orro GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025
OTTO GIESEN FUND ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 CONTENT8 Page Twstees, Report Independent Examine¢s Report stst&ment of Flnancial Activiti88 Balance Sheet C88hllow Statement Notes to the Accounts 10-19
OTh0 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Charlty regl8tratlon number 281199 PrlnGlpal •ddve88 Mr R Modey-Jacob Secretary to the TNstees of the Otto Giesen Fund 2 Lambs Passage London EC1Y 8BB Tru•t•88 Trexco L5mited R J Donovan SLee V MacDuff R J Clark Independont ExamlD•r John Staniforth MooTe Kingston Smlth LLP 6th floor g Appold St London EC2A 2AP Ac¢ount•nts Moore Kingslon Smith LLP 6th floor 9 Appold St London EC2A 2AP Sollcltor• Slaughter and May One Bunhill Row London EC1Y 8YY Bank•r• National Westmlnster Bank PIC 49 Bishopsgale London EC2N 3AS V•8tm8nt manager8 Newton Investment Management Limited 160 Queen Victoria Street London EC4V 4LA Structure ov Mana ement Govemlng document The will of Helen Martha Giesen Iwdow of Otto Giesenl dated 20 December 1g76. who died on 28 January 1980.
orro GIESEN FUND TrUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Tru8toe selectlon methods The Trustee5 may appoint a new Tfuslee to replace a retiring Trustee or appoint an additional Trustee or TTUStees. Rl8k pollcy The Charity Commission's intemal financi81 Control checklist is completed and reviewed annually. At the same lime, the major risks to which the Fund is exposed are considered and where necessery, step5 a taken to mitigate and minimise those risks. ectlve Objects The main object of the Fund is to cary out the terms of the TrusL The terms of the Trust are that the assets of the Fund aTe held on Charitable Trusts for the benefit ol such partners. employees, fomier partners and fomier employees of Slaughter and May I'the Firm'l and their spouses, widows, widowers, children and other dependanls as the Trustees shall select as being in need of financial assistance. Furthermore the trust permrts the vthole or any part or parts of the income to be distribuled for any charitable object or purpose. The Trustees have given consideration lo the Charity Commission's general guidance on publi¢ benefiL The Trustees have made the management of the Finn aware of the Fund's objectives and its ability to provide both long term and short term support. It is the Tnjstees, policy lo continue lo Teinforce this with the Firm'5 management, so that there is appropriate awareness of the objects of the Fund. The Fim provides secretarial and administrative assistance to the Trustees. There have been no changes in the aims or organisalion of the Fund in the past year. Grnntrnaking policy The Trustees review each application on an individual basis. Assistance is tailored to the speafic need of Ihe beneficiary, provided the objects of the Trust are satisfied.
OTTO GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDEO 31 JANUARY 202S Achlevements and Performanco Achlevements During the year ended 31 January 2025, the Trustees continued to identify new beneficiaries and lo support existing beneliciaries. All partners of Slaughter and May and members of the Business Services Leadership Team are reminded annually of Ihe existence of the Fund. 1 pensioner5 of Slaughter and May receive a letter al regular inteNals remindin9 them of the existence of the Fund. A reference to the Fund is also contained within the Slaughter and May Employee Handbook and the firm's Employee Assistsnce Pfogramm& guidance notes, all of which help lo identify new polents'al beneficiarie5.Grants wer8 awarded lo ntY tsvo beneficiaries in tt)e year12024.' elghteenl. Eight new loans were awarded in the year12024.' nine) and no loans were converted to a grant 12024,. one). Fourteen beneficiaries conts'nued to repay their loans during the year12024'. ten). Flnanclal Revlow The financial statements are set out on pages 7 to 19. There were no material changes to the accounting pollGies in the year. Dunng the year charitable grants of £29,880 and108n$ of £70,150 were made to beneficiaries12024'. grants of £32,400 and loans of £111,454). No loan to a beneficiary was converted into a grant12024'. one loan of £10,000). Total unreslricled funds of £72,74512024. £83,508> are available for distribubon to the beneficiaries as required in the next financial year. The gain on Inve$tmenls In the year totalled £125.41712024'. loss of £35,817), leaving a nel increase in funds of £114,426 12024: da$8 of £62,352). Provisions are made against loans to beneficiaries where contsct has been lost beeen the beneficiary and the Trustees andlor where the prospect of loan re¢overy is ex¢eedingty remote. The TNstees plan to continue carrying out the tenns of the Tnjst in future years. R88er¥es pollcy Generally, il is the Trustees, wlicy to maintain the capital value of the assets in real terms, whilst applying only income towards direct charitable expenditure. It is hoped that this policy will ensure that the Fund has sufficient funds to continue lo meet its objectives in future years. However, the Trustees have fiJll discretion and may choose to apply all the assets lo a benefi'uary or beneficiaries at any bme. cont...
