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2021-04-05-accounts

WILLIAM ALWYN FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Charity Registration Number: 803294

ENSORS ACCOUNTANTS LLP

Chartered Accountants 46 St Nicholas Street IPSWICH IP1 1TT

WILLIAM ALWYN FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

CONTENTS
Page No
2 - 8 TRUSTEES’ ANNUAL REPORT
9 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
10 STATEMENT OF FINANCIAL ACTIVITIES
11 BALANCE SHEET
12 – 17 NOTES TO THE FINANCIAL STATEMENTS

1

WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number: 803294 Principal office: 37 Goodwood Close Ipswich IP1 6SY

THE TRUSTEES

The Trustees who served the Foundation during the period were as follows:

Mr R M Andrewes Mr A G Chittock Mr A P Palmer Mr J B Turner Mr D J Matthews Ms A Pensaert Mr J Gibbons Mr P Ramsbottom Mr R Ramsden Mr L Moore

ADVISERS

Bankers

Lloyds Bank plc Beccles Suffolk

Independent Examiner

Helen Rumsey FCA, Dch A Ensors Accountants LLP Chartered Accountants 46 St Nicholas Street Ipswich IP1 1TT

Investment Managers

Castlefield Investments 9[th] Floor 111 Piccadilly Manchester M1 2HY

2

WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

The Trustees present their report and the financial statements of the Foundation for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with FRS 102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Foundation is governed by its Trust Deed dating from 5[th] April 1990 and last amended on 12[th] March 2013.

Recruitment and appointment of Trustees

New Trustees are appointed by deed by the existing Trustees. They are invited to act after consideration of their potential contribution to the Foundation, whether by reason of musical acumen or professional skills. The trustee body includes a retired solicitor and accountant on whose advice the other Trustees draw in relation to appropriate matters.

Risk management

The Trustees have considered the major risks to which the Foundation is exposed, and systems have been established to mitigate those risks. The implementation of these procedures minimises those risks. These procedures are regularly reviewed to ensure that they still meet the needs of the Foundation.

The Foundation makes grants for William Alwyn’s and Doreen Carwithen’s music from time to time, but the Trustees will not commit themselves to any activities or projects which are not fully covered by available resources. On occasions, the Trustees do promote concerts or similar projects.

Reserves policy

The Foundation has significant reserves on its balance sheet (£558,352). However, the majority of these reserves are in the form of financial investments. The Foundation is reliant on the investment income these reserves provide to meet the requirements of the Foundation’s charitable activities. However, despite this, the Foundation’s long term aim is to use its reserves for its charitable activities, as opposed to building upon its investment portfolio. The Foundation has funds readily realisable to cover 6 months’ worth of expenditure – approximately £80,000, in order to ensure it is able to meet its working capital requirements. All of the Foundation’s funds are unrestricted.

Grant making policy

The Foundation carries out its objectives by awarding grants across a range of institutions and individuals. Although the Foundation supports festivals and other annual events, it is on the understanding that such support is not automatically renewable.

Prospective applicants are sent a copy of the Foundation’s guidelines and asked to submit to the administrator a brief summary of their organization and an outline of the project for which they are seeking funding. This is then assessed against the Foundation’s funding criteria and if appropriate a formal grant application is invited. Grant applications are considered by the Trustees at their quarterly meetings and are approved or rejected on the basis of their merit.

3

WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

Investment policy

There are no restrictions on the Foundation’s power to invest. The investment strategy is set by the Trustees and takes account of recent and expected demand for funds. The Trustees consider their cash requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The Trustees’ policy is to generate sufficient returns to preserve the real value (after inflation) of the Foundation’s assets and to meet distributions, which themselves will grow with inflation. The portfolio has a cautious risk profile. There are no restrictions on asset classes or investment sectors.

Investments are managed on a total return basis. Our investment managers, Castlefield Investments, are allowed a large amount of discretion to manage the portfolio within the framework of the above policy. Castlefield Investments produce quarterly reports to the Treasurer and the Trustees meet on a regular basis to monitor their performance.

The Foundation’s policy is to maintain funds in the form of cash deposits of approximately £20,000 with its bankers providing sufficient funds to cover grant payments and administration costs over a three month period. Additional cash resources are available in the form of uninvested cash within the investment portfolio which can be accessed to fund larger grant awards, if so required.

OBJECTIVES AND ACTIVITIES

The object of the Foundation is to provide benefit to the public through the promotion and education in the study, practice, knowledge and appreciation of music, more particularly the music of William Alwyn, by encouraging, promoting and assisting in the publication, performance and recording of the music of William Alwyn.

