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← The Gemma Classical Music Trust

2023-08-21-accounts

The Gemma Classl¢al Musl¢ Trust Trusl Accounts ar 0 21stAu

The Gemma Classical Music Trust

Annual Report for the year ended 21 August 2023

Charity Information

Trustees

Trustees Killik & Co Trustee Limited 46 Grosvenor Street Mayfair London W1K 3HN Dr Alison Lesley Weightman Old Bank House Porthycarne Street Usk Monmouthshire NP15 1RY Caroline Mary Langley 14 Feltham Avenue East Molesey Surrey KT8 9BL Jennifer Susan Howell 18 Victoria Park West Cardiff CF15 1EZ Offices Killik & Co Trustees Limited Crown House Crown Street Ipswich Suffolk IP1 3HS Investment Manager Killik & Co 46 Grosvenor Street Mayfair London W1K 3HN Bankers Bank of Scotland 11 Earl Grey Street Edinburgh EH3 9BH Independent Examiner Killik & Co Crown House Crown Street Ipswich Suffolk IP1 3HS Registered Charity Number 1121090

Page 2

The Gemma Classical Music Trust

The Trustees' Report for the year ended 21 August 2023

Constitution and Objectives of the Trust

The GEMMA Classical Music Trust is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 21st August 2007. Under its terms the Trust is to further the education and experience of classical musicians by enabling them to present their work to a wider public audience which in turn will also benefit through hearing artists and their music previously unknown to this public.

Furtherance of the Objectives of the Trust

The Trustees are pleased to report that during the year they have donated £18,600.00 in accordance with the Charity's objectives as above.

Statement of the Trustees' Responsiblities

The Charities Act 1992 and 1993 require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements the Trustees are required to:

  1. Select suitable accounting policies and then apply them consistently.

  2. Make judgements and estimates that are reasonable and prudent.

  3. Prepare the financial statements on the going concern basis unless it is inappropriate to do so.

  4. Act in accordance with the Charity’s constitution and rules.

The Trustees are responsible under Trust Law to ensure the propriety of transactions and for keeping adequate accounting records to enable them to ensure that the financial statements comply with the Charities Act 1992 and 1993. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The major risks to which the Charity is exposed as identified by the Trustees have been reviewed and systems established to mitigate those risks.

Risk Review

The Trustees have assessed the major risks to which the Charity is exposed in particular those related to operations and finances of The Trust and are satisfied that systems are in place to mitigate our exposure to major risks.

Reserves and Investment Policy

The Trustees' policy is to maintain reserves such that income generated is sufficient to meet the running costs and to secure the long term existence of the Charity.

On behalf of the Trustees

(Authorised Official)

Page 3

The Gemma Classical Music Trust

Balance Sheet

as at 21st August 2023

Page
Investments (as per Schedule)
7-12
(Market Value of Investments as at 21st August 2023 £116,177.49)
Brought Forward from Capital Account
5
Brought Forward from Income Account
6
presented By:
Investments (as per Schedule)
7-12
(Market Value of Investments as at 21st August 2023 £116,177.49)
Cash Balances as at 21st August 2023
Bank of Scotland
Platform Securities LLP - KX489G4
Platform Securities LLP - KX489P4
Platform Securities LLP - KX489T4
Platform Securities LLP - KX489Z4		 £
1,116.12
20,701.03
4,829.05
1,499.07
7,000.00		 £
32,574.96
2,570.31
£35,145.27
35,145.27
£35,145.27

Represented By:

Page 4

The Gemma Classical Music Trust

Capital Account for the Year to 21st August 2023

Page
Cash Balances brought forward as at 22nd August 2022
Bank of Scotland
Platform Securities LLP
KX489P4
Platform Securities LLP
KX489T4
Platform Securities LLP
KX489G4
Platform Securities LLP
KX489Z4
Killik & Co Investments
Sale of Investments
12
Capital Repayments
Cheque received from Mr J G & Mrs C S Hillaby
Sale of Japanese Yen
Sale of Swiss Currency
Less:
Killik & Co Investments
Purchase of Investments
12
Purchase of US Dollar
BACS transfer to Joanna Gill
Bank of Scotland
Claire Inglesham
Cheque - 010341
Sally Richardson
Cheque - 010344
Maggini String Quartet - Michael Kazunah
Cheque - 010345
Open House Music - Rachel Chaplin
Cheque - 010347
Michael Bochman
Cheque - 010354
Jessie Ann Richardson
Cheque - 010349
The Linarol Consort - John Brain
Cheque - 010359
Cardiff Winds - Meyrick Alexander
Cheque - 010360
Sarah Newbold
Cheque - 010363
Katherine Thomas
Cheque - 010362
Michael Bochman
Cheque - 010364
Leon Bosch
Cheque - 010365
Patrick Allies
Cheque - 010366
Martin Outram
Cheque - 010368
Sarah Newbold
Cheque - 010367
I R M Barford
Cheque - 010369
Jonathan Acton
Cheque - 010371
Killik & Co Investment Management Fees
Fees to 31/08/2022
Fees to 30/11/2022
Fees to 28/02/2023
Fees to 31/05/2023
Carried forward to Balance Sheet as at 21st August 2023
4		 £
18,411.02
9,977.64
674.50
-
-		 £
29,063.16
36,635.77
33,540.21
188.45
20.00
107.63
2,779.48
11,306.81
1,140.17
1,000.00		 65,698.93
13,446.98
17,600.00
2,076.99
750.00
700.00
2,800.00
900.00
750.00
750.00
3,000.00
1,500.00
300.00
300.00
1,800.00
1,000.00
850.00
400.00
400.00
400.00
1,000.00
526.41
517.88
516.50
516.20
£32,574.96

Page 5

The Gemma Classical Music Trust

Income Account for the Year to 21st August 2023

Page
Killik & Co (See Appendix I)
15
KX489P4 - Interest & Dividends
KX489T4 - Interest & Dividends
Bank Interest
Bank of Scotland
Carried forward to Balance Sheet as at 21st August 2023
4		 £
1,579.00
686.21		 £
2,265.21
305.10
£2,570.31

