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|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|| ## ## ## |15|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|