00 GIESEN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Re¥ervo8 pollcy l...eontl Al b'mes, il may be appropriate to build up income reserves, sin¢e the demand from beneficiaries for assistsnce from the Fund occurs on an irregulor basis. If demands from beneficianes on th8 Teserves rise suddenly, for example where assistance involves part purchases of residential propety, Ihe Trustees have absolute discretion Io use all fvnds including the expendable endowment. Tolal funds held by th8 Trust were £1,515,674 at the year end, comprising the expendable end0vent of £1,442,929 and unrestrictsd fijnds available for distrlbution of £72,745. The unrestricted funds represent the free reseryes of the Fund. Inv8•tment poll¢y The TNst Instrument gives the Trustees the power to Invest in such assets of whatever nature as they think fiL including the power to purchase propety for the occupallon of a beneficiary and to purchase ¢h8ttel$ for the use of a beneficiary. The Trustees have maintained an Investment policy to achieve the be51 possible return on the assets without UnaCp1ab1e levels of risk. During the year, the assets of the Fund were invested in broadly the following Propo.0ns.'. UK Equilies Overseas Equili&s Bonds AlternatSve A55ets (including Propetyl Cash 36% 17% 12% 1% 100% Following a review of the investment strategy, the investment management seNices of the Fund were moved from JM Flnn & Co lo BNY Mellon Investment Management Limited in the current year. On 13 February 2024, the segregated investments were sold, and the proceeds were invested in the Newton Growth & Income Fund for Charities. a unilised fund. Investment pgrfomiance During the year, the assets ofthe Fund were managed ty BNY Mellon Investment Management Limited, aiming to athieve a balanced retum from income and growth.
OTTO GIESEN FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2026 For the period from initial investment to 31 December 2024 the Newton Growth and Income Fund for Charitie5 returned 10% gross of fees19.4¥0 net). The benchmark performance for the equivalent period was 10.2°A. The benchmark for the Fund is comprised of". 50•fi FTSE All Share, 25Vo FTSE World ex UK. 200A FTSE Gov Al Stocks, 5% 7 Day cornpounded SONIA Icashl. ststam8nt of Trustees, R•spon¥ibllltle• The Trustees are responsible for prep8rln9 the Trustees, Annu81 Report and the fin8nci81 st8lemenls In accordance with applicable law and United Kingdom Generally Accepted A¢¢ounting Practice Iunited Kingdom Ac¢ounllng Standards). The law applicable to charities in England and Wales require8 the Trustees lo prepare fin8nci81 statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of thè charity for that period. In preparing these financial stalemenls. the Trustees are required to.. s&lect 6uitsble accounting policies and then apply them ¢onslslently', • obseNe the methods and principles in the Charities SORP., make judgments and esbmates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any malerial departures disclosed and explain8d in the financial statements., prepare the financial statements on the golng concem b8sig unl8SS it is inappropri8te to presume that the charity VAII continue in buslness. The TNslee$ affj rosponslble for keeping adequate accounting records Ihal are sufflclenl to Show 8nd explain the charity's transactions, diselose wth reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Ihe Charities (Accounts and Reports) Regulatsons 2008 and the provisions of the charity'5 constiluts'on. They are also responsible for safeguarding the assets of the chanty and henrE for tsklng reasonat4e steps for the prevention and detects'on of fraud and other irregularibes. The Trustees declare that they have approved the Trustees. Report 8bove. Signed on behalf of e Trustees of the Fund=. WM V MacDuff Trustee
