who dled on 28 January 1980.
OTh0 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2021 Truste8 selectlon methods The Trustee5 may appcinl a new Trustee to replace a retiring Trust@8 or appoint an additional Trust88 or Truslees. Trustee chan995 S T M Lee rgtired as a Trustee on 1 January 2021. V MacDuff wa5 appolnt&d as a Trustee8 on the sam@ date. Rlsk pollcy The Charity Commission's intemal financial control checklist is completed and revlewed annually. Al the same lime, the major risks lo which the Fund 15 exposed are consider8d and where neeessary, steps are taken lo mitigat8 and minimise those rlsks. Ob ectivos and Actlvltl8s Objects The main objèct of the Fund is lo carry out the temB of the Trust. Th8 terms of th9 Trust are that the assets of the Fund arg h8ld on Charltable Trusts for the benefit ol such partners, employees. former partners and former employees of Slaughter and May I'the Firm'l and their spouses, wdows, wdowers, ehildr&n and other depend8ntS 8$ the Trustees shall select a5 being in need of financial assistance. Furth8rFnore the trust pgmiits the whole or any part or parts of the incom8 lo be distributed for any charitable objeGt or purpose. The TrLJSte8s have glven consideration to the Charity Cornmission's ggneral guidance on public benefit. The Trustees have made the management ol Ihg Firm aware of the Fund's objectives and its ability to provide both long term and short term support. It is the Trustees, policy lo contlnuè to reinforce this vAlh the Flrrn's managetTrenl, so that th8[8 is appropriate awareness of the objects ol (he Fund. The Firm provides secretarial and administrative assistBnce to the Trustees. Thpre have no ch*nggB in tho alms or tsrganiEation of the Fund in th& p8St year. Grantmaklng pollcy The TrLJSt8es review each appliCatn on an individual basis. Assistance is taSlored lo the speelfic need of the beneficiary. prOVed the objects of the Trust are satisfi8d.
OTTO GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2021 Achievements nd Performanee Achi8vèm&nts DUn9 the year enégd 31 January 2021, the Trustees continued lo identify naw beneficiaries and to support existing bèneficia¥ies. All partners of Slaughler and May and Business S8rvi¢es Direclors are reminded annually of the existence of Ihe Fund. All pénsioners of Slaughter and May receive s letter al regular interva18 reminding them of the existence ol the Fund. A r¢ferenee to the Fund is also contained within th8 Slaughter and May Employe$ Handbook and the firm's Employee Assistance Programme guidancè notes, all of which help lo identity new potentlal beneficiaries. Grants were awarded to nina benellciars in the year12020'. s8vanl. Three now loans were awarded in the ye8r12020." threel and one loan was converted lo a grant12020'. zgrol. Nine btsneficiaries continued to repay their loans during the year12020:' nln¢l. Flnanclal Revl#w The financial slatemgnls 8re set out on pag8s 7 lo 19. There Wty no material ¢hang85 to thè accounting policles in the year. During the year charitable grants of £8.944 and 108ns ol £24,200 wero made to beneficiaeS(202O.' grants of £12,300 and loans of £31,822). In addition, one loan of £20,000 10 8 ben8ficlary was converted into a grant12020., £nill. Tot£1 unreslrioled funds of £157,24412020'. £170.4211 are available for dlslribulion to the b6neficiaries as required in the next rinanaal year. The gain on investments in the year totalled £74,62212020'. gain of £160,T931, leaving a net increase in lunds of £48,62312CTr20.' increase of £177,267). Provlsions are made against loans to.beneliciaries whe contact has been lost between Ihg befieficlary and the Truslegs 8ndlor where the prospect ol loan recovery is èxceedingly rewlo. The Trustees plan to mntinu6 eartwng out tho lttrms of the Trusl in futur8 years. GerE8r8lly, It is the Trustees. policy to maintain the capmal valu8 of the assets in real terms. whilst applying only Income towards dlrect charitable expenditu. It is hoped (hal this policy will ensure that the Fund has suffici8nt funds to continue lo meet Its objg¢tives in ftFlur6 years. However, th9 Trustees have fvll discretion and may choose to apply all the assets to a beneficiary or beneficiaries at any time. RoseNes pollcy (cont...}
