OTTO GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022
OTfo GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 CONTENTS Page Truste¢$' Report Indewndent Examinerfs Report ststement of Flnandal Acllvttles Balan¢0 Slwl C8shflow Statement Not&8 to ts Accounts 10-19
OTh0 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2022 Charity roglBtratlon numbor 281199 Prfnclpal •ddro¥s Mr R Morfey-Jacob S8cretary to th8 Trustees of th8 Otto Gies8n Fund 2 Lambs Passaga London EC1Y 8BB Tr•* Trgxco Limited R J Donovan M A Wh¢lton V MocDuff R J Clark Ind•p•nd•nt Examlnèr John Stanrforth Moore Klngston Snlth LLP Devon8hlre Hou88 60 Goswell Road London EC1M 7AD Account•nt• Moor6 Klno8ton Smlth LLP Devonshire Hou36 60 Goswell Road London EC1M 7A0 Soll¢ltor• Slaughtèr and May Onè Bunhlll Row London EC1Y 8YY 8ank•rn Nayonal W981mln8tsT Bonk PIC 49 Bl$hop$galo London EC2N 3AS Inve8trn•nt managern JM Flnn & Co 4 Coleman Street London EC2R STA Stru ture Gove 00mIng document The I11 of H81@n M8rth8 Glasan ldOW of Otto Gl980nl do18d 20 Dac8mb8r 1976. vtho dl8d on 28 January 1980.
OTh0 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2022 Tru8t•• sèl•ctlon methodg The Trugt$es mgy appoint a ngw Trustae to replacg o rotirfng Trustee of appoint an addluonal Trusleg or Twsteos. Rl#k pollcy Tho Charlty Commlsslon's Int•m81 Ilnand81 control ch8cMlst Is Complètèd and r8viwd annually. At thè sam8 timè, thè m8jor rfsks lo wthlch thè Fund is gxpos8d arg con$id$rod and whère nec&ssary, st8PS 8r8 1ok&n to mitigatg and minimise those risks. Iv ObJ•cts The maln ObCl of the Fund18 to cary out the terms of the Trust. The lernis of the Trust are that the a88ets of the Fund bre held on Charllable Trusts for the ben8fi1 of such partner3, employees, forrner partners and former 8mployees of Slauthter and May I'the Fim'l and th8lr spou888, widows, wd¢)%%*rs, thildr8n and othèr dep8ndanls as tha Tru8te88 shall solect as bolng In n8ed of flnanual a881stance. Furthemiorg Ihe trust parmits the %tho1o or any part or part8 of tho Incomg lo bg di$lrlbu18d for any ¢haritobl¢ object or PU098. The Trustees have given considerallon lo the CharSty Commlsslon's gèneral guldanc8 on public beneflt. The Trustees have made the managem8nl of the Flrm aware of the Fund'8 objeelwè8 and its abillty lo provlde both long lem 8nd short term 8UPPOrt. 1118 the Tru818gs' pollcy lo ntInue lo relnforce Ihls th th8 Flmi's manoggmgnl, so that Ih8re Is opproprf81g awareness of tho ob¢1$ of thg Fund. The Flrm provkles 8ècrelarfil and odminlslrthè a88lstAncè to tho Trustees. There have been no change8 in the aim8 or org8ni8aUon of the Fund In the past year. Grantmaklng poll¢y Tha Trust998 re&W gach appli¢otbn on an IndldY01 ba$l¥. Assislanco is tailored to the sp&crfic need of th8 ban8fary, provided the objects of th• Trust afe satisfied.