OTTO GIESEN FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2026 I report to th8 Trustees on my examination of the accounts of the Otto Giesen Fund for the year ended 31 January 2025. Responslbllltlu and basls of report As the chartys Truslees, you are responsible for the preparation of the accounts, in accordance with the requirements of Ihe Charities Act 2011 (the Act). I report in respect of my examinalion of the Tru51's accounts carried out under section 145 of the 2011 Act and in carrylng out my examination I have followed all the applicable Directions given by the Chatlty Commission under seclion 145151{b) of the Act. Independgnt examlnerfg statomenl I have completed my examlnation. I confim Ihat no matters have come to my attention in connection with the examination giving me cau58 to belleve.. 11 accounting records were not kepl in respect of the Trust as required by section 130 of the Act., or 2) the accounts do not accord wilh those Tecords., or 3) the accounts do not compty with the applicable requirements concerning the form and ntent of accounts set out in the Charrties {Accounts and Reports) Regulation5 2008 other then any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examinallon. I have no concerns and have come across no other matters in connedion with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts lo be reached. h*£ John Stanlforth Moore Klngston Smlth LLP Chartered Accountants 6th floor 9 Appold Sl London EC2A 2AP Date.. 2 September 2025
OTh0 GIESEN FUND STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Unrestricted Expendable Funds Endowment Total Total Funds Notes Incomfr and endowmonts from Investments 28,237 28,237 34,723 Tolal Incomo and ondowmont• 28,237 28,237 34,723 Expendlture on Raising funds 228 228 ii,ioo Charitable a¢tivilie$ 39,000 39,000 50,158 Total oxpondltyrn 39.000 228 39,228 61.258 Net expondlture 110,7631 (2281 110,9911 (26,535) Oth•r r•cognl•ed galn8 Net gainlllos81 on investments 125,417 125,417 (35,817) Net incominglloulgolng resources lor the yedr 110,7631 125,189 114,426 (62,352) Totsl fund8 brought lor4vard 83,508 1,317,740 1.401,248 1.463,600 8al•n¢o8 ¢arrl•d forward
OTh0 GIESEN FUND BALANCE SHEET AS AT 31 JANUARY 2D25 2025 2024 Totsl Fund8 rot81 Funds Flxfrd assets Quoted stocks and shares Unsecured loans 1,248,675 243,804 1.204,004 200,554 Total fixed assets 1,492,479 1,404,558 Current assets Debtors Cash at b8nk and in hand io 4,829 27,426 888 4,322 Total current assets 32.255 5,210 Credltorn: amounts falllng due wlthln one year 12 9,060 8,520 Curront a88èts less current Ilabllltlel 23,195 (3,310) N•t assets ,24 Funds ofthe charlty:. Unrestrfcted Fund• (Page 7) 72,745 83, 508 Endovnnent Fund• (Page 7) 1,442,929 1,3t7, 740 ,515,674 1,4Qf,248 ACCOUNT8 APPROVAL CERTIFICATE The Truslees have approved these accounts and confirm that they have made 8V8ilable all levant records 8nd informalion for Iheir preparation. Vmac ff For and on behalf of the Tru$tee5 Date.. ) L thiois
orro GIESEN FUND STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Notes Total Funds Total Funds Cashflows from oyratlng actlvltle•: Net cash used In operatlng actlvltles 15 (85,879) (140,310) Cash flow• from Investlng actlvltleg: Investment income Proceeds from sale of investments Purchase of investments 28,237 1,257,502 11,190,975) 34, 723 333,888 (245, 159) Net cash provlded by Invesllng actlvltles 94,764 123,452 Change In cash and cash equlvolents In the reportlng perlod 8,885 (16,858) Cash and cash equlvalents at the b¢glnnlng oftha roportlng perlod 18,541 35,399 Cash and cash equlvalents at the end of th• roportlng perlod 27,426 18,541 Analys18 of Gajh and cash oqulvalents UK cash held as part of investmenl portfolio Cash at bank and in hand 14,219 4,322 11 27,428 41