OTTO GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2021 R•serv8s policy l...contl Al times. it may be appropriate lo build up income reserves. since tho demand from benellciaries for assistanee from Ihg Fund occurs on an irregular basis. If dèmands from beneficiaries on the reserves rise suddenly, for example where asslstance involves part purchas85 of residential propgrty. the Trustees have absolute dlscrelion to use the expendable endowment. Total funds held by the Trust were £1,664,659 at the year end, comprislng tho expendable endowment ()f £1.507.415 and unreslricled funds available for distribution of £157,244. The unrestricted funds.represent the free reseNes ol the Fund. Invèstment policy Thg Trust Inslrurnent gives the Trustees the power lo invest in such assets of whatever nature as they think lil, includlng the power lo purchase property for the occupation of a beneficiary and to purchasg chattels for the use of a beneficiary. The TTuslees have maintained an inv85lment policy to achi8ve the best possible return on the assgts wlhout unaccgplable levels of rtsk. During the year, the assets of the Fund were invested in broadly the following proportlons.'_ UK Equities l)verseas Equlllgs Bonds Alternative Assets (including Property) CEJah 34% 34% 11% 20% Invèstment performancè The assets of th8 Fund are managed by JM Finn & Co who have a discretionary investment mandate, aiming lo achieve a b81anced return from income and capital growth. During Ihe year, the lolal return of the Fund was an increase of 7.0°k12020', increase of 14.8 /.}. A typical charity asset allocation of 70ts FTSE All Shares and 30Yo FTSE Gllls has bn agreed as an appropriate benchmark. This benchtnaFk allocation decrease(I by 4.4¥o12020.' increase of 10.3%1.
OTTO GIESEN FUND TRUSTEES. RFpnRT FOR THE YEAR ENDED 31 JANUARY 2021 statemgnt of Trustees, Responsibiliti¢$ -tc¢s' Annual Raport and thtr financial stat4Trm9nts in Th¥ Trustees are responsible for prgparing thc Tru- accordan with applicable law and United Kingdom Generally Accepted Accounting Practice Iunlted Kingdom Aecounting Standards), The law applicable to charities in England and Wales requirgs the Trustees lo prepare lingncial stalements lor gach financial year which give 8 tIDe and lair view of th8 State of affairs ol the charity and of the incoming resources and application of resources of the ¢harlty lor that period. In preparing these financial statemenis. Ine Trustees ar8 r8qulred to". select suitable a¢counting policies and then apply them consislenlly., observe the methods and principles in the GharlÈles SORP.. make judgments and esiimates that are reasonable and prudent., stale whether applicable accounting standards have been lollowgd, subject to any material departures disclosed and explained in the financial stalemenls., pr9par& the financial statements on the golng conrn basis unless It Is inappropriate to presume that the charity will continLJe In business. The Trustees are responsible for keèping adequate accounting records that are sufficient lo show and explain the charivs transactions. disclose with r8asonable accuracy al any time the financial position of the charity and enable them lo ensur9 that the financial slalements comply with the Charities Act 2011, the Charities IA¢wunts and Reports) Regulations 2008 and Ihe provisions of thè charity's conslilullon. They ar8 also responsible for saf8gvarding the assets of the charity and hence for taking reasonable steps for the prev8lltl(>n and detection of fraud and other Irregularities. The Trustees declare that they have approved the Trustees, Report above. Signed on btrhalf of the Trustees 8 Fund:_ V MacDuff Trustee
