## **THE GEMMA CLASSICAL MUSIC TRUST** 

## **ANNUAL REPORT YEAR ENDED 21 AUGUST 2024** 

## **CHARITY INFORMATION** 

## **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: 

INVESTMENT MANAGERS: 

BANKERS: 

INDEPENDENT EXAMINER REGISTERED CHARITY NUMBER 

Killik & Co Trustees Limited 

Crown House Crown Street Ipswich Suffolk IP1 3HS Killik & Co 46 Grosvenor Street Mayfair London W1K 3HN Bank of Scotland 11 Earl Grey Street Edinburgh EH3 9BH 

Killik & Co Crown House Crown Street Ipswich Suffolk IP1 3HS 1121090 



**THE GEMMA CLASSICAL MUSIC TRUST** 

## **TRUSTEE’S REPORT YEAR ENDED 21 AUGUST 2024** 

## **CONSTITUITION 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 21 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 £5,500.00 in accordance with the Charity’s objectives as above. 

## **STATEMENT OF THE TRUSTEES’ RESPONISIBILITIES** 

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: 

- Select suitable accounting policies and then apply them consistently. 

- Make judgements and estimates that are reasonable and prudent. 

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

- 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. 



## **THE GEMMA CLASSICAL MUSIC TRUST** 

## **TRUSTEES’ REPORT (CONTINUED)** 

## **YEAR ENDED 21 AUGUST 2024** 

## **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 secure the long term existence of the Charity. 

On behalf of the Trustees 

(Authorised Official) 



## **The Gemma Classical Music Trust** 

## **Trust Accounts** 

**For The Year to 21st August 2024** 



**The Gemma Classical Music Trust** 

## **INDEX** 

|1.<br>Balance Sheet<br>2.<br>Capital Account<br>3.<br>Income Account<br>4.<br>Investment Schedule|**Page**|
|---|---|
||1<br>2<br>3<br>4 - 9|





## **The Gemma Classical Music Trust** 

## **Balance Sheet** 

## **As At 21st August 2024** 

|Brought Forward from Capital Account<br>Brought Forward from Income Account<br>**Represented By:**<br>Killik & Co - Investments<br>Cash Balances<br>Bank of Scotland as at 21 August 2024<br>Platform Securities  LLP as at  21 August 2024<br>KX489P4<br>Platform Securities  LLP as at  21 August 2024<br>KX489T4<br>Platform Securities  LLP as at  21 August 2024<br>KX489G4<br>Platform Securities  LLP as at  21 August 2024<br>KX489Z4<br>Platform Securities  LLP as at  21 August 2024<br>KX489W4|1,121.17<br>2,242.24<br>0.00<br>2,045.77<br>11,572.37<br>4,710.46|**£**<br>152,593.23<br>4,199.38<br>£156,792.61<br>135,100.60<br>21,692.01<br>£156,792.61|
|---|---|---|



Page 1 



## **The Gemma Classical Music Trust** 

## **Capital Account For The Year to 21st August 2024** 

|Killik & Co - Investments<br>**Cash Balances b/f**<br>Bank of Scotland<br>Platform Securities LLP<br>KX489P4<br>Platform Securities LLP<br>KX489T4<br>Platform Securities LLP<br>KX489G4<br>Platform Securities LLP<br>KX489Z4<br>Sale of Investments<br>Capital Repayments<br>Unrealised Gain on Investments<br>**Less:**<br>Killik & Co Investment Management Fees<br>Purchase of Investments<br>Killik & Co - BACS Donations<br>**Carried forward to Balance Sheet**|**£**<br>1,116.12<br>1,008.74<br>213.88<br>20,701.03<br>7,000.00|**£**<br>116,177.49<br>30,039.77<br>146,217.26<br>29,108.58<br>221.34<br>18,923.11<br>194,470.29<br>1,845.86<br>29,831.20<br>10,200.00<br>£152,593.23|
|---|---|---|