OTh0 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2022 hl rnian Achlov•mnts Durtng th8 year ended 31 January 2022, the TruBlees ntInUed to identify new boneficAaries and to 5UPPOrt exlsling bonefKiaries. partners of Slaughter j May and BusSness Services Dlrector6 are Terninded annualty ol the existence of tha Fund. All penSer5 ol Slaughter and May receive a leit8r at Tegular intervals reminding them ol the oxlslence of the Fund. A refer8nce lo the Fund Is also ¢ontain8d Mthin lh8 Slaughtgr and May Employee Handbook Bnd thè fimi's Empk)y86 Assistance Programm8 guidancè notas, all ol vthich help to identty naw potèntial b8n8fici8ri6s.Granls re awarded lo thirteen b8neficlarl8s In th& y8ar12021: nine). Four now loans wgre aw8rdèd In the ye8r12021'. throg) and fivg ban$ ¥%pre ¢onvert8d 10 8 granl12021.' ong). Elevon bengfiuarlos ¢ontinuad to repay Iholr ban8 durtng thg yoar (2021.. nin81- Flnanclal Rovl•w Th8 flnandil 8tstemènts are 881 out ¢)n page8 7 10 19. Therg Wgre no m8tgdal changas to the accountlng pollrAes In the yoar. Durlng the year ¢*8rftabl& grBnts of £27,099 Bnd loans of £78,000 ra mad8 to b8n8ficiarie$12021'. grants of £8,944 antJ108ns of £24,200). In addillon. flvg loan$ 01 £15,850 10 btneflci8rf88 wero convgrted Into a granl12021.' gne10gn of £20,000>. Tolol unre$lricted funtJ$ of £92,59812021.' £157.2441 are availgble for dislrtbullon to tho benoflclaries 88 r8qulred In the next flnandal year. The galn on InveslThnls in the year lotall8d £46,93512021.' galn of t74,6221,18aving a nèt de¢re88e in fund8 of £35,03912021'. Incr883• of £48,623). Provl8lon8 8re made ag8in81 loans to beneficlaflos ¢onlacl has been108t betswn the b8noficlary and thg Trust8e$ 8ndlor wher6 the prospect of108n recovery Is exc88dlngly remote. The Truste08 plan to cOnnO carying out the terms of thè fNsl In future ygars. Gonerally. 11 Is the Truste85' pollcy to m8lnt8ln the capital value of the assets In re81 terms. lIst applwng only income towards dlr8Ct charitable exponditurè. 11 Is hoped that Ihls polbcy b%yll 8nsure thBI the Fund has $ufflci8nl funds to continue lo meet M8 objectives in future years. Howgvgr, the Trustees have full discrelkjn and rnay choose lo appty all the assots 10 8 b8nellciary or b8neficiaries al any time. R•s•ThT•• poIIcy conl...
00 GIESEN FUND TRUSTEES. REPORT FQR THE YEAR ENDED 31 JANUARY 2022 R••ervtJ poliGy l...conti At Ilmes,11 may be appropriate to build up income rèsarv&s, since the demand frorn benelicAaries for assistancè from the Fund occur3 on an irregular basis. 11 demands from benefSciarfe8 on the reserves fise suddenly. for examplg wh9re 888Sstance Involves part purchases of residential propety, the Tru81ees have 8b8olule discretion lo use the expendable 8ndowm&nt. Totsl lunds hèld by the Trust were £1.629,620 at thg ygar end, comprising the expendable endowment of £1.537,022 and unreslrfcted lun(J8 available lor dlslrfbulion of £92,598. Th unreslrfcted funds represent th8 free TeBerves ol th8 Fund. Inv•*tm•nt pollcy The Trust Instrument glves the Truslee8 the power to invest in such assets of whatever natur8 as th8y think fll. Including th8 Powgr to purchaso prop&ty for the ¢XCUPation of a ben&fIary and to purchasg chattelg for the u8e 018 beneflciary. Tho TnJste88 havo molntolned an Investment pollcy lo achieve thè best posslble retum on Ihg agsgts thOut un8pIable lèvels of r18k. Ourfng the ye8r. the ossats of the Fund wgrg Invg8ted In brogdly the followlng proportlon8:. UK Equ11188 Overseas Equrtle8 Bonds Igmallvo A8$918 Ilndudlng Propetyl Cash 31% 35% 10% 22% Invmtmont pertorman The 88sets ol the Fund are managed by JM Flnn & Co who hav8 a dlscretlonBry investment rnandale, almlng Its achieve 8 balancad return from Income and caplt81 growth. Durfng the ygar. the total retum of th8 Fund w88 8n increaBe of 4.2%12021- increase 017.0%). A typical charlty asset allOti of 70% FTSE AJI Shares and 30% FTSE Gilts has bèan 8gr&8d 85 8n appropriate benChrna. This b8nchrnark allatIOn InCread by 11.1%12021.. decreased by 4.4%).