OTTO GIESEN FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2021 I report to the Truste8s on my examination of the accounts of the Otto Giesen Fund for the year ended 31 January 2021. Responslblltiies and basls of report As the charills Trustèès, you are responslble lor the preparation of the accounts, in accordance with the requirements of the Charities Act 2011 (the Acll. I r6port in respect of my exarninadon of the Trust's accounts carried out under section 145 of tha 2011 Act and in caryng out my examination I have follow&d all the applicabl8 Directions given by the Charity Commission under section 14515llbl of the Act. Independènt examlner's statèment I have completed my examination. I confirm that no Tnatters have come lo my attendon In connection with tho examination giving me cause lo believe.. 1} accounllng records w8r8 not kept in respect of the Trust as roquired by section 130 of the Act., or the accounts do not accord with those records., or 31 the accounts do not comply with the applicable requirements concgrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attantion should be drawn in this report In order lo enable a proper understanding of the accounts to b8 reached. •££0 John Staniforth Moore Klngston Smlth LLP Ch2rtorbd Accountants Devonshire Housè 60 Goswell Road London EC1M 7AD Datè.. 2 August 2021
OTTO GIESEN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021 2021 2020 UnrestTi¢t8d Funds Expendable Endowment Total Total Funds Notes Income and èndowments from Invastsn8nts 39,767 39,767 45,375 Other 3,010 Total income an(f endowments 39,771 39,771 48,385 Expenditurè on Ralslng funds 12.822 12,822 12, 771 Charitable act6vlties 52,948 52.948 19.140 Total expendlture 52.948 12,822 65.770 31,911 Net lexpendlturelllncome 113.1771 112,8221 125,9991 16.474 Other recognlsed galnsl Ilossesl Net galns on investments 74.622 74,622 160,793 Net loutgolngllineomlng resources for the year 113,1771 61,8 48,623 177,267 Total fund5 brought forward 170.421 1,445.615 1.616,036 1,438,769 Balancès carrl•d fOard 57. 1,507, .03
OTTO GIESEN FUND BALANCE SHEET AS AT 31 JANUARY 2021 2021 2020 Total Funds Total Funds Notes Flxed as$ets Quoled stocks and shares Unsecured loans 1,530,670 121,834 1.460.668 145,017 Total fixed assets 1,652.504 1,6Q5,685 Current assets Cash at bank and in hand 10 22.43Q 17.191 Total curr&nt assets 22,430 17,191 Creditors.. amounts falling due wlthln one year 11 lQ,275 6.840 Current asset5 less currént liabilltles 12.155 10,351 Nèt assets 1,664, .616,036 Fund$ of the charlty'.- Unrestricted Funds (Page 71 157.244 170.421 endowment Funds 1,507,415 1.445,615 ACCOUNTS APPROVAL CERTIFICATE The Trustees havè approved thes$ accounts and confirm that they havfi mAdF> %vAilahlp all relevant records and InformaliDn for their preparation. V Ma¢Duff For and on behalf of thè Trustee Dale= 29 l.Ll
OTTO GIESEN FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2021 2021 2020 Notes Total Funds Total Funds Cashftows from opèratlng activitie5'. Net cash used in operatlny a¢tlvrtlos 14 139,1521 (51,74g) Cash flows from Investlng actlvltigs.. Investment income Proceeds from sèle of Investments Purchase ol inv8slm8nts 39.771 249.433 1257,4771 48,385 185,081 (173.504J Net cash provlded by Investlng activitlOS 31.727 59.952 Change In cash and cash equlvalents In thè reportin9 perlod 17,4251 8,213 Cash and ¢ash equlvalents at thè bèglnnlng of the reporting pedod 38,27 30.063 Cash and cash equlvalents at the end of thè reportlng perlod 30,851 38,276 Analysls of Cash and ¢a$h &qulvalents UK cash held as part Df investrnenl portfolio Cash at bsnk and in hand 8,421 22.430 21,085 17,191 10 30,85 3S.