Page 6

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
KX489G4
-
B.A.T.INTERNATIONAL FINANCE
6% GTD SNR EMTN 24/11/2034 GBP50000 '37'
-
-
BP CAPITAL MARKETS PLC
4.25%-FRN GTD SUB PERP GBP100000 'REGS'
-
-
KREDITANSTALT FUR WIEDERAUFBAU
0.875% GTD SNR NTS 18/07/24 GBP1000'REGS
-
-
SSE PLC
3.74%-FRN SUB PERP GBP100000 'B' 'REGS'
-
-
TESCO CORP TREASURY SERVICES
5.5% GTD SNR NTS 27/02/2035 GBP100000'12
-
On hand as at 21/08/22		 No.
Purchases
Sales
£
£
2,000
1,856.92
2,000
1,790.67
2,000
1,919.68
2,000
1,854.36
2,000
1,877.34
Movements During The Year		 On hand as at 21/08/23
No.
M/Value
£
2,000
1,755.76
2,000
1,774.38
2,000
1,917.47
2,000
1,821.64
2,000
1,811.91

Page 7

The Gemma Classical Music Trust

INVESTMENT SCHEDULE for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
KX489P4
36
Abbott Laboratories Com
NPV
3,350.10
13
Accenture CLS
A USD
3,464.34
1
ADYEN NV
EUR0.01
1,373.49
27
AIRBNB INC COM
USD0.0001 CL A
2,620.44
40
ALPHABET INC CAP
USD0.001 CL C
3,994.76
40
AMAZON COM INC COM
USD0.01
4,674.56
30
AMERICAN WATER WORKS COMPANY INC COM
USD0.01
4,002.71
8
ASML HOLDING NV
EUR0.09
3,704.87
1,003
BP ORD
USD0.25
4,491.43
-
CANADIAN PAC KANS CITY LTD COM
NPV
-
24
CME GROUP INC COM
USD0.01
4,099.60
9
COSTCO WHOLESALE CORP COM
USD0.01
4,219.85
17
DANAHER CORP COM
USD0.01
4,204.43
210
DEUTSCHE TELEKOM AG
NPV(REGD)
3,363.42
18
ECOLAB INC COM
STK USD1
2,614.62		 No.
Purchases
Sales
£
£
Movements During The Year
36
2,991.47
13
3,179.62
16
1,743.59
21
2,159.10
22
2,382.97
4
2,110.75
30
$2,423.70
12
1,938.38
5
2,189.87
84
1,357.81		 On hand as at 21/08/23
No.
M/Value
£
-
-
-
-
1
681.28
11
1,069.26
19
1,920.04
18
1,900.34
30
3,234.03
4
2,049.56
1,003
4,797.35
30
1,841.04
12
1,906.03
4
1,703.10
17
3,335.56
126
2,064.58
18
2,546.46

Page 8

The Gemma Classical Music Trust

INVESTMENT SCHEDULE for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
115
EXPERIAN PLC ORD
USD0.10
3,295.90
65
FREEPORT-MCMORAN INC COM
USD0.10
1,674.33
1
Givaudan
SA CHF
2,907.85
-
INTUIT INC COM
USD0.01
-
-
JPMORGAN CHASE & CO. COM
USD1.00
-
-
KEYENCE CORP
NPV
-
16
LINDE PLC COM
EUR0.001
4,109.58
22
MICROSOFT CORP COM
USD0.00000625
5,322.91
9
MSCI Inc Com
Stk
3,642.35
34
NESTLE SA
CHF0.10 (REGD)
3,505.24
48
NEXTERA ENERGY INC COM
USD0.01
3,640.69
35
Nidec Corp.
NPV
2,121.02
28
ORSTED A/S
DKK10
2,506.77
17
Paypal Holdings Inc Com
USD
1,387.87
50
RIO TINTO
ORD GBP0.10
2,455.75		 No.
Purchases
Sales
£
£
Movements During The Year
45
1,290.58
1
CHF 3,117.44
6
$2,303.40
18
$2,422.80
5
JPY 251,000.00
9
2,690.10
7
1,774.26
9
$4,449.24
35
JPY 269,395.00
17
$1,340.79		 On hand as at 21/08/23
No.
M/Value
£
70
1,874.60
65
1,973.44
-
-
6
2,296.09
18
2,109.97
5
1,587.68
7
2,072.42
15
3,785.34
-
-
34
3,161.46
48
2,524.56
-
-
28.00
1,697.58
-
-
50.00
2,308.75

Page 9

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
17
SALESFORCE INC COM
USD0.001
2,640.27
180
SHELL PLC
ORD EUR0.07
4,047.30
15
SPOTIFY TECHNOLOGY S.A. COM
EUR0.000625 (NY LISTING)
1,412.81
201
SSE PLC
GBP0.50
3,701.42
8
THERMO FISHER SCIENTIFIC INC COM
USD1
3,979.54
40
TJX COS INC COM STK
USD1
2,245.88
8
UNITEDHEALTH GROUP INC COM STK
USD0.01
3,708.57
20
VISA INC COM STK
USD0.0001 'A'
3,598.63
82
VONOVIA SE
NPV
2,036.77
24
WALT DISNEY COMPANY (THE) COM DISNEY
USD0.01
2,437.64		 No.
Purchases
Sales
£
£
Movements During The Year
6
974.77
94
2,277.70
10
1,879.24		 On hand as at 21/08/23
No.
M/Value
£
11.00
1,803.47
86.00
2,037.77
15
1,558.86
201
3,151.68
8
3,340.15
40
2,810.66
8
3,121.19
10
1,878.24
82
1,350.38
24
1,616.12