orro GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2022 Stat)nI of Tru$tsos' RosponslbllltSes The Trust9es are respon$lble for preparfng lh8 Trust88s' Annual Raport and the financlal statgrnants in accordanc8 wtth appllcabl8 law and Uni18d Kingdom Gen8rally Acc8pt8d Accounting Practic8 (Unilod Kingdom Accounting StaThJardsl. The law applicable to charities in England and Wales requires Ihe TfUStee5 to prepare financial statements for each financial year which give a true and fair of th8 slate of affairs of the charity and of the incoming resources and applicalion of resources of the charity for that period. In preparing these financlal $la18menl8, the Trustees are required to.. 8elecl 8uttable accounllng pollcles and then apply them conslslonlly, observe the mgthods and prlndplos In the Charftlg8 SORP. mak8 dgMentS and 98met99 thal are r88son8bl8 and prud8nL' 8ts18 whether 8ppllcable accounllng standards have been foll0vd. SUbCl to any malerfal departures dlsclose(J and explalned In the fInanal slalements., prgporg the flnan¢io1 $1otgmonts on thg gdng Goncam b8818 unl8ss k18 In8pproprfgtg to presurng that the ¢hartty wll Gontinue In business. Th8 Tru8t688 are respc)nslble for keeping adaquale accounllng records that ar8 suffidènt to show and explaln the chartly'8 Iran88cllons, dlsc108e wllh reasonable accuracy 81 Bny tlme the ffinanclal po8lllon ol th8 thBrity and enable them to ensure that the flnanclal staterrniS cornply wlth the Charttl88 Act 2011. the CharS1588 IAcLounlB and R8POrt81 Regulauons 2008 and Ihg pro10n5 of the chBINy's con8tltutS0n. They ar8 a150 responslble for saleguardlng the 888815 of the chailty and hence lor Illng reasonable steps for the preventlon 8nd detscuon of fr8ud and other Irregularliles. Tho Tru818es dodare that they have approvod tho Trusle&8' Roport above. d on tehalf of the TnJ8tee$ e Fund'.- V M8cDuff Trusteg
OTTO GIESEN FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2022 I rew)rt lo the Tnjstees on my ex8mbnaOn of the accounts of the Otto Giesen Fund for th8 year ended 31 January 2022. R•spon#lbllltl•s and baslj ¢rf rnport A8 th& ¢harills TNstgos. you are responsible for Ihe preparat6on of the aDnIs, In accvrdance th the requlrements of the Charities Act 2011 Ilhe Act). I report in respect of my examination of the Trust's accounts carried rmjt under 8ectk*n 145 of the 2011 Acl and in carrying out my examination I have followed all the applicablo Directions given by tho Charity Commls8lon under 8èCtlon 14515)Ibl of the Act. Ind•p•nd•nt •x•mln•r'¥ statomont I have completed my examinauon. I confimi that no m8tters have come to my attention in connecllon with the eXamInaOn glvlng me cause to belleve-. 11 accounts'ng records were not kept In resp8ct of the Trust as requlred by sectlon 130 of the 21 the account8 do not accord wllh th088 records; or 31 the aCunIs do not comply with the applSc8ble requirements concemlng the form and content of accounts sel out in the Ch8rf1ie8 (Accoun18 and Report8} Regulation8 2008 other than any T9quifgmgnl that thg aOUnts glve o true and falr vlow whlch i¥ not a matter consldered 88 part of an Ind8p8ndenl examIn8On. I have no concems and have come across no other m8tt6r8 in connection wlth the ex8minallon to whl¢h attonllon should bo drawn in thi8 report in order to enable a proper under81andlng of the accounts lo be reached. John Stanllorth Moore Klngston Smlth LLP Chart•rfrd Accountants Devonshire House 60 Goswell R08d London EC1M 7AD D8t&.' 1710612022