Page 2 



## **The Gemma Classical Music Trust** 

## **Income Account** 

## **For The Year to 21st August 2024** 

|**£**<br>**Cash Balances b/f**<br>Platform Securities LLP<br>KX489P4<br>3,820.31<br>Platform Securities LLP<br>KX489T4<br>1,285.19<br>Platform Securities LLP<br>KX489G4<br>0.00<br>Platform Securities LLP<br>KX489Z4<br>0.00<br>Platform Securities LLP<br>KX489X4<br>0.00<br>**Killik & Co**<br>KX489P4 - Interest & Dividends<br>1,345.23<br>KX489T4 - Interest & Dividends<br>52.30<br>KX489G4 - Interest & Dividends<br>1,332.90<br>KX489Z4 - Interest & Dividends<br>22.37<br>KX489W4 - Interest & Dividends<br>686.03<br>**Bank Interest**<br>Bank of Scotland<br>Charitable Donations<br>**Carried forward to Balance Sheet as at 5th April 2021 (Page 3)**|**£**<br>5,105.50<br>3,438.83<br>5.05<br>4,350.00<br>£4,199.38|
|---|---|



Page 3 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>**----- End of picture text -----**<br>


|||||||||
|---|---|---|---|---|---|---|---|
|**No.**|**Holding**|**M/Value**|**No.**|**Purchases**|**Sales**|**No.**|**M/Value**|
|||**£**||**£**|**£**||**£**|
|**KX489G4**||||||||
|2,000|KREDITANSTALT FUR WIEDERAUFBAU|1,917.47||||||
||0.875% GTD SNR NTS 18/07/24 GBP1000'REGS||2,000||2,000.00|||
|1,000||||925.90||||
||Aviva 4.375% FRN LT2 12/09/49 Gbp|-|1000|||1000|957|
|2,000||||2,164.66||||
||Barclays Plc 8.407%-FRN LT2 14/11/2032 Gbp1000 '26|-|2,000.00|||2,000.00|2,260|
|2,000||1,755.76||||||
||BAT International Finance Plc 6% Gtd Snr EMTN 24/11|||||2,000|2,159|
|2,000||1,774.38||||||
||BP Capital Markets Plc 4.25%-FRN Gtd Sub Perp|||||2,000|1,931|
|2,000||||2,132.88||||
||FirstGroup 6.875% Gtd Snr Bds 18/09/24 Gbp50000|-|2,000.00|||2,000.00|2,125|
|2,000||||1,885.96||||
||Glencore 3.125% Gtd Snr 26/03/26 Gbp|-|2,000.00|||2,000.00|1,975|
|2,000||||1,692.24||||
||Heathrow Funding Ltd 2.625% Snr Sec Bds 16/03/202|-|2,000.00|||2,000.00|1,853|
|1,000||||979.70||||
||Marks & Spencer Plc 3.75% Snr EMTN 19/05/2026 Gb|-|1,000.00|||1,000.00|993|
|||||1,939.41||||
||FORD MOTOR GROUP|-|2,000.00||2,000.00|||
|2,000||||2,043.82||||
||Nationwide Building Society 6.178%-FRN Snr NPF 07/1|-|2,000.00|||2,000.00|2,138|
|2,000||||1,868.55||||
||NatWest Group Plc 3.622%-FRN LT2 14/08/2030 Gbp|-|2,000.00|||2,000.00|1,989|
|2,000||||1,942.90||||
||NGG Finance 5.625%-FRN 18/06/2073 Gbp|-|2,000.00|||2,000.00|2,015|
|1,000||||1,007.00||||
||Phoenix Group Holdings 6.625% Gtd Sub 18/12/2025|-|1,000.00|||2,000.00|1,053|



Page 9 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>**----- End of picture text -----**<br>


|||||||||
|---|---|---|---|---|---|---|---|
|**No.**|**Holding**|**M/Value**|**No.**|**Purchases**|**Sales**|**No.**|**M/Value**|
|||**£**||**£**|**£**||**£**|
|2,000||1,821.64||||||
||SSE Plc 3.74%-FRN Sub Perp Gbp100000|||||1,000.00|1,974|
|2,000||1,811.91||||||
||Tesco Corporate Treasury 5.5% Gtd Snr 27/02/2035 G|||||2,000|2,075|
|2,000||-||1,307.04||||
||United Kingdom (Government of) 1.125% Snr 31/01/2||2,000.00|||2,000|1,348|
|2,000||-||1,938.83||||
||Whitbread 3.375% Gtd Snr Bds 16/10/2025 Gbp10000||2,000.00|||2,000|2,011|
|2,000||-||1,796.30||||
||Zurich Finance 5.125%-FRN Gtd Sub EMTN 23/11/205||2,000.00|||2,000|1,967|
|**KX489P4**||||||||
|1|ADYEN NV|681.28|1||1,001.90|-|-|
||EUR0.01|||||||
|11|AIRBNB INC COM|1,069.26|11||1,103.81|-|-|
||USD0.0001 CL A|||||||
|19|ALPHABET INC CAP|1,920.04||||||
||USD0.001 CL C|||||19|2,432.50|
|18|AMAZON COM INC COM|1,900.34||||||
||USD0.01|||||18|2,476.00|
|30|AMERICAN WATER WORKS COMPANY INC COM|3,234.03|10||970.08|||
||USD0.01|||||20|2,150.09|
|4|ASML HOLDING NV|2,049.56|2||1,424.35|||
||EUR0.09|||||2|1,437.08|
|1,003|BP ORD|4,797.35|437||2,046.85|||
||USD0.25|||||566|2,435.92|
|30|CANADIAN PAC KANS CITY LTD COM|1,841.04||||||
||NPV|||||30|1,828.96|
|12|CME GROUP INC COM|1,906.03||||||
||USD0.01|||||12|1,919.25|



Page 9 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>**----- End of picture text -----**<br>


||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|**No.**||**Holding**|**M/Value**|**No.**||**Purchases**|**Sales**|**No.**||**M/Value**|
||||**£**|||**£**|**£**|||**£**|
||4|COSTCO WHOLESALE CORP COM|1,703.10||||||||
|||USD0.01|||||||4|2,692.81|
||17|DANAHER CORP COM|3,335.56||5||978.82||||
|||USD0.01|||||||12|2,484.64|
||126|DEUTSCHE TELEKOM AG|2,064.58||126||2,567.26||-|-|
|||NPV(REGD)|||||||||
||18|ECOLAB INC COM|2,546.46||9||1,440.18||||
|||STK USD1|||||||9|1,694.32|
||70|EXPERIAN PLC ORD|1,874.60||||||||
|||USD0.10|||||||70|2,546.25|
||65|FREEPORT-MCMORAN INC COM|1,973.44||||||||
|||USD0.10|||||||65|2,178.74|
||-|INTL BUSINESS MCHN|-||11||||||
|||||||1,597.79|||11|1,656.84|
||6|INTUIT INC COM|2,296.09||2||1,016.31||||
|||USD0.01|||||||4|2,048.30|
||18|JPMORGAN CHASE & CO. COM|2,109.97||||||||
|||USD1.00|||||||18|2,950.23|
||5|KEYENCE CORP|1,587.68||||||||
|||NPV|||||||5|1,834.33|
||7|LINDE PLC COM|2,072.42||||||||
|||EUR0.001|||||||7|2,468.41|
||15|MICROSOFT CORP COM|3,785.34||3||942.43||||
|||USD0.00000625|||||||12|3,887.13|
||34|NESTLE SA|3,161.46||11||980.38||||
|||CHF0.10 (REGD)|||||||23|1,845.65|
||48|NEXTERA ENERGY INC COM|2,524.56||||||||
|||USD0.01|||||||48|2,919.73|
||-|NVDIA CORP|-||17||||||
|||||||1,446.02|||17|1,667.98|



Page 9 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>**----- End of picture text -----**<br>


|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|**No.**|**Holding**|**M/Value**|**No.**||**Purchases**|**Sales**|**No.**||**M/Value**|
|||**£**|||**£**|**£**|||**£**|
|28.00|ORSTED A/S|1,697.58||||||||
||DKK10|||||||28|1,193.34|
|-|RELX PLC|-||48||||||
||||||1,571.66|||48|1,696.56|
|50.00|RIO TINTO|2,308.75||||||||
||ORD GBP0.10|||||||50|2,417.75|
|11.00|SALESFORCE INC COM|1,803.47||4||||||
||USD0.001|||||910.26||7|1,395.66|
|86.00|SHELL PLC|2,037.77||||||||
||ORD EUR0.07|||||||86|2,337.91|
|15|SPOTIFY TECHNOLOGY S.A. COM|1,558.86||15||||||
||EUR0.000625 (NY LISTING)|||||2,838.67||-|-|
|201|SSE PLC|3,151.68||65||||||
||GBP0.50|||||1,048.42||136|2,533.68|
|8|THERMO FISHER SCIENTIFIC INC COM|3,340.15||2||864.82||||
||USD1|||||||6|2,795.27|
|40|TJX COS INC COM STK|2,810.66||13||||||
||USD1|||||1,006.32||27|2,478.79|
|8|UNITEDHEALTH GROUP INC COM STK|3,121.19||2||825.53||||
||USD0.01|||||||6|2,649.53|
|-|UNIVERSAL MSIC GROUP|-||68||||||
||||||1,590.54|||68|1,317.27|
|10|VISA INC COM STK|1,878.24||||||||
||USD0.0001 'A'|||||||10|2,048.73|
|82|VONOVIA SE|1,350.38||||||||
||NPV|||||||82|2,085.24|
|24|WALT DISNEY COMPANY (THE) COM DISNEY|1,616.12||||||||
||USD0.01|||||||24|1,662.72|



