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: d￿￿a$8 of £62,352).
Provisions are made against loans to beneficiaries where
contsct has been lost be￿een 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...

0￿0 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 end0v￿ent 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 UnaC￿p1ab1e
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 regISte￿d 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 p￿paring financial statements, ￿ Is necessary to make certain adjustments, eslim8tes and
8s$umptions that affect the arnounts recognised in the financial statements. In the view of
the Trustees in app￿ing the accounting policies adopted, no judg8m8nts were required Ihal
have a significant effect on the amounts recognised in the financial slalements nor do any
eslimales or assumptions made carry a significant risk of material adjuslment in the next
financial year.
Unrealised
in
All gains and losses are taken to the SOFA as they arise. Reallsed galns and10s¥es on
Investments are calculated as the difference be￿en Sales proceeds and opening market
value Ipurch8$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 fo￿ard
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