OTTO GIESEN FUMD STATEP•lENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANLIARY 2022 2022 2021 Unr•*trict•d Expendabl• Funds Endowm•nt Total Tofal Funds Incomo and ondowments from Investrnents 37,313 37,313 39.767 Other Total Incom• and •ndowm•nts Exp•ndltur• on R8i8ing funds 17.328 17,328 12,822 Charitable actlvilie8 101.959 101,959 52.948 Total •xp•ndltur• 101,9 65.7TO N•t •xp•ndltur• 164,6461 117.32 181,974) (25,999) Othor rocognl•od qalni Nel gain8 on Inve8tmen18 46,935 46,935 74.622 N•t loutgolnglllncomlng ro$our¢o8 for th• 164,646) 29.607 135.039) 48.623 Total fund• brought forward 157,244 1,507,415 1,664,659 1,616,036 B•loncg• c•rrl•d forward
OTh0 GIESEN FUND BALANCE SHEET AS AT 31 JANUARY 2022 2022 2021 Total Funds Total Funds Notos Flx•d as$•ts Quoted stock8 and shares UnsecuTed loans 1,526,555 94,206 1,530,670 121,834 T•tsl fixèd ••••t¥ Cufr•nt •u•t• Cash al bank and In hand 10 15,879 22,430 Total current A•••ts 15,879 22, 30 Credltors: 8mount• falllng due wlthln on• year 11 7,020 70,275 Curr•nt a8••ts l••¥ Current Il•bllltl•¥ 8,859 12, 155 N•t a8••t• Fund• of th• charlty:. Unrn•trlctod Fund• (Page 71 92,598 157,244 Endowrn•nt Fund# (Page 71 1.537.022 1.507,415 AccouKfs APPROVAL CERnFICATE The Trustees have approved these accounts and conflmi that they have made avall8ble all relevant re s and information for their reparation. V M8cDuff For and on behalf of the Tru6te8s r3. G.IL
OTTO GIESEN FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2022 2022 2021 Not•s Total Funds Tolal Funds Cashflow8 from op•ratlng actlvltl•o: N•t ca•h u¥•d In op•rating actlvltles 14 194,9141 {39.152J Ch flow• Irom lThvg¥tlng ¥ctfvitl•¥: Investment InLy)mo ProGaeds from 88le of investment8 Purchase of investments 37,313 177.710 198,698) 39.771 249,433 f257,477J Nol cash provid•d by Inv•¥tlng actlvlth• Chang• In c••h •nd ¢•h •quival•nts In the r•portlng p•rlod 21,413 ,425 Cash and ¢a•h •qulval•nt• at th• btylnnlng of th• reportlng porlod 30,851 38,276 Ca•h and cash •qufval•nts at the end olth• rnpartlng porlod 52,264 30.851 Antyal# of ca#h and ca8h •qulvalent• UK cash held as part of inv6stm8nt portfc410 Cash at bank and in h8nd 36.385 15,879 8,421 22,430 10
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 21>22 Principal Accounting Poll¢S Basis of Accountin The linancial 5ts1ements have been prepared in accordanc& wlh the Flnanclal Rewrting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021. The Fund 18 a public benefit entity lor the purpos8s of FRS 102 and a registered charity and therefore has also prepared ils financial statemen18 in accordance wth the Stslemenl of Recommended Practice Bpplicable lo charthes preparing their accoun15 in accordanco wilh the Financi81 Reporting Slandard applicable in the UK and Republic of Irelan(J (The FRS 102 Charllles SORPI, and the Charities Act 2011. The financial slatemenls are prepared In sterllng, whSch is the functional ¢urronw of the Charlty and rounded to the neaTe51 pound. The Otto Gle8en Fund Is a publlc benefit entity for Ihg benefll of such p8rtner8, employee8, fcymer partner8 and former ernployees of Slaughter and May {h9 Firm'l and IheSr swuses. wltjows, widowers, childron and other deFendants as the Tru816e8 shall select a8 belng in need of finanual a$$i$tsncg. The Fund Is a rggislered charSty IregSsl8red number.. 281199), whkh 1$ domicilgd in Ihg UK. The addr98$ ol Ihg reglslered office is 2 L8mbs Passage, London. EC1Y 8BB. Tho Tru81ees conBlder that there oro no malerfal uncertainti88 about the Charlvs abllSty to continue Bs a golng ¢oncorn Includlng the Impacl of Covid-19, The most Blgnificant areas of uncertainly Ihal affgct Ihe Carng value ol assets held by the Charity are the level of investment rglurn and the performanc6 of inve81m8nl markets (see the investmanl poll¢y ond perfomianGe and rfsk man89omant secli¢)n8 of the Trustees, annual report for me Informaiionl. The Expendable Endowment Fund reprgsents those 8ssels vthkh are held for the longer term for the Charity, in 8ccordance with the term5 of the Trust Deed. Income 8rising on Ihe Expendoble Endowment Fund forms p8rt of the unrestrted Income Fund. Amy capk81 gain$ or losses arising on the investments held in the Expendable Endowment Fund lom part of th8t Fund. The Trustees may utili5e both the Expendable Endowment Fvnd and the Unrestrfcted Income Fund In fulfilmenl of the Trust's objects. The Unrestficted Fund$ may be more elY ¢JlslrSbuted a8 the TTU51ees are free to uso Ihgm in accordance with any charftable object or purp088. Cont... 10
OTTO GIESEN FUMD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 PrlnGlpal Accountlng Pollclos l. .cont) Critical Accountin Jud ements and Ke Source5 of Eslimalion Uncertainl In prep8rfng financl81 stslements,11 IB necessary lo make certaln adluslmenls, estimate8 and a8surnption3 that affect the amounts recognls8d in the financial stalemenlB. In the view of the Trustees in applying the accounting policies adopted. no judgements were required that hBve a significant effect on the 8mounts recognised in the financial statemenls nor do ony estimates or 8ssumplion8 mad8 carry a significant ri8k of material adjuslmenl in the next fin8ncial year. in I gains and108se8 are taken lo the SOFA as they art58. Realisad gains and h)sses on investments ore calculated as the drfference between sal88 proceeds ond opening market Value (purchase date il lalerl. Unrealised gains Bnd losses ofe calculaled 88 the difference between the market value al the year end and openlng market value lor purch888 d8le If later). Flnandal In IrumenlB Thg Fund has electgd lo apply Ihg provSston8 of S8ction 11 'B88ic Finanoal Inslruments, of FRS 102 to all of Its financi81 Inslrumenls. Financial inslruments are recognised In the Trust's balance sheet when the Trust becomes party lo the contractual provislons of the instrument. Financial asBets and liabilities are offset, with the nel amounts presented in the financial statements. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settl8 on a nel basis or lo realise the asset and 5etUe the liability s[multan8sIy. Al income 15 recogni5ed in the Statement of Financial Activibes ISOFAI then the ccffldilion8 for ro¢Dipt have boen mel and there 15 reas(able assurance of receipt. Investment Income Investment Income 58 accounted for when recelvable and Is slated gross of 8ny reclalmable taxation relief. (CC1...)
