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
TrUst￿S
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 appliCat￿n on an individual basis.
Assistance is taSlored lo the speelfic need of the beneficiary.
prOV￿ed the objects of the Trust are satisfi8d.

OTTO GIESEN FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
Achievements
nd Performanee
Achi8vèm&nts
DU￿n9 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
benellciar￿s 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 beneficia￿eS(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
b￿n 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 con￿rn 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 fO￿ard
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 I￿gIster0d 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 invest￿ent 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
be￿een 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 prOv￿lOnS 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
re￿ived 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 Th7￿668
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 Amar￿an 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

0￿0 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 0￿ginal 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