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 PrlncSpal Accounting Policie8 Basis IA tin Th8 financial stalements have been prepared in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021. The Fund is a publi¢ benefit entty for the purposes of FRS 102 and a registered charty and Iherefore has also prepared its financial statements in accordance with the Statement 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 102 Charities SORPI, and the Charities Act 2011. The financial statements are prepared in steding, which is the functional currency of Ihe Charity and Tounded lo the nearesl pound. Fund Information The Otto Giesen Fund is a public benefrt enlity for the benefit of such partners, employees, former partners and fom)er employees of Slaughter and May I'lhe Firm") and Iheir spouses, widows, widowers, children and other dependants as the Trustees shall Select as being in need of financial a881St8nce. The Fund Is a registered charity {regislered number.. 2811991, vthich is domiciled in Ihe UK. The address ofthe regISted offic8 Is 2 Lambs Passage, London, EC1Y 8BB. in The Trustee5 consider that Ihere are no material uncert8inties about the Charlty's ability to continue a8 a going concem. The rnost significant areas of uncertainty that affect the carrwng value of assets held by the Charity are the level of Snvestment relum and the performance of inv8slment markets {see the investment pollcy and perfomiance and risk managemenl sections of the Trustees, annual report for more informalionl. Fund Structure The Expend8ble Endowment Fund rèpresent8 those assets 1¢h are held for the longer lerm forlhe Charity. in accordance with the lerms ofthe Trust Deed. Income arising on the Expendable Endowment Fund fomis part of the Unresliicted Income Fund. Any capitsl gains or losses arising on the Investments held in the Expendable Endowment Fund form part of that Fund. The Trustees may ulilise both the Expendable Endowment Fund and the Unreslrlcted Income Fund in fulfilmenl of the Trust's objects. The Unrestricted Funds may be more wiéety distributed as the Trustees are free to use them in accordance with any charitable object or purpose. Cont... 10
OTh0 GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 Principal Accountlng Pollcles {. .¢ont Critical Accountin Jud ement K Sources of Estimation Uncertain In pparing financial statements, Is necessary to make certain adjustments, eslim8tes and 8s$umptions that affect the arnounts recognised in the financial statements. In the view of the Trustees in apping the accounting policies adopted, no judg8m8nts were required Ihal have a significant effect on the amounts recognised in the financial slalements nor do any eslimales or assumptions made carry a significant risk of material adjuslment in the next financial year. Unrealised in All gains and losses are taken to the SOFA as they arise. Reallsed galns and10s¥es on Investments are calculated as the difference been Sales proceeds and opening market value Ipurch8$e d8te if lat8rl. Unrealised galns and losses are calculated as the difference between the market value at the year end and openlng markel value lor purchase dale if lat8rl. rume The Fund has elected to apply the provislons of Secllon 11 'Basic Financial InstTumants' of FRS 102 to all of ils financial instruments. Fin8nci81 instruments are recognised in ihe Trust's balance sheet when the Trust becomes party to the contractual provisions of Ihe instrument. Financlal assets and li8bilities are offget, with the net amounts presented in the financial statements, when there Is a legal enforceable right to set off Ihe recognised amounts and there is an intention to settle on 8 net b8815 or to reallse the asset and settle the liabilty simultaneous. All income is recognised in the Statement of Financial Activities (SOFA) when the condltlons for receipt have been met and there is iea50nable assurance of receipt. Invgstment Income Investment income is accounted for when receivable and is stated gross of any reclaimable tsxation relief. (Conl... ) 11