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 Prln¢lpal Accountlng Pollclel {...contl Resources expended are recognised 88 liabilities as 500n a5 there 15 a legal or constructive oblig8ti¢n committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that gregate all costs Telated to the category. The followng accounting policies are Applied lo the different cotegories of expenditure.. Costs ofgenera&ng funds The cos18 of ralsSng funds con8181 of investment m8naoement fee8. Ch8r118bl8 8ctiV18s Donollons poyablg ar9 r9gnised when they are approved by the Iru8lee8 and the reclplent of the 9r8nl has been infomied of the amount pald. Th& Iruslees conbnuously oversee the rep8wnenl of10gn$ and may al any Ilme declde lo onvgrt all or part of a loan lo 8 granl. Gov8mance cosls Governance c081s comprlse all cos18 involv7ng the public account8bllity of th8 charity and its compllance wlh regulation and good practicè. These costs include costs Telaled lo the Independenl èxaminèr's fees 1098lher wlth sUPPOrt costs. 1.10 FIX d a88el investments Investmgnt8 ore stoled al market value al Ihe balance 8h8et date. The SOFA Includ&s the ng1 gains ond10859s C revaluatlon and dlspo8al8 throughout the ye8r. 1.11 sh and ca ivalen C88h end cash equlv8lents Include cash at bank aThJ in han¢J and short temi dèpo811s with a m81urity dale of three months or less. Taxatlon The trust18 8 charity within the meBning of S8Ctlon 30 of th8 Financo Act 2010. Accordlngly. il 18 genarally exempl from tsxation In respert of Geriain types of incomo and capital gains roc8Nèd within calegorf8s covergd by Section 256 01 the Taxatlon of Chargeable Gains Act. 1992 to the exlent that such incomg or gains arg appl1 lo char)iable purposes exdu8lvely. In practicg. the Fund is exempt from UK tsx on UK interest. Tax deducted al source on UK dmdgnds incom& is non-refundable. Foreign lax deducted 15 generally recoverable from the appropriate foreign tsx aulhoTilie8. 12
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 JANUARY 2022 AnalyslB of Incomlng ROur¢05 2022 2021 Investmenl Income I)me receivable quoled Investments-. Quotsd on UK Stock Exchango 2022 2021 (Xh r Incomin Resources Gross deposit intereBt R•i•lng Fund• 2022 2021 Investment management fees Investment strategy adce 14,928 2,400 12,822 An•lyg1• of Ch•rltsbl• ActSvltl•• 2022 2021 Noto8 Gr8nls Bad debt expensg Govem8nco costs 33,399 61,450 7.110 28,944 17,164 6.840 Tho bad dgbt expense 15 made up of the write off of debts of £15,850 Iless amounts already provided for 01 £6,300) and an increase in the bad debt provision of the yEar of £51.900. Di•tributlon• to B•n•flclarl•s Grants were awardod lo thirtegn beneficiaries in Ihe year12021-. nine). Four new loans were awarded in thg year12021'. Ihr¢ol and fivo loan5 w¢rg convgrted to a grant {2021: onel- Eleven beneficiaries contSnued to ropay tholr loan$ during the yo8r12021". nine). 13
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 Governance CoBts 2022 2021 AcunneY 1668 7.110 6.840 6.840 The Fund employed no Staff dudng tha year ended 31 January 202212021- none). Inv•8tm•nt As¥•t• 2022 2021 d Inve81m8nls Market value brought forward Additions Disposals Net realised inve¥tmenl galn$lllossesl Net unreolised inv8slmenl gains 1.522,249 98,696 1177,7101 7,610 39,325 1,439.583 251.477 (249,433) (46,556) 121,178 1,490,170 1,522,249 UK c88h held as part of inv88bnent portfolio 36,385 8,421 Hi8t¢fical Coyt At 31 January2022 953,804 At 1 February 2021 14