PUBLIC BENEFIT

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

ACHIEVEMENTS AND PERFORMANCES

The William Alwyn Foundation was established by a Trust Deed dated 5[th] April 1990 at the instigation of the composer’s widow Mary Alwyn (née Doreen Carwithen) with the intention of perpetuating the performance and broadcast of Alwyn’s works, and furthering knowledge of the composer’s achievements.

The Foundation has continued in promoting the works of William Alwyn through its administrator APK Music Promotions Ltd, using the media of broadcasts, recordings, publishing and live performances, details of which are found below:

RECORDINGS (with financial assistance from the Foundation unless otherwise stated)

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WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

RECORDINGS (with financial assistance from the Foundation unless otherwise stated) (continued)

CD SALES

Despite a few deletions over the past year, sales have increased slightly. The following listing reflects the worldwide sales up until the end of December 2020:

Naxos:

8.557590 – Piano Concertos 1&2 /Overture Derby Day etc. – 13,237 8.557647 – Symphonies 2&5/Lyra Angelica – 11,438 8.557648 – Symphonies 1&3 – 6,608 8.557649 – Symphony No. 4/Sinfonietta – 7,632 8.570114 – Elizabethan Dances/Oboe Concerto etc. – 5,601 DELETED 8.570340 – Chamber Music and Songs – 3,552 8.570359 – Piano Music Vol. 1 – 3,186 8.570201 – Song Album – 2,831 8.570704 – Orchestral Music (Concerto Grosso No. 1/Five Preludes etc.) – 4,030

8.570464 – Piano Music Vol. 2 – 2,919

8.570560 – String Quartets 1-3/Novelette – 4,089

8.572425 – Chamber Music – (Clarinet Sonata, Oboe Sonata, String Trio etc.) – 2,721

8.570705 – Violin Concerto/Miss Julie Suite etc. – 4,273

8.570145 – Concerti Grossi 2&3/Serenade/Seven Irish Tunes etc. – 3,202

8.572747 – Film Music arranged for Wind Band Ensemble – 1,865 8.570331 – Doreen Carwithen On the Twelfth Day etc. – 9,920 8.502021 – British String Quartets (20 CD Box Set) – 313 TOTAL NUMBER OF COPIES SOLD: 87,417

Dutton Epoch:

CDSJB 1029 – Symphonies 1 & 2 (historical recordings from the 1950s) – 1,074 DELETED CDLX 7168 – String Quartets 1-3/Three Winter Poems – 1,095 DELETED CDLX 7176 - Flute Concerto etc. – 1,146 DELETED CDLX 7186 – British Viola Music – Pastoral Fantasia etc. – 1,368 DELETED CDLX 7237 – Ad Infinitum, Blackdown, Peter Pan etc. – 2,471 CDLX 7270 – Prelude and Derrybeg Fair (The Fairy Fiddler) – 1,052 DELETED CDLX 7266 – Doreen Carwithen Film Music – 1,142 TOTAL NUMBER OF COPIES SOLD: 9,348

Combining the above figures with older titles from Chandos and Lyrita gives a cumulative figure of 118,111 copies. The total number of copies sold during 2020 is 2,822

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WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

LIVE PERFORMANCE

Unsurprisingly, the effect of the global pandemic – COVID 19 over the last year has had serious implications for live performance and with it a very reduced number of concerts worldwide. With regard to Alwyn there were just 5 performances (50 less than in 2019). Two of these were orchestral with the three remaining of chamber/small ensemble. For Carwithen there were 4 performances (all orchestral), which is 9 less than in 2019. More performances of music by both Alwyn and Carwithen have been programmed for later in the year (including the re-scheduling of the 2020 Alwyn Festival for early October 2021) and it is hoped that these can take place with the eventual relaxing of restrictions.

PUBLISHING

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WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

BROADCASTS

DVD/BLU-RAY

Four Alwyn scored films (three features and one documentary) were commercially released during the last year. The first of these was The Card from 1952 which has been remastered and is presented in both standard DVD format and in high-definition Blu-Ray. Secondly, State Secret from 1950 has also been remastered and is presented in both standard DVD format and in high-definition Blu-Ray. The other two titles, Devil’s Bait (1959) and Queen Cotton (a documentary in colour from 1941) are available in just standard DVD format.

FINANCIAL REVIEW

The total income to 5 April 2021 was £40,739 compared to £58,450 for the year to 5 April 2020.

Total expenditure amounted to £50,212 compared to £171,761 for the year to 5 April 2020. After gains on investments of £114,023 (2020: Losses £83,655) the Foundation has produced an overall surplus for the year of £104,550 compared to a deficit of £196,966 for the previous year.

The financial deficit of 2020 principally resulted from the net costs of mounting the William Alwyn Festival and the adverse movement on investments. The Trustees believe that an annual festival is a successful and productive use of the Foundation’s unrestricted funds, by promoting the music of William Alwyn and Doreen Carwithