2023-01-31-accounts - The Otto Giesen Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

OTTO GIESEN FUND ACCOUNTS FOR THE YEAR EMDED 31 JANUARY 2023

		Page
Trustees' Report		I -5
Independent Examiner's	Report
Statement ofFinandal	ActiviTies
Balance Sheet
Cashtlow Statement
Notes to the Accounts		10-19

Charity registration	Charity registration	Charity registration	number	281199
Principal address				Mr R Morley-Jacob
				Secretary to the		Trustees ofthe Otto Giesen Fund
				2 Lambs Passage
				London
				EC1Y8BB
Trustees				Trexco Limited
				RJ Donovan
				SLee (appointed		9September 2022)
				V MacDuff
				RJ Clark
				M A Whelton	(resigned 9September 2022)
Independent		Examiner		John Staniforth
				Moore Kingston		Smith LLP
				6th floor
				9Appold St
				London
				EC2A 2AP
Accountants				Moors Kingston		Smith LLP
				6th floor
				9Appold St
				London
				EC2A 2AP
Solicitors				Slaughter and	May
				One Bunhill Row
				London
				EC1Y8YY
Bankers				National Westminster Bank Pic
				49Bishopsgate
				London
				EC2N 3AS
Investment		managers		JMFinn8 Co
				4 Coleman Street
				London
				EC2R 5TA
S	cture Governance		and Mana e
Governing		document		The will of Helen		Martha Giesen (widow ofOtto Giesen) dated
				20 December	1976,who died on 28 January 1980.

Trustee selection methods	Trustee selection methods	Trustee selection methods	The Trustees may appoint a new Trustee to replace a refiring
			Trustee or appoint an additional Trustee or Trustees.
Risk	policy		The Charity Commission's internal financial control checklist	is
			completed and reviewed annually. At the same time, the major
			risks to which the Fund is exposed are considered and where
			necessary, steps are taken to mitigate and minimise those risks.
Ob	ti	d Ac vltles
Objects			The main object ofthe Fund is to carry out the terms ofthe
			Trust.
			The terms ofthe Trust are that the assets cfthe Fund are held
			on Charitable Trusts forthe benefit of such partners,
			employees, former partners and former employees of Slaughter
			and May ("the Firm" ) and their spouses, widows, widowers,
			children and other dependants as the Trustees shall select as
			being in need offinancial assistance.
			Furthermore the trust permits the whole or any part or parts of
			the income to be distributed for any charitable object or
			purpose.
			The Trustees have given consideration to the Charity
			Commission's general guidance on public benefit.
			The Trustees have made the management ofthe Firm aware	of
			the Fund's objectives and its ability to provide both long term
			and short term support.
			It is the Trustees' policy to continue to reinforce this with the
			Firm's management, sothat there is appropriate awareness	of
			the objects ofthe Fund.
			The Firm provides secretarial and administrative assistance	to
			the Trustees.
			There have been no changes in the aims or organisation ofthe
			Fund in the past year.
Grantmaking		policy	The Trustees review each application on an individual basis. Assistance istailored to the specific need ofthe beneficiary,
			provided the objects ofthe Trust are satisfied.

During the year ended 31 January 2023, the Trustees continued
to identify new beneficiaries and Io support existing
beneficiariies. Afi partners ofSlaughter and May and Business
Services Directors are reminded annually ofthe existence ofthe
Fund. Afi pensioners ofSlaughter and liilay receive a letter at
regular intervals reminding them ofthe existence ofthe Fund. A
reference to the Fund is also contained within the Slaughter and
May Employee Handbook and the firm's Employee Assistance
Programme guidance notes, afi ofwhich help to identify new
potential beneficiaries. Grants were awarded to eleven
beneficiaries in the year (2022:thirteen). Four new loans were
awarded in the year (2022:four) and two loans were converted
to a grant (2022:five). Eight beneficiaries continued to repay
their loans during the year (2022: eleven).
The financial statements are set out on pages 7to 19.
There were no material changes tothe accounting policies in
the year.
During the year charitable grants of811,891 and loans of
848,000were made to beneficiaries (2022:grants of 527,099
and loans of878,000). In addition, two loans of85,384to
beneficiaries were converted into a grant (2022:five Inane of
F15,850).Total unrestricted funds of698,943(2022:K92,598)
are available for disu ibution to the beneficiaries as required in
the next financial year.
The loss on investments in the year totalled F152,656 (2022:
gain of846,935), leaving a net decrease in funds cff166,020
(2022: decrease of835,039).
Provisions are made against loans to beneficiaries where
contact has been lost between the beneliciary and the Trustees
and/or where the prospect ofloan recovery is exceedingly
remote.
The Trustees plan to continue carrying out the terms ofthe
Trust in future years.
Generally, it is the Trustees' policy to maintain the capital value
ofthe assets in real terms, whilst applying only income towards
direct charitable expenditure. It is hoped that this policy will
ensure that the Fund has sufficient funds to continue to meet its
objectives in future years. However, the Trustees have full
discretion and may choose to apply afi the assets to a
beneficiary or beneficiaries at any time.