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 The followlng Investments comprise in gxce¥$ of 5% of the value of the portfolio.. Inve•tm•nts Holdlng Valu• sCOlSH MORTGAGE INV TRUST ORD GBPO.0S ISHARES CORE S&PS00 UCITS ETF USD INC FINDLAY PARK FUNDS PLC AMERICAN USD INC IISEI 9,100 2,550 596 98,189 84,552 79,352 Un••¢ur•d Loan• 2022 2021 8wk valu8 brought foThvard Additions R8payments Provision for Irrocoverable loan8 Amounts convgrtgd to grant 121,834 78,000 137.8781 51.9001 (15,8501 145,017 24,200 flO,219) (17, 164) f20,OCQ) 94,206 121,834 Total unsecured loans at the year end grg £168,82012021.' £144.5481 and Ihe bad d8bl provision against thès8 loans 18 £74,61412021.' £22,714}. The loan8 are InlgreNt fr99 and repayable on demand. 10 CaBh at Bank and In Hand 2022 2021 N811onal WestmSn8ter Bank PIC COIF Charitl88' Dep08il Account 15,879 20,732 1,698 22,430 15
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 11 Credltorn: Amounts Falling Due Within On• Y•ar 2022 2021 Accountancy foes Investment mÈn8gement fees 7,020 6,840 3,435 10,2T5 12 An•ly•l• of Fund Mov•mont• 12.1 Balanu• 8rought Fonyard, 1 Feb 2021 Fund8 Carrlod G•in• and Forward, 31 Lom Jan 2022 Incom• Exp•ndlturn Unr881ricted Funds 1 S7.244 37.313 1101.9591 92,598 b Expènd8ble èndowment 1,507,415 117,3281 46,935 1.537.022 1664 659 119287 1629 620 12.2 Bal•n¢•• Brought Forward, I F•b 2020 Funds Carrl•d Galm and Fon¥ard, 31 Jan 2021 Income Exyndltur• Unrestricted Funds 170,421 39,771 (52,948) 157,244 b Expgrrd8ble endovmienl 1.445.615 (12,822) 74,622 1,507,415 1616 036 1664 659 16
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 12.3 The expendable endovKnenl represents the value of assets held as Investments 8ri8ing from the original assets 88tded by the late Helen Martha Gie5en on 20 December 1976. The income arising on these assets is hekl separately in unrestricted funiJ8 88 Tt is less elY constr8ined by the trust and 1$ available for use in respect of any charftable object or purpose. 13 Trnnsactlon• Wlth Rolated Partl•8 13.1 No Trustee15 or ha8 been enlitled lo any fee OT $818ry {2021- NIL). 13.2 No TNslee has been rglmbursed vAth any out-of-pocket expen5es12021- NIL). 13.3 Th8 Tru8tees are partners. rellred partners or rellred employee8 of Sloughler ond May. other than Trexco Limbted, which18 wholly owned by S18ughter and May. Administrat8 fees of £Nil wgrg payoble to S18ughtsr 8nd May durlng th6 year12021.' £NIII. 14 R•con¢lllatlon of C*•h Flo From Operatlng ktlvltl•8 2022 2021 Nel expendlture for the year {a8 per Statoment of Flnanclal Athitie5} 181,9741 (25,999) AdJustm•Dts for: Ofvldend8, interest and rents from inv8slmenl8 Increa8elldecre8801 in credltors Oecre8sel Iln¢reo301 In un98cured loans 137,3131 13.255) 27.628 139,7711 3,435 23, 183 N•t ca•h u8•d In op•rntlng •¢tlvltl 17
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 15 Br•akdown of Comp•rativ•s on Statement of Financial Activities 2021 UnrMtrict•d Exp•nd•bl• Fund• Endowm•nt Total Not•$ Incomo and •ndowm•nt• from Invoslments 39,767 39,767 Other Total Incom• and •ndowm•nts 39,771 39,771 Exp•ndltur• on Raising funds Chartsblo aGtiwtsg$ 12,822 12,822 52,948 52,948 Totsl oxpendltur• N•t expvndltur• Other r•cogni••d ga5n# 52.948 12,822 112,822) 65,770 113,1771 125,9991 Nel gains on Invgslmgn18 74,622 74,622 N•t loiitgolnglllncomlng f•souru• for tho year Total fund• brought forward 13,177 61.8C(I 48.623 170.421 1.445.615 1,616.036 18
orro GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 16 Analys18 of Nat AB8ets B•two•n Funds UnrgStrl¢ted Expondablg Funds Endowmènt Total Fixed osso181 investments 94,2( 1,526.555 1,820,761 Curronl assets 5,412 10.467 15,879 Current Iliabilllle81 17,0201 17,0201 19