orro GIESEN FUND NOTES TO THE ACCDLINTS FOR THE YEAR ENDED 31 JANUARY 2021 Principal Accounting Pollcles Basis of Accountin The financial stal¥iiiviiLti Iidve been prepareLt In accordance Wih tne Pinancial Reporting Standard applicable in tho UK and Republic of Ireland IFRS 1021. The Fund is a public bentrlil entity for the purposes of FRS 102 and a registered ch8rity and Iherelore has also prepared ils financial statements in accorLfance with thf) Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 1 Q2 Charities SORPI. and Charities Act 2011. Th8 financial statements are prepared in sterling, which is the functional currellcy of the Charty and rounded to the nearest pound. Fund Information The Otto Gièsen Fund is a public benefit @ntity for the benèfit of such partner5, employees. fotm8r partners and fomier etnployees of Slaughter and May I'tho Firm") and their spous8S, widows, widowers, ¢hildr8n and other dependanis as the Trusl6e$ shall select as being in need Df financial ass15tance. The Fund is a registerad charity IgIster0d number.. 2811991, which 15 domiciled in the UK. Th8 address of the registerèd office is 2 Lambs Passage, London, EG1Y 8BB. oin Concem Thè Trustees eonsider that there are no material uncertainties about the Charitys ability lo continug as a going coricern including the impact of Covid-19. The mtssl significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment returll and the performance of investent markets159e the investment policy and performance and risk managem8nt sections of the Trustees, annual report for more informatlonl. As al the dat8 of the financial statements, the carrying value of invastments had recovered lo a level above that in the prio¥ year's financial statements. Fu d Structure The Expendable Endowment Fund preSentS those assets which are held for the longer tgrm for the Charity. in accordance with th8 terms of the Trust Deed. Incomè arising on the Expcndable Endowment rund forrns part of tlie UIiivbliifyl¥d InLOtne Fund. Any capltal gains or losses arising on the investments held in the Expendable Endowment Fund form part ol that Fund. Th8 Trustees may ulilise both the Expendablè Endowm8nl Fund and the Unrestricted Income Fund in fullilment of the Trust's objects. The Unr8slricled Funds may be morg widely distributed as the Trusteos are free Io us8 th8tn in accordance with any ¢harilable object or purpose. Cont... 10
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 Prfncipal Accountlng Policies l-..eontl Critical AcEountin Jud emenls and K6 Sources of Esliwnation Uncertainl In preparing financial statements. il is necessary to make certaln adjustmenis, estimatès ttnd assumptions that affect the amounts recognised in th& financial blalements. In the view of the Trustees in applyng the accounting policies adopted, no judg8mènts were requir8d that have a significant eftect on the amounts recognised in the financial statem8nls nor do any estimates or assumptions made carry a Significant risk ol material adjustmenl in the next financial year. galised and Unrealisod 8lnS 8nd losses All g8ins and losses are taken lo the SOFA as they arise. Realised gains and lossès on investments are Calculat as the differ8n¢o b?een sales procoeds and opening market value (purchase date if later). Unrealised gains and losses ar6 calculated as the difference beeen the markot value at the yeaT end and opaning market valuo loi purchase date if lalefl. Fi08ncial Inslruments The Fund has eleoted to apply thè prOvlOnS of Seclson 11 'Basic Financial Instruments, of FRS 1 Q12 10 811 of its financial instruments. Financ¢al instruments arè recognised in the Trust's balance sheet when the Trust becomes party tD thè contractual provisions of the instrument. Financial a55els and liabilities are offset, with thè nèt amounts presonled in the financial statetTrents, when there is a légally anforceable right lo set off tha recognised atnount5 and there is an int8ntion lo settle on a nel basis or to realis6 the asset and settle the Ilabilily simultaneously. Incomg All income is recognised in the Statèmènt of Financial Aclivilios ISOFAI when th8 Conditions lor receipt have b8èn mèt and there is reasonable assurance of receipL The following accounting policies are applied lo different categori8$ of incom&'. Investment Income Investment incomg is accountod for when receivable is stated gross of any reclaimab18 laxalion r¢lief. (Cont...}
OTTO GIESEN FUND frIOTFS TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 Prin¢ipal Accounting Policies l...conti R¥buurLe5 Ex 8nde Resources expended are recognised as Ilabililies as soon as there is a legal or constructive obligation committing the charity lo the expenditure. All expenditure is accounted for on an accruals bast5 and has been classified under hÈadings that aggregate all costs related to the category. The following accounting policies are applied lo the diffgrelll categories of expenditur8'. Costs of generating funds The costs ol raising funds consist of investment management f88s. Charitable activities Donatlons payable are recognised when they are approved by thg Iruslees and th8 recipi8nl of the grant has been informed of th8 amount paid. The trustees oontinLJously oversee the repaytnenl of loans and may at any lime decide to convert all or part of a loan to a grant. Govemance costs Governance costs comprise all costs involving the public accountability of the charity and ils compliance with règulation and good practice. These costs includ8 oosts related lo tho indep8ndenl examiner's fees together with support costs. 1.10 gd asset Invaslments Investments are slated at market value at the balance sheet dale. The SOFA includes the net gains and losses on revaluation and disposals throughout the year. Cash and cash uival 1.11 Cash and cash equivalgnts include cash at bank and in hand and short t8rm d8POSlts with a maturity date of three months or less. Taxation Th8 trust is a Charity within the meaning of Section 30 of the Finance Act 2010. Accordingly. il is g&nerally exempl from taxation in respect of c6rtain types of income and on capital gains reived wlthin categories covered by Section 256 of th& T8xalion of Chaigeable Gains Act, 1992 to the exlonl that such income or gains ar6 applied to charitable purpos88 exclusively. In practlC8, the Fund is exempt from UK tax on UK interest. Tax deducted at source on UK dividends income is non-relundable. Foreign tax deducted is generalty recDverab18 from th8 appropriate foreign tax authorities. 12
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 Analysls of Incomirtg Rasources 2021 2020 Investtnent Income Income r9coivable on quoted investments:_ Quoted on UK Stock Exchange 39,767 45.375 2021 2020 other Incomin Resoui Wr¢te olf of legal and admlnistralion fee creditor Gross deposit interest 3,000 io 3,Oto Ralslng Funds 2021 2020 Inveslm8nt managèment fe&s Analysis of Charltabla Activities 2021 2020 Not8$ Grants Bad debt expense Govèrnance costs 28,944 17,164 6,840 t2,300 6.840 Distributlon$ to BeneflclaTie8 GIBnts were awarded to nlne beneficiartes in the ygar (2020.. seven}. Threg new loans were awarded in th6 yoar12020'. threel one loan was converted to a grant12020'. nill. Ninè benefSciart&s contlllugd to répay their loans during the year12020= nine).
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY2021 Governance Costs 2021 2020 Accountancy fges 6,840 6,840 The Fund employed no staff during the y8ar ended 31 January 2021 12020- nonal. Investmèrjt Assets 2021 2Q20 Quoted Investments Market value brought forward Additions Disposals Net realised investment losses Net unrealisad investment gains 1,439,583 257.477 1249,4331 146,5561 121,178 1.290,367 173,504 f185,081) 4,712 156,081 Investme ts listed on a reco nisèd stock exchan 1.522,249 1,439,583 UK cash held as part of investment portfolio 8,421 21,085 arket v I at èar nd ,670 Th7668 Historical Co Al 31 January 2021 964.946 At 1 February 2020 959,419 14