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 Prlnclpal Accounting Policies l. .contl Resourc de Resources expended are Tecognised as liabilities as soon as there is a legal or con8lruclive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all costs related lo Ihe category. The following accounling pollcle5 are applled to the different calegories of expenditure.. Costs ofg8n8rating funds The costs of raising funds conslst of investment managemènt fee8. Ch8nlabl8 8Ctivilie8 Donallons payable are recognised when they are approved by the truslees and the recipient of the grant has been informed of the amount paid. Th8 trustees continuously oversee the repayment of loans and may at any time decide to convert all or part of a loan lo a grant. Governanc8 Costs Governance cost5 comprise all costs involving the publlc accountabilty of the charity and Ils compliance with regulalion and good practice. These costs inclvde costs related to the independent examinerf8 fees together with support costs. 1.10 Fixed asset investments Investments are slated at market value al Ihe balance sheet dale. The SOFA includes the net gains and losses on revalu81ion and disposals throughout the yeer. 1.11 she uival Cash and c8sh equivalents include cash al bank and in hand and 8hort tem deposits with a maturity date of three months or less. Taxatlon The Irusl is a charty within the meaning of Section 30 of the Finance Act 2010. Accordingly, it is gen8rally exempt from t?xation in respect of certain types of income and on capital gains received within categories covered by Section 256 of the Taxation of Chargeable Gains Act, 1992 to the extent that such income or gains are applied to charitable purposes exclusively. In practice, the Fund is exempt from UK tax on UK interest. Tax deducted 81 source on UK dividends income is non-refundable. Foreign tax deducted is generally Tecoverable from the appropriate foreign tsx authorities. 12
OTh0 GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 Analysls of Incomlng Resourcés 2025 2024 Investment Income Income receivable on quoted investments:. Quoted on UK Stock Exchange 28.237 34,723 Raising Funds 2025 2024 Investment management fees 228 11.100 228 11,100 Analy•l8 of Cttarltsbla Actlvltio• 2025 2024 Not95 Gr8nts Bad debt expense Governance cost8 29,880 32,400 8,500 9,258 9.120 The bad debt expense comprises Ihe nel Increase in the bad debl provlsion for the year of £Nil. Distributlon8 10 8eneficiarles Grants were awarded to Menty beneficiaries In the year12024'. eighteen}. Eight new loans were awarded in the year {2024-. nine) and no loans were converted to a grant {2024'. onel- Fourteen beneficiaries continued to repay their108n8 during the year {2024'. lenl. 13
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 Govomance Costs 2025 2024 Accountsncy fees - Current year Prior year under accrual 9,060 60 8,520 738 9,120 9,258 The Fund employed no 8taff during the year ended 31 January 202512024 - none). Invo8tm•nt A••ets uoted Inveslrnents 2026 2024 Market value brought fopward Additions Disposals Net realised investment g8inllloss} Nel unrea118ed investment gainlllossl 1,189,785 1,190,975 (1,257,502) 38 125,379 1,314.331 245, 159 (333.888) (11,271) (24,546) Investment8 ted on a reco nise lock exchan 1,248,675 1, 189, 785 UK cash held 8$ part of investment portFolio Income account 14, 120 99 Market val ar end 1,248,6 04, 004 Historical Cost At 31 January 2025 1,135,995 At 1 February 2024 899,081 14