Page 10

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
KX489W4
520.00
BH MACRO LTD
ORD NPV (GBP)
2,358.20
39.21
CG PORTFOLIO FUND PLC CG
ABSOLUTE RETURN M GBP DIS
5,631.34
1,321.00
CORDIANT DIGITAL INFRASTRUCTURE LTD
ORD NPV
1,347.42
133.20
ENNISMORE SMALLER COMPANIES PLC
ENNISMORE GLOBAL EQUITY A GBP
1,487.84
1,542.21
FRANKLIN TEMPLETON FUNDS FTF CLEARBRIDGE
GBL INFRSTR INC W GBPDIS
2,344.16
1,630.00
HIPGNOSIS SONGS FUND LTD
ORD NPV
1,887.54
850.00
INTERNATIONAL PUBLIC PARTNERSHIP
ORD GBP0.0001
1,411.00
12.00
INVESCO PHYSICAL MARKETS SECURED GOLD LKD
NTS 31/12/2100 USD
1,716.24
935.00
LONDONMETRIC PROPERTY PLC
ORD GBP0.10
2,204.73		 No.
Purchases
Sales
£
£
Movements During The Year		 On hand as at 21/08/23
No.
M/Value
£
520.00
1,804.40
39.21
5,098.48
1,321.00
953.76
133.20
1,734.26
1,542.21
1,782.79
1,630.00
1,242.06
850.00
1,045.50
12.00
1,716.13
935.00
1,589.50

Page 11

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

On hand as at 21/08/22 M/Value
£
2,328.54
2,821.16
2,260.90
-
1,800.58
2,925.09
-
2,218.07
£151,300.52		 No.
Purchases
Sales
£
£
Movements During The Year
1,463.84
1,500.00
9.284
1,100.00
1,010.00
1,006.93
1,010.00
1,000.91
corporate action
£11,306.81
£33,540.21
$7,149.90
$5,790.03
JPY
520,395.00
-
CHF
-
3,117.44		 On hand as at 21/08/23
No.
Holding
8.47
LUMYNA-MARSHALL WACE UCITS SICAV LUMYNA-MW TOPS
UCITS B GBP HGD ACC
2,753.78
MI TWENTYFOUR INVESTMENT FUNDS
MI TWENTYFOUR MONUMENT BOND L DIS
19.77
PGIM FUNDS PLC WADHWANI KEYNES SYSTM
ABS RTN I GBP HGD
-
SDCL ENERGY EFFICIENCY INC TST PLC
ORD GBP0.01
985.00
TRITAX BIG BOX REIT PLC
ORD GBP0.01
2,270.15
TROJAN INVESTMENT FUNDS
TROJAN X DIS
-
TWENTYFOUR INCOME FUND LTD
ORD RED GBP0.01
20.49
WINTON UCITS FUNDS ICAV WINTON TREND UCITS I
GBP ACC		 No.
Purchases
£
1,463.84
9.284
1,010.00
1,006.93
1,010.00
1,000.91
corporate action
£11,306.81
$7,149.90
JPY
520,395.00
CHF
-		 No.
8.47
1,289.94
10.49
1,010.00
985.00
2,270.15
1,010.00
16.34		 M/Value
£
2,372.00
1,353.62
1,169.23
710.03
1,300.20
2,794.33
994.85
2,326.15
£116,177.49

Page 12

The Gemma Classical Music Trust

APPENDIX I SUMMARY OF INCOME

UK Companies Interest
06/12/2022 PFS24 MONUMENT BND
05/06/2023 PFS24 MONUMENT BND
Property Income Distributions
10/10/2022 LONDONMETRIC PROPERTY PLC
17/01/2023 LONDONMETRIC PROPERTY PLC
14/04/2023 LONDONMETRIC PROPERTY PLC
12/07/2023 LONDONMETRIC PROPERTY PLC
13/07/2023 LONDONMETRIC PROPERTY PLC
25/08/2022 TRITAX BIG BOX REIT PLC
03/11/2022 TRITAX BIG BOX REIT PLC
03/04/2023 TRITAX BIG BOX REIT PLC
03/04/2023 TRITAX BIG BOX REIT PLC
01/06/2023 TRITAX BIG BOX REIT PLC
UK Companies Dividends
26/09/2022 BP
16/12/2022 BP
04/04/2023 BP
23/06/2023 BP
06/02/2023 EXPERIAN PLC
21/07/2023 EXPERIAN PLC
26/09/2022 RIO TINTO
20/04/2023 RIO TINTO
20/09/2022 SHELL PLC
21/12/2022 SHELL PLC
28/03/2023 SHELL PLC
26/06/2023 SHELL PLC
22/09/2022 SSE PLC
13/03/2023 SSE PLC
07/03/2023 FRAN TEMPSTD VANF
05/06/2023 FRAN TEMPSTD VANF
07/11/2022 FT GBL INFRSTR
12/12/2022 FT GBL INFRSTR
27/04/2023 LFS CAPITA TROJAN
04/04/2023 SDCL ENERGY EFFICIENCY INC TST PLC
30/06/2023 SDCL ENERGY EFFICIENCY INC TST PLC
04/08/2023 SDCL ENERGY EFFICIENCY INC TST PLC		 36.80
82.32
119.12
17.21
17.21
17.21
10.29
11.23
73.15
13.20
13.20
2.22
13.80
13.80
56.22
51.83
49.55
55.67
53.25
210.30
16.00
34.14
50.14
110.82
92.68
203.50
38.82
37.10
43.40
41.38
160.70
121.00
58.29
179.29
24.85
19.32
44.17
31.74
3.36
35.10
11.51
11.51
15.15
15.15
20.20
50.50

Page 13

Overseas Companies Dividends
16/11/2022 ABBOTT LABS
20/02/2023 ABBOTT LABS
15/05/2023 ABBOTT LABS
15/08/2023 ABBOTT LABS
16/11/2022 ACCENTURE PLC
21/02/2023 ACCENTURE PLC
15/05/2023 ACCENTURE PLC
17/08/2023 ACCENTURE PLC
01/09/2022 AMER WATER WORKS
01/12/2022 AMER WATER WORKS
23/03/2023 AMER WATER WORKS
01/06/2023 AMER WATER WORKS
14/11/2022 ASML HOLDING NV
03/03/2023 ASML HOLDING NV
10/05/2023 ASML HOLDING NV
14/08/2023 ASML HOLDING NV
02/08/2023 CAN PAC KANS CITY
31/01/2023 CAN PAC RAIL
27/04/2023 CAN PAC RAIL
27/09/2022 CME GROUP INC
03/01/2023 CME GROUP INC
19/01/2023 CME GROUP INC
29/03/2023 CME GROUP INC
27/06/2023 CME GROUP INC
10/11/2022 COSTCO WHOLESALE
20/02/2023 COSTCO WHOLESALE
19/05/2023 COSTCO WHOLESALE
28/10/2022 DANAHER CORP
30/01/2023 DANAHER CORP
28/04/2023 DANAHER CORP
28/07/2023 DANAHER CORP
19/10/2022 ECOLAB INC
20/01/2023 ECOLAB INC
17/04/2023 ECOLAB INC
17/07/2023 ECOLAB INC
02/11/2022 FREEPORT-MCMORAN
02/02/2023 FREEPORT-MCMORAN
02/05/2023 FREEPORT-MCMORAN
02/08/2023 FREEPORT-MCMORAN
30/03/2023 GIVAUDAN SA
18/01/2023 INTUIT INC
20/04/2023 INTUIT INC
18/07/2023 INTUIT INC
01/02/2023 JPMORGAN CHASE
02/05/2023 JPMORGAN CHASE
31/07/2023 JPMORGAN CHASE
15/06/2023 KEYENCE CORP		 9.93
10.63
10.25
10.08
40.89
9.16
8.97
8.70
8.51
35.34
11.79
11.25
11.10
11.90
46.04
8.12
8.20
9.92
8.46
34.70
2.54
2.58
2.50
7.62
15.49
14.02
61.00
14.88
14.46
119.85
4.96
4.69
5.16
14.81
2.57
2.39
2.57
2.50
10.03
5.68
5.36
5.37
5.09
21.50
5.91
5.48
5.45
5.31
22.15
38.38
38.38
2.63
2.62
2.49
7.74
10.17
10.06
9.75
29.98
3.54
3.54

Page 14

16/09/2022 LINDE PLC
16/12/2022 LINDE PLC
31/03/2023 LINDE PLC
19/06/2023 LINDE PLC
08/09/2022 MICROSOFT CORP
08/12/2022 MICROSOFT CORP
14/03/2023 MICROSOFT CORP
09/06/2023 MICROSOFT CORP
05/09/2022 MSCI INC
30/11/2022 MSCI INC
27/04/2023 NESTLE SA
15/09/2022 NEXTERA ENERGY INC
15/12/2022 NEXTERA ENERGY INC
16/03/2023 NEXTERA ENERGY INC
15/06/2023 NEXTERA ENERGY INC
01/12/2022 NIDEC CORPORATION
14/03/2023 ORSTED A/S
14/10/2022 THERMO FISHER SC
17/01/2023 THERMO FISHER SC
14/04/2023 THERMO FISHER SC
19/07/2023 THERMO FISHER SC
02/09/2022 TJX COS INC
01/12/2022 TJX COS INC
09/03/2023 TJX COS INC
01/06/2023 TJX COS INC
21/09/2022 UNITEDHEALTH GROUP
13/12/2022 UNITEDHEALTH GROUP
22/03/2023 UNITEDHEALTH GROUP
27/06/2023 UNITEDHEALTH GROUP
05/09/2022 VISA INC
01/12/2022 VISA INC
10/03/2023 VISA INC
01/06/2023 VISA INC
22/12/2022 CG ABSOLUTE RETURN
28/10/2022 HIPGNOSIS SONGS FUND LTD
31/01/2023 HIPGNOSIS SONGS FUND LTD
28/04/2023 HIPGNOSIS SONGS FUND LTD
28/07/2023 HIPGNOSIS SONGS FUND LTD
29/12/2022 ORDIANT DIGITAL INFRASTRUCTURE LTD
21/07/2023 ORDIANT DIGITAL INFRASTRUCTURE LTD
23/11/2022 INTERNATIONAL PUBLIC PARTNERSHIP
07/06/2023 INTERNATIONAL PUBLIC PARTNERSHIP
02/08/2023 PGIM KEYNES SAR
Total income to 21st August 2023		 16.32
15.36
16.39
15.84
63.91
8.25
8.57
8.70
8.30
33.82
6.81
6.52
13.33
58.16
58.16
12.35
11.54
12.95
12.35
49.19
6.22
6.22
32.61
32.61
1.48
1.36
1.56
1.51
5.91
7.09
6.72
6.90
7.42
28.13
8.11
7.48
7.49
8.23
31.31
4.54
5.15
5.20
5.02
19.91
88.08
88.08
21.39
21.39
21.39
21.39
85.56
26.42
26.42
52.84
32.90
32.90
65.80
4.16
4.16
£2,265.21		 16.32
15.36
16.39
15.84
63.91
8.25
8.57
8.70
8.30
33.82
6.81
6.52
13.33
58.16
58.16
12.35
11.54
12.95
12.35
49.19
6.22
6.22
32.61
32.61
1.48
1.36
1.56
1.51
5.91
7.09
6.72
6.90
7.42
28.13
8.11
7.48
7.49
8.23
31.31
4.54
5.15
5.20
5.02
19.91
88.08
88.08
21.39
21.39
21.39
21.39
85.56
26.42
26.42
52.84
32.90
32.90
65.80
4.16
4.16
£2,265.21
£2,265.21

Page 15

The Gemma Classl¢al Musl¢ Trust Trusl Accounts ar 0 21stAu

The Gemma Classical Music Trust

Annual Report for the year ended 21 August 2023

Charity Information

Trustees

Trustees Killik & Co Trustee Limited 46 Grosvenor Street Mayfair London W1K 3HN Dr Alison Lesley Weightman Old Bank House Porthycarne Street Usk Monmouthshire NP15 1RY Caroline Mary Langley 14 Feltham Avenue East Molesey Surrey KT8 9BL Jennifer Susan Howell 18 Victoria Park West Cardiff CF15 1EZ Offices Killik & Co Trustees Limited Crown House Crown Street Ipswich Suffolk IP1 3HS Investment Manager Killik & Co 46 Grosvenor Street Mayfair London W1K 3HN Bankers Bank of Scotland 11 Earl Grey Street Edinburgh EH3 9BH Independent Examiner Killik & Co Crown House Crown Street Ipswich Suffolk IP1 3HS Registered Charity Number 1121090

Page 2

The Gemma Classical Music Trust

The Trustees' Report for the year ended 21 August 2023

Constitution and Objectives of the Trust

The GEMMA Classical Music Trust is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 21st August 2007. Under its terms the Trust is to further the education and experience of classical musicians by enabling them to present their work to a wider public audience which in turn will also benefit through hearing artists and their music previously unknown to this public.

Furtherance of the Objectives of the Trust

The Trustees are pleased to report that during the year they have donated £18,600.00 in accordance with the Charity's objectives as above.

Statement of the Trustees' Responsiblities

The Charities Act 1992 and 1993 require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements the Trustees are required to:

  1. Select suitable accounting policies and then apply them consistently.

  2. Make judgements and estimates that are reasonable and prudent.

  3. Prepare the financial statements on the going concern basis unless it is inappropriate to do so.

  4. Act in accordance with the Charity’s constitution and rules.

The Trustees are responsible under Trust Law to ensure the propriety of transactions and for keeping adequate accounting records to enable them to ensure that the financial statements comply with the Charities Act 1992 and 1993. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The major risks to which the Charity is exposed as identified by the Trustees have been reviewed and systems established to mitigate those risks.

Risk Review

The Trustees have assessed the major risks to which the Charity is exposed in particular those related to operations and finances of The Trust and are satisfied that systems are in place to mitigate our exposure to major risks.

Reserves and Investment Policy

The Trustees' policy is to maintain reserves such that income generated is sufficient to meet the running costs and to secure the long term existence of the Charity.

On behalf of the Trustees

(Authorised Official)

Page 3

The Gemma Classical Music Trust

Balance Sheet

as at 21st August 2023

Page
Investments (as per Schedule)
7-12
(Market Value of Investments as at 21st August 2023 £116,177.49)
Brought Forward from Capital Account
5
Brought Forward from Income Account
6
presented By:
Investments (as per Schedule)
7-12
(Market Value of Investments as at 21st August 2023 £116,177.49)
Cash Balances as at 21st August 2023
Bank of Scotland
Platform Securities LLP - KX489G4
Platform Securities LLP - KX489P4
Platform Securities LLP - KX489T4
Platform Securities LLP - KX489Z4		 £
1,116.12
20,701.03
4,829.05
1,499.07
7,000.00		 £
32,574.96
2,570.31
£35,145.27
35,145.27
£35,145.27

Represented By:

Page 4

The Gemma Classical Music Trust

Capital Account for the Year to 21st August 2023

Page
Cash Balances brought forward as at 22nd August 2022
Bank of Scotland
Platform Securities LLP
KX489P4
Platform Securities LLP
KX489T4
Platform Securities LLP
KX489G4
Platform Securities LLP
KX489Z4
Killik & Co Investments
Sale of Investments
12
Capital Repayments
Cheque received from Mr J G & Mrs C S Hillaby
Sale of Japanese Yen
Sale of Swiss Currency
Less:
Killik & Co Investments
Purchase of Investments
12
Purchase of US Dollar
BACS transfer to Joanna Gill
Bank of Scotland
Claire Inglesham
Cheque - 010341
Sally Richardson
Cheque - 010344
Maggini String Quartet - Michael Kazunah
Cheque - 010345
Open House Music - Rachel Chaplin
Cheque - 010347
Michael Bochman
Cheque - 010354
Jessie Ann Richardson
Cheque - 010349
The Linarol Consort - John Brain
Cheque - 010359
Cardiff Winds - Meyrick Alexander
Cheque - 010360
Sarah Newbold
Cheque - 010363
Katherine Thomas
Cheque - 010362
Michael Bochman
Cheque - 010364
Leon Bosch
Cheque - 010365
Patrick Allies
Cheque - 010366
Martin Outram
Cheque - 010368
Sarah Newbold
Cheque - 010367
I R M Barford
Cheque - 010369
Jonathan Acton
Cheque - 010371
Killik & Co Investment Management Fees
Fees to 31/08/2022
Fees to 30/11/2022
Fees to 28/02/2023
Fees to 31/05/2023
Carried forward to Balance Sheet as at 21st August 2023
4		 £
18,411.02
9,977.64
674.50
-
-		 £
29,063.16
36,635.77
33,540.21
188.45
20.00
107.63
2,779.48
11,306.81
1,140.17
1,000.00		 65,698.93
13,446.98
17,600.00
2,076.99
750.00
700.00
2,800.00
900.00
750.00
750.00
3,000.00
1,500.00
300.00
300.00
1,800.00
1,000.00
850.00
400.00
400.00
400.00
1,000.00
526.41
517.88
516.50
516.20
£32,574.96

Page 5

The Gemma Classical Music Trust

Income Account for the Year to 21st August 2023

Page
Killik & Co (See Appendix I)
15
KX489P4 - Interest & Dividends
KX489T4 - Interest & Dividends
Bank Interest
Bank of Scotland
Carried forward to Balance Sheet as at 21st August 2023
4		 £
1,579.00
686.21		 £
2,265.21
305.10
£2,570.31

Page 6

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
KX489G4
-
B.A.T.INTERNATIONAL FINANCE
6% GTD SNR EMTN 24/11/2034 GBP50000 '37'
-
-
BP CAPITAL MARKETS PLC
4.25%-FRN GTD SUB PERP GBP100000 'REGS'
-
-
KREDITANSTALT FUR WIEDERAUFBAU
0.875% GTD SNR NTS 18/07/24 GBP1000'REGS
-
-
SSE PLC
3.74%-FRN SUB PERP GBP100000 'B' 'REGS'
-
-
TESCO CORP TREASURY SERVICES
5.5% GTD SNR NTS 27/02/2035 GBP100000'12
-
On hand as at 21/08/22		 No.
Purchases
Sales
£
£
2,000
1,856.92
2,000
1,790.67
2,000
1,919.68
2,000
1,854.36
2,000
1,877.34
Movements During The Year		 On hand as at 21/08/23
No.
M/Value
£
2,000
1,755.76
2,000
1,774.38
2,000
1,917.47
2,000
1,821.64
2,000
1,811.91

Page 7

The Gemma Classical Music Trust

INVESTMENT SCHEDULE for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
KX489P4
36
Abbott Laboratories Com
NPV
3,350.10
13
Accenture CLS
A USD
3,464.34
1
ADYEN NV
EUR0.01
1,373.49
27
AIRBNB INC COM
USD0.0001 CL A
2,620.44
40
ALPHABET INC CAP
USD0.001 CL C
3,994.76
40
AMAZON COM INC COM
USD0.01
4,674.56
30
AMERICAN WATER WORKS COMPANY INC COM
USD0.01
4,002.71
8
ASML HOLDING NV
EUR0.09
3,704.87
1,003
BP ORD
USD0.25
4,491.43
-
CANADIAN PAC KANS CITY LTD COM
NPV
-
24
CME GROUP INC COM
USD0.01
4,099.60
9
COSTCO WHOLESALE CORP COM
USD0.01
4,219.85
17
DANAHER CORP COM
USD0.01
4,204.43
210
DEUTSCHE TELEKOM AG
NPV(REGD)
3,363.42
18
ECOLAB INC COM
STK USD1
2,614.62		 No.
Purchases
Sales
£
£
Movements During The Year
36
2,991.47
13
3,179.62
16
1,743.59
21
2,159.10
22
2,382.97
4
2,110.75
30
$2,423.70
12
1,938.38
5
2,189.87
84
1,357.81		 On hand as at 21/08/23
No.
M/Value
£
-
-
-
-
1
681.28
11
1,069.26
19
1,920.04
18
1,900.34
30
3,234.03
4
2,049.56
1,003
4,797.35
30
1,841.04
12
1,906.03
4
1,703.10
17
3,335.56
126
2,064.58
18
2,546.46

Page 8

The Gemma Classical Music Trust

INVESTMENT SCHEDULE for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
115
EXPERIAN PLC ORD
USD0.10
3,295.90
65
FREEPORT-MCMORAN INC COM
USD0.10
1,674.33
1
Givaudan
SA CHF
2,907.85
-
INTUIT INC COM
USD0.01
-
-
JPMORGAN CHASE & CO. COM
USD1.00
-
-
KEYENCE CORP
NPV
-
16
LINDE PLC COM
EUR0.001
4,109.58
22
MICROSOFT CORP COM
USD0.00000625
5,322.91
9
MSCI Inc Com
Stk
3,642.35
34
NESTLE SA
CHF0.10 (REGD)
3,505.24
48
NEXTERA ENERGY INC COM
USD0.01
3,640.69
35
Nidec Corp.
NPV
2,121.02
28
ORSTED A/S
DKK10
2,506.77
17
Paypal Holdings Inc Com
USD
1,387.87
50
RIO TINTO
ORD GBP0.10
2,455.75		 No.
Purchases
Sales
£
£
Movements During The Year
45
1,290.58
1
CHF 3,117.44
6
$2,303.40
18
$2,422.80
5
JPY 251,000.00
9
2,690.10
7
1,774.26
9
$4,449.24
35
JPY 269,395.00
17
$1,340.79		 On hand as at 21/08/23
No.
M/Value
£
70
1,874.60
65
1,973.44
-
-
6
2,296.09
18
2,109.97
5
1,587.68
7
2,072.42
15
3,785.34
-
-
34
3,161.46
48
2,524.56
-
-
28.00
1,697.58
-
-
50.00
2,308.75

Page 9

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
17
SALESFORCE INC COM
USD0.001
2,640.27
180
SHELL PLC
ORD EUR0.07
4,047.30
15
SPOTIFY TECHNOLOGY S.A. COM
EUR0.000625 (NY LISTING)
1,412.81
201
SSE PLC
GBP0.50
3,701.42
8
THERMO FISHER SCIENTIFIC INC COM
USD1
3,979.54
40
TJX COS INC COM STK
USD1
2,245.88
8
UNITEDHEALTH GROUP INC COM STK
USD0.01
3,708.57
20
VISA INC COM STK
USD0.0001 'A'
3,598.63
82
VONOVIA SE
NPV
2,036.77
24
WALT DISNEY COMPANY (THE) COM DISNEY
USD0.01
2,437.64		 No.
Purchases
Sales
£
£
Movements During The Year
6
974.77
94
2,277.70
10
1,879.24		 On hand as at 21/08/23
No.
M/Value
£
11.00
1,803.47
86.00
2,037.77
15
1,558.86
201
3,151.68
8
3,340.15
40
2,810.66
8
3,121.19
10
1,878.24
82
1,350.38
24
1,616.12