orro GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 Th9 follovAng investments comprise in extsss of 5% of the value of the portfolio.. Invgstments Holdlng Valu• Findlay Park Funds plc Amaran USD Scottish Mortgage Inv Trust Ord 78.833 114,296 9,100 Unsecured Loans 2021 2020 Book value brought forwaid Addilions Repayments Provision ftsr irrecoverable loans Amounts converted to grant 145,017 24,200 110.2191 117,1641 120,0001 133,489 31,822 (14,744) (5,550) Book value ear end 121,834 145,017 Total unsecured loans at thè year end are £144,54812020.' £150,567) and the bad debt provision against these loans is £22,71412020.' £5,5501. The loans are inlergst fr88 and repayable on demand. 10 Cash at Bank and In Hand 2021 2020 National WesttnFnster Bank PIC COIF Charities. Deposit Account 20,732 1,698 15.497 1,694 22,430 17,191 15
00 GIESEN FUND NOTES TO THF ACCOUhlTS FOR THE YEAR ENDED 31 JANUARY 2021 11 Credltors- Amounts Falling Due Wtthln One Year 2021 2020 Accountancy foes Investment management fe8s 6,840 3,43S 6,840 10.275 6.840 12 Analy$is of Fund Movements 12.1 Balances Brought Fornard. 1 Feb 2020 Funds Carrred Galns and Forward. 31 Losses Jan 2021 Income Expendlture Unrestricted Funds 170,421 39,771 (52,9481 157,244 b Expendable endDwmenl 1.445,615 112,8221 74,622 1,507,415 1,616,036 39,771 5,770 74.622 1,664,659 12.2 Balances Brought Forward, 1 Feb 2019 Funds Carried Gains and Forward. 31 Lossès Jan 2020 In¢ome Expendlturè Unrestricted FIAnds 141,176 48,385 (19, 140) 170,42 1 b Expendable endovmenr 1,297,593 (12. 771) 160,793 1.445,615 1,438, 769 48,385 51.91f 160, 793 1.616.036 16
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 12.3 The expendable endowment rèprèsents the value of 8ssets held as invèstments arising from the 0ginal a8s8ts sethed by the latg Hglen Martha Giesen on 20 DecembeT 1976. The ineomè arising on these assols is held separately in unreslricled funds as it is less widely constrained by the trust and is availablé for use in respect of any charitable tsblect or purpose. 13 Transa¢tion$ Wlth Related Parties 13.1 No Trustee is or has bean antitl$d to any fee or $a18ry12020- NIL). 13.2 No Twstee has been reirnbursèd wilh any oulHof-pocket expenses12020- NILI. 13.3 The Trustees are partners, retired parlners or retired Èmployees of Slaughtèr and May, other than Trexco Limited, which is wholly owned by Slatjghter and May. Administrative fees of £Nil were paydble lo Slaugh'ter and May durlng the ygar12020.' £Nill. 14 Recon¢lll3tion of Cash Flows From Opèrating Actlvities 2021 2020 Net incom61 expenditure for th9 ye8r las per Statement of Financial Aclivitiesl 125.9991 16.474 Adjustments for. Divid9nds, intèrèst and rents from invoslrnent5 Incrèas8lldecreasel in creditois Decreasel lin¢roasol in unsecured loan8 139.7711 3,435 23,183 148,3851 (2, 760) (IT,OT8J Net cash usèd In operating actlvltl•$ 17
OTh0 GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANLIARY 2021 15 Brèakdown of Comparatives on Statement of Financlal Activities 2020 Unrestrlcted Expandable Funds Endowment Total Notes Incom8 and endowments from Investments 45,375 45,375 Other 3.010 3.010 Total Income and 8ndowments 48,385 48,385 Expenditure on Raising funds Charitabl8 activitiès 12.771 12,771 19.140 19.140 Total expendltu Net incomel {txpenditurel Other recognl$ed Ilossesll galns 19,140 12,771 31,911 29,245 {12.7711 16,474 Nat gains on investments 160,793 160,793 Net incomsngl loutgoingl Te50urces for thè year Total fund$ brought forward 29,245 148,022 1,297,593 177,267 141,176 1,438,769 Balancos ¢arried forward 18
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021 16 Analysis of Net Assets Between Funds Unrestricted Funds Expendable Endowment Total Fiyed assetsl investments 121,834 1.530,670 1,652,504 Current assets 45,685 123,2551 22.430 Cltrrant {Itabilitiesl 110,2751 110,275) 157,244 1,507,4 1.864,65 19