orro GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 The following investments comprise In excess of 5% of the value of the portfolio.. Inv•8lments Holdlng Value Mulb'_As8•ts Funds 8NY MFM Ltd Newion Gth Inc Charl GBP Inc 671,354 1,241.065 Unsecured Loans 2026 2024 Book value brought foard Additions Repayments Movement in provision for Irrecoverable loans Amounts converted to granl 200,554 70,150 126,9001 12t,250 111,454 (13,650) (8,500) (10,000) 243,804 200,554 Tolal unsecured loans at the y88r end are £331,25412024'. £288,004) and the bad debt provlslon agalnst these loans is £87,450 (2024.. £87,450). The loans are interest free and repayable on demand. 10 Debtors 2026 2024 Accnjed Interest 4,829 888 88 11 Cash at Bank and In Hand 2025 2024 National Westminster Bank PIC 27,426 4.322 27,426 4,322 15
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 12 Cr•dltors: Amounts Falling Due Wlthln One Year 2025 2024 Accountancy fees 9,080 8,520 13 Analysls of Fund Movements 13.1 Balances Brought Forward, 1 Feb 2024 Fund8 Carried Galns and Forward, 31 Lotyso• Jan 2025 Incorne Exp•ndituro Unreslricled Funds 83,508 28,237 (39,000) 72,745 b Expendable endowment 1,317,740 1228) 125,417 1,442,929 1,401,248 28,237 39,228 125,417 1,515,674 13.2 Balances Brought Forward, 1 Feb 2023 Funds Carrled Gains and Forward, 31 L088e8 Jon 2024 Incorne Expenditure a Unrestrict8d Funds 98,943 34, 723 {50, 158) 83,508 b Expendable endowment 1.364,657 (11. iooj (35. 817) 1,317,740 7,463,600 35,817 ,401,248 16
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 13.3 The expendable endowment represents the value of assels held as inveslments arising from the original assets settled by the late Helen Martha Giesen on 20 December 1976. The income arising on these assets is held separately in unrestricted funds as it is less widely constrained by the trust and is available for use in respect of any charitable objecl or purpose. 14 Transactlons With Related Parties 14.1 No Trustee is or has been entided to any fee or salary12024- NIL). 14.2 No Trustee has been relmbursed with any oul-of-pocket exp8nses12024- NIL). 14.3 The Trustees are partners, retired partner8 or retired employees of Slaughter and May, other than Trexco Limiled, which is Whol owned by Sl8ughter and May. 15 Reconclllatlon of Cash Flo From Operatlng Actlvltles 2025 2024 Net expenditure lor Ihe year las p8r Statement of Financial Activities) 110,991) (26,535) Adjustments for: Dividend8, interest and nIS from investments {Increase)Idecrease in debtors Increasel{decrease) In creditors Oecre88el {Increase) in unsecured loans 128.237) 13,941) 540 143,250) (34. 723) (888) 1, 140 (79,304) Net cash used In op•ratlng actlvltles 185,879) (740,310) 17
OTTO GIESEN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 16 Breakdown of Comparatlvos on Statement of Flnanclal Actlvltle8 2024 Unreitri¢ted Expendablo Funds Endowment Total Note8 Income and endowments from Inve8trnents 34,723 34,723 Totsl Income and endowrnents 34,723 34,723 Expendlture on Raising funds 11,100 11,100 Charitable actlvitie8 50,158 50,158 Total èxpendllur• Net Incomellexpendltur•} Other rocognl•?d gains 50,158 11,100 61,258 115,435) 111,100) 126,535) Net108ses on inve5tm8nts {35.817) 135,8171 Net Incomlnglloutgoing) ro$ource¥ for the year Total funds brought forward 115,4351 98,943 (46,917) 162,3521 1,463,600 1,384,657 Balanc88 carrled forward 83,508 1317740 1,401,248 18
OTTO GIESEN FUND NOTES TO THE ACCOUNT8 FOR THE YEAR ENDED 31 JANUARY 2025 17 Analysis of Net Assets Between Funds Unr?JtrlGted Expendablo Fund$ Endowm•nt Totsl Fixed assetsl investments 243,804 1,248,675 1,492,479 Current assets 1181,999) 194,254 32,255 Current liabilithe5 19,060) {9,0801 72,745 1,442,929 1515,674 19