Page 10

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

No.
Holding
M/Value
£
On hand as at 21/08/22
KX489W4
520.00
BH MACRO LTD
ORD NPV (GBP)
2,358.20
39.21
CG PORTFOLIO FUND PLC CG
ABSOLUTE RETURN M GBP DIS
5,631.34
1,321.00
CORDIANT DIGITAL INFRASTRUCTURE LTD
ORD NPV
1,347.42
133.20
ENNISMORE SMALLER COMPANIES PLC
ENNISMORE GLOBAL EQUITY A GBP
1,487.84
1,542.21
FRANKLIN TEMPLETON FUNDS FTF CLEARBRIDGE
GBL INFRSTR INC W GBPDIS
2,344.16
1,630.00
HIPGNOSIS SONGS FUND LTD
ORD NPV
1,887.54
850.00
INTERNATIONAL PUBLIC PARTNERSHIP
ORD GBP0.0001
1,411.00
12.00
INVESCO PHYSICAL MARKETS SECURED GOLD LKD
NTS 31/12/2100 USD
1,716.24
935.00
LONDONMETRIC PROPERTY PLC
ORD GBP0.10
2,204.73		 No.
Purchases
Sales
£
£
Movements During The Year		 On hand as at 21/08/23
No.
M/Value
£
520.00
1,804.40
39.21
5,098.48
1,321.00
953.76
133.20
1,734.26
1,542.21
1,782.79
1,630.00
1,242.06
850.00
1,045.50
12.00
1,716.13
935.00
1,589.50

Page 11

The Gemma Classical Music Trust

INVESTMENT SCHEDULE

for the Year to 21st August 2023

On hand as at 21/08/22 M/Value
£
2,328.54
2,821.16
2,260.90
-
1,800.58
2,925.09
-
2,218.07
£151,300.52		 No.
Purchases
Sales
£
£
Movements During The Year
1,463.84
1,500.00
9.284
1,100.00
1,010.00
1,006.93
1,010.00
1,000.91
corporate action
£11,306.81
£33,540.21
$7,149.90
$5,790.03
JPY
520,395.00
-
CHF
-
3,117.44		 On hand as at 21/08/23
No.
Holding
8.47
LUMYNA-MARSHALL WACE UCITS SICAV LUMYNA-MW TOPS
UCITS B GBP HGD ACC
2,753.78
MI TWENTYFOUR INVESTMENT FUNDS
MI TWENTYFOUR MONUMENT BOND L DIS
19.77
PGIM FUNDS PLC WADHWANI KEYNES SYSTM
ABS RTN I GBP HGD
-
SDCL ENERGY EFFICIENCY INC TST PLC
ORD GBP0.01
985.00
TRITAX BIG BOX REIT PLC
ORD GBP0.01
2,270.15
TROJAN INVESTMENT FUNDS
TROJAN X DIS
-
TWENTYFOUR INCOME FUND LTD
ORD RED GBP0.01
20.49
WINTON UCITS FUNDS ICAV WINTON TREND UCITS I
GBP ACC		 No.
Purchases
£
1,463.84
9.284
1,010.00
1,006.93
1,010.00
1,000.91
corporate action
£11,306.81
$7,149.90
JPY
520,395.00
CHF
-		 No.
8.47
1,289.94
10.49
1,010.00
985.00
2,270.15
1,010.00
16.34		 M/Value
£
2,372.00
1,353.62
1,169.23
710.03
1,300.20
2,794.33
994.85
2,326.15
£116,177.49

Page 12

The Gemma Classical Music Trust

APPENDIX I SUMMARY OF INCOME

UK Companies Interest
06/12/2022 PFS24 MONUMENT BND
05/06/2023 PFS24 MONUMENT BND
Property Income Distributions
10/10/2022 LONDONMETRIC PROPERTY PLC
17/01/2023 LONDONMETRIC PROPERTY PLC
14/04/2023 LONDONMETRIC PROPERTY PLC
12/07/2023 LONDONMETRIC PROPERTY PLC
13/07/2023 LONDONMETRIC PROPERTY PLC
25/08/2022 TRITAX BIG BOX REIT PLC
03/11/2022 TRITAX BIG BOX REIT PLC
03/04/2023 TRITAX BIG BOX REIT PLC
03/04/2023 TRITAX BIG BOX REIT PLC
01/06/2023 TRITAX BIG BOX REIT PLC
UK Companies Dividends
26/09/2022 BP
16/12/2022 BP
04/04/2023 BP
23/06/2023 BP
06/02/2023 EXPERIAN PLC
21/07/2023 EXPERIAN PLC
26/09/2022 RIO TINTO
20/04/2023 RIO TINTO
20/09/2022 SHELL PLC
21/12/2022 SHELL PLC
28/03/2023 SHELL PLC
26/06/2023 SHELL PLC
22/09/2022 SSE PLC
13/03/2023 SSE PLC
07/03/2023 FRAN TEMPSTD VANF
05/06/2023 FRAN TEMPSTD VANF
07/11/2022 FT GBL INFRSTR
12/12/2022 FT GBL INFRSTR
27/04/2023 LFS CAPITA TROJAN
04/04/2023 SDCL ENERGY EFFICIENCY INC TST PLC
30/06/2023 SDCL ENERGY EFFICIENCY INC TST PLC
04/08/2023 SDCL ENERGY EFFICIENCY INC TST PLC		 36.80
82.32
119.12
17.21
17.21
17.21
10.29
11.23
73.15
13.20
13.20
2.22
13.80
13.80
56.22
51.83
49.55
55.67
53.25
210.30
16.00
34.14
50.14
110.82
92.68
203.50
38.82
37.10
43.40
41.38
160.70
121.00
58.29
179.29
24.85
19.32
44.17
31.74
3.36
35.10
11.51
11.51
15.15
15.15
20.20
50.50

Page 13

Overseas Companies Dividends
16/11/2022 ABBOTT LABS
20/02/2023 ABBOTT LABS
15/05/2023 ABBOTT LABS
15/08/2023 ABBOTT LABS
16/11/2022 ACCENTURE PLC
21/02/2023 ACCENTURE PLC
15/05/2023 ACCENTURE PLC
17/08/2023 ACCENTURE PLC
01/09/2022 AMER WATER WORKS
01/12/2022 AMER WATER WORKS
23/03/2023 AMER WATER WORKS
01/06/2023 AMER WATER WORKS
14/11/2022 ASML HOLDING NV
03/03/2023 ASML HOLDING NV
10/05/2023 ASML HOLDING NV
14/08/2023 ASML HOLDING NV
02/08/2023 CAN PAC KANS CITY
31/01/2023 CAN PAC RAIL
27/04/2023 CAN PAC RAIL
27/09/2022 CME GROUP INC
03/01/2023 CME GROUP INC
19/01/2023 CME GROUP INC
29/03/2023 CME GROUP INC
27/06/2023 CME GROUP INC
10/11/2022 COSTCO WHOLESALE
20/02/2023 COSTCO WHOLESALE
19/05/2023 COSTCO WHOLESALE
28/10/2022 DANAHER CORP
30/01/2023 DANAHER CORP
28/04/2023 DANAHER CORP
28/07/2023 DANAHER CORP
19/10/2022 ECOLAB INC
20/01/2023 ECOLAB INC
17/04/2023 ECOLAB INC
17/07/2023 ECOLAB INC
02/11/2022 FREEPORT-MCMORAN
02/02/2023 FREEPORT-MCMORAN
02/05/2023 FREEPORT-MCMORAN
02/08/2023 FREEPORT-MCMORAN
30/03/2023 GIVAUDAN SA
18/01/2023 INTUIT INC
20/04/2023 INTUIT INC
18/07/2023 INTUIT INC
01/02/2023 JPMORGAN CHASE
02/05/2023 JPMORGAN CHASE
31/07/2023 JPMORGAN CHASE
15/06/2023 KEYENCE CORP		 9.93
10.63
10.25
10.08
40.89
9.16
8.97
8.70
8.51
35.34
11.79
11.25
11.10
11.90
46.04
8.12
8.20
9.92
8.46
34.70
2.54
2.58
2.50
7.62
15.49
14.02
61.00
14.88
14.46
119.85
4.96
4.69
5.16
14.81
2.57
2.39
2.57
2.50
10.03
5.68
5.36
5.37
5.09
21.50
5.91
5.48
5.45
5.31
22.15
38.38
38.38
2.63
2.62
2.49
7.74
10.17
10.06
9.75
29.98
3.54
3.54

Page 14

16/09/2022 LINDE PLC
16/12/2022 LINDE PLC
31/03/2023 LINDE PLC
19/06/2023 LINDE PLC
08/09/2022 MICROSOFT CORP
08/12/2022 MICROSOFT CORP
14/03/2023 MICROSOFT CORP
09/06/2023 MICROSOFT CORP
05/09/2022 MSCI INC
30/11/2022 MSCI INC
27/04/2023 NESTLE SA
15/09/2022 NEXTERA ENERGY INC
15/12/2022 NEXTERA ENERGY INC
16/03/2023 NEXTERA ENERGY INC
15/06/2023 NEXTERA ENERGY INC
01/12/2022 NIDEC CORPORATION
14/03/2023 ORSTED A/S
14/10/2022 THERMO FISHER SC
17/01/2023 THERMO FISHER SC
14/04/2023 THERMO FISHER SC
19/07/2023 THERMO FISHER SC
02/09/2022 TJX COS INC
01/12/2022 TJX COS INC
09/03/2023 TJX COS INC
01/06/2023 TJX COS INC
21/09/2022 UNITEDHEALTH GROUP
13/12/2022 UNITEDHEALTH GROUP
22/03/2023 UNITEDHEALTH GROUP
27/06/2023 UNITEDHEALTH GROUP
05/09/2022 VISA INC
01/12/2022 VISA INC
10/03/2023 VISA INC
01/06/2023 VISA INC
22/12/2022 CG ABSOLUTE RETURN
28/10/2022 HIPGNOSIS SONGS FUND LTD
31/01/2023 HIPGNOSIS SONGS FUND LTD
28/04/2023 HIPGNOSIS SONGS FUND LTD
28/07/2023 HIPGNOSIS SONGS FUND LTD
29/12/2022 ORDIANT DIGITAL INFRASTRUCTURE LTD
21/07/2023 ORDIANT DIGITAL INFRASTRUCTURE LTD
23/11/2022 INTERNATIONAL PUBLIC PARTNERSHIP
07/06/2023 INTERNATIONAL PUBLIC PARTNERSHIP
02/08/2023 PGIM KEYNES SAR
Total income to 21st August 2023		 16.32
15.36
16.39
15.84
63.91
8.25
8.57
8.70
8.30
33.82
6.81
6.52
13.33
58.16
58.16
12.35
11.54
12.95
12.35
49.19
6.22
6.22
32.61
32.61
1.48
1.36
1.56
1.51
5.91
7.09
6.72
6.90
7.42
28.13
8.11
7.48
7.49
8.23
31.31
4.54
5.15
5.20
5.02
19.91
88.08
88.08
21.39
21.39
21.39
21.39
85.56
26.42
26.42
52.84
32.90
32.90
65.80
4.16
4.16
£2,265.21		 16.32
15.36
16.39
15.84
63.91
8.25
8.57
8.70
8.30
33.82
6.81
6.52
13.33
58.16
58.16
12.35
11.54
12.95
12.35
49.19
6.22
6.22
32.61
32.61
1.48
1.36
1.56
1.51
5.91
7.09
6.72
6.90
7.42
28.13
8.11
7.48
7.49
8.23
31.31
4.54
5.15
5.20
5.02
19.91
88.08
88.08
21.39
21.39
21.39
21.39
85.56
26.42
26.42
52.84
32.90
32.90
65.80
4.16
4.16
£2,265.21
£2,265.21

Page 15

Independent examiner's report to the trustees of

The GEMMA Classical Music Trust

I report on the accounts of the Trust for the year ended 21 August 2023, which are set out on pages 1 to 2.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

(2) to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.

Name: Julia Hacker TEP Address: Killik & Co LLP, Crown House, Crown Street, Ipswich, Suffolk, IP1 3HS Date: 20 June 2024