During the	year, the assets	ofthe Fund were invested	in broadly
the following proportions:-
UK Equiges			34%
Overseas	Equities		33%
Bonds			11%
Alternative	Assets (induding	Property)	21%
Cash			1%

					2023		2022
				Unrestricted	Expendable
				Funds	Endowment	Total	Total Funds
			Notes	E	f	f
Income and endowments		from
Investments			3	35,696		35,696	37,313
Total income and	endowments			35,696		35,696	37,313
Expenditure on
Raising funds					19,709	19,709	17,328
Charitable activities				29,351		29,351	101,959
Total expenditure				29,351	19,709	49,060	119,287
Net expenditure				6,345	(19,709)	(13,364)	(81,974)
Other recognised	gains
Net gains/(losses)	on investments		8		(152,656)	(152,656)	46,935
Net (outgoing)/incoming
resources for the	year			6,345	(172,365)	(166,020)	(35,039)
Total funds brought forward				92,598	1,537,022	1,629,620	1,664,659
Balances carried	forward

				2023	2022
				Total	Total
				Funds	Funds
			Notes
Fixed asseta
Quoted stocks and		shares	8	1,332,086	1,526,555
Unsecured	loans		9	121,250	94,205
Total fixed assets				1,453,336	1,520,751
Current assets
Cash at bank and in hand			10	17,644	15,879
Total current	assets			17,644	15,879
Creditors: amounts		falling due within one year		7,380	7,020
Current assets less		current liabilities		10,264	8,859
Net assets				63,60	~6lfff20
Funds ofthe	charity:-
Unrestricted	Funds	(Page 7)		98,943	92 598
Endowment	Funds	(Page 7)		1,364,657	1,537,022
				,60	~eev

FOR TH	E YEAR ENDED 3	1JANUARY	2023
						2023	2022
					Notes	Total Funds	Total Funds
Cashflows from operating		activities:
Net cash	used in operating	activities			14	(75,744)	(94,914)
Cash flows from Investing		activities:
investment income						35,696	37,313
Proceeds	from sale ofinvestments					192,887	177,710
Purchase	ofinvestments					(169,704)	(98,896)
Net cash	provided by investing activities					58,879	116,327
Change	in cash and cash	equivalents	in the	reporting
period						(16,865)	21,413
Cash and cash equivalents		at the beginning		ofthe
reporting	period					52,264	30,851
Cash and cash equivalents		at the end	ofthe	reporbng
period						35,399	52,264
Analysis	ofcash snd cash	equivalents
UK cash	held as part ofinvestment porffolio				8	17,755	3e,365
Cash at bank and in hand					10	17,644	15,879
							52,264

3	Analysis ofIncoming	Analysis ofIncoming	Resources
					2023f	2022f
3.1	Investment Income
	Income receivable	on quoted investments:-
	Quoted on UK Stock		Exchange		35,595	37,313
4	Raising Funds
					2023f	2022
	Investment management		fees		12,509	14,928
	Investment strategy	advice			7,200	2,400
						17,328
5	Analysis ofCharitable		Activities
				Notes	2023f	2022f
	Grants				17,275	33,399
	Bad debt expense				4,336	61,450
	Governance costs				7,740	7,110
					39.351	~55559

7	Governance Costs
7.1							2023 2	2022f
	Accountancy fees						7,740	7,110
							774D	7113
7.2	The Fund employed	no	staff		during	the year ended 31 January 2023 (2022- none).
8	Investment Assets
8.1							2023	2022
	Q 1dl 1 Dl
	Market value brought	forward					1,490,170	1,522249
	Additions						169,704	98,696
	Disposals						(192,887)	(177,710)
	Net realised investment		(losses)/gains				(2,787)	7,810
	Net unrealised investment			(losses)/gains			(149,869)	39,325
	investment listed on a		reco		isa		1,314,331	1,490,170
	UK cash held as part	of	investment			porlfolio	17,651	36,385
	Income account						104
	a eat						~332.34	ll52 Dn
	Historical Cost
	At 31 January 2023						940,927
	At 1 February 2022							953,804

8.2	The following investments	comprise	in	excess of5%ofthe value ofthe porffollo:	excess of5%ofthe value ofthe porffollo:
	Investments				Holding	Valuef
	iSHARES CORE S&P500UCITS ETF		USD INC		2,550	83,401
	FINDLAY PARK FUNDS PLC AMERICAN			USD INC (ISE)	596	79,837
	SCOTTISH MORTGAGE INV TRUST		ORD GBP0.05		9,100	68,177
9	Unsecured Loans
9.1					2023f	2022f
	Book value brought forward				94,206	121,834
	Additions				46,000	78,000
	Repayments				(11,236)	(37,878)
	Provision for irrecoverable	loans			(4,336)	(51,900)
	Amounts converted to grant				(5,364)	(15,850)
	~Bk				121,250	94,206

				2023f	2022f
National	Westminster	Bank	Pic	17,644	15,879
				17,644	15,879

NOTES TO THE ACCOUNTS	NOTES TO THE ACCOUNTS	NOTES TO THE ACCOUNTS	NOTES TO THE ACCOUNTS
FORTHE YEAR ENDED 31JANUARY 2023
11	Creditors: Amounts Falling Due Within One Year
					2023	2022
	Accountancy	fees			7,380	7,020
					7300,	7,020
12	Analysis of	Fund Nlovements
12.1		Balances				Funds
		Brought				Carried
		Forward, 1			Gains and	Forward, 31
		Feb 2022	Income	Expenditure	Losses	Jan 2023
a	Unrestricted
	Funds	92,598	35,696	(29,351)		98,943
b	Expendable
	endowment	1,537,022		(19,709)	(152,656)	1,364,657
		1 629 62D	35696	~49 060	~752050	1 403 00D
12.2		Balances				Funds
		Brought				Canied
		Forward, 1			Gains and	Forward, 31
		Feb 2021	Income	Expenditure	Losses	Jan 2022
a	Unrestricted
	Funds	157244	37313	(101,959)		92,598
b	Expendable
	endowment	1,507,4f5		(17,328)	48,935	1,537,022
		1,864,659	373t3	~tt9 207	46,935	1,829,820
			16

13.2	No Trustee has been reimbursed with any	out-of-pocket expense	out-of-pocket expense	out-of-pocket expense	out-of-pocket expense	s (2022- NI	L).
13.3	The Trustees are partners, retired partners	or retired employees				ofSlaughter	and	May, other
	than Trexco Limited, which is wholly owned by fNil were payable to SlaugMer and May during		Slaughter the year	and May. Administrative (2022:fNil).				fees of
14	Reconciliation ofCash Flows From Operating Activities
						2023		2022
	Net expenditure for the year (as per Statement		ofFinancial
	Activities)					(13,364)		(81,974)
	Adjustments for:
	Dividends, interest and rents from investments					(35,696)		(37,313)
	Increase/(decrease) in creditors					360		(3,255)
	Decrease/ (increase) in unsecured loans					(27,044)		27,628
	Net cash used in operating activities				~757447		~794. 74

Breakdown of	Comparatlves	Comparatlves	on Statement	ofFinancial Activities	ofFinancial Activities
					2022
				Unrestricted	Expendable
				Funds	Endowment	Total
			Notes	8
Income and endowments		from
Investments			3	37,313		37,313
Total income and	endowments			37,313		37,313
Expenditure on
Raising funds					17,328	17,328
Charitable activiTies				101,959		101,959
Total expenditure				101,959	17,328	119,287
Net expenditure				(64,646)	(17,328)	(81,974)
Other recognised	gains
Net gains on investments					46,935	46,935
Net (outgoing)/incoming
resources forthe	year			(64,646)	29,607	(35,039)
Total funds brought forward Balances carried forward				157,244 ~r~l	1,507,415 ~53,D2	1,664,659 rMI,555i

Analysi	s ofNet Assets Between F	unds
		Unrestricted	Expendable
		Funds	Endowment	Total
			5
Fixed assetsl investments		121,250	1,332,086	1,453,336
Current	assets	(14,927)	32,571	17,644
Currant	(liabilities)	(7,380)		(7,380)
		98,943	1,364,657	1,463,600