**KX489W4** 

Page 9 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>**----- End of picture text -----**<br>


|||||||||
|---|---|---|---|---|---|---|---|
|**No.**|**Holding**|**M/Value**|**No.**|**Purchases**|**Sales**|**No.**|**M/Value**|
|||**£**||**£**|**£**||**£**|
|520|BH MACRO LTD|1,804.40|||||1,929.20|
||ORD NPV (GBP)|||||520||
|39|CG PORTFOLIO FUND PLC CG|5,098.48|||||5,411.37|
||ABSOLUTE RETURN M GBP DIS|||||39||
|1,321|CORDIANT DIGITAL INFRASTRUCTURE LTD|953.76|||||1,017.17|
||ORD NPV|||||1,321||
|133|ENNISMORE SMALLER COMPANIES PLC|1,734.26|||||1,966.03|
||ENNISMORE GLOBAL EQUITY A GBP|||||133||
|1,542|FRANKLIN TEMPLETON FUNDS FTF CLEARBRIDGE|1,782.79|||||1,879.95|
||GBL INFRSTR INC W GBPDIS|||||1,542||
|1,630|HIPGNOSIS SONGS FUND LTD|1,242.06||||||
||ORD NPV||1,630.00||1,664.64|-|-|
|850|INTERNATIONAL PUBLIC PARTNERSHIP|1,045.50|||||1,099.05|
||ORD GBP0.0001|||||850||
|12|INVESCO PHYSICAL MARKETS SECURED GOLD LKD|1,716.13|||||2,217.53|
||NTS 31/12/2100 USD|||||12||
|935|LONDONMETRIC PROPERTY PLC|1,589.50|||||1,891.51|
||ORD GBP0.10|||||935||
|8|LUMYNA-MARSHALL WACE UCITS SICAV LUMYNA-MW|2,372.00|||||2,634.14|
||TOPS|||||8||
|1,290|MI TWENTYFOUR INVESTMENT FUNDS|1,353.62|||||1,396.95|
||MI TWENTYFOUR MONUMENT BOND L DIS|||||1,290||
|10|PGIM FUNDS PLC WADHWANI KEYNES SYSTM|1,169.23|10||1,188.42|||
||ABS RTN I GBP HGD|||||-|-|
|1,010|SDCL ENERGY EFFICIENCY INC TST PLC|710.03|||||648.93|
||ORD GBP0.01|||||1,010||
|985|TRITAX BIG BOX REIT PLC|1,300.20|||||1,593.24|
||ORD GBP0.01|||||985||
|2,270|TROJAN INVESTMENT FUNDS|2,794.33|||||2,973.21|
||TROJAN X DIS|||||2,270||



Page 9 



## **The Gemma Classical Music Trust** 

## **INVESTMENT SCHEDULE For The Year to 21st August 2024** 


**----- Start of picture text -----**<br>
  On hand as at 21/08/23 Movements During The Year On hand as at 21/08/24<br>No. Holding M/Value No. Purchases Sales No. M/Value<br>£ £ £ £<br>1,010 TWENTYFOUR INCOME FUND LTD  994.85 1,061.51<br>ORD RED GBP0.01 1,010<br>16 WINTON UCITS FUNDS ICAV WINTON TREND UCITS I  2,326.15 2,391.05<br>GBP ACC 16<br>£116,177.49 £29,831.20 £28,819.45 £135,100.60<br>**----- End of picture text -----**<br>


Page 9 



_**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 2024, 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: 

- examine the accounts under section 145 of the 2011 Act; 

- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- to state whether particular matters have come to my attention. 

## **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: 

- to keep accounting records in accordance with section 130 of the 2011 Act; and 

- prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met: or 

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

Name:      Robson Langley Address:   Killik & Co LLP, Crown House, Crown Street, Ipswich, Suffolk, IP1 3HS Date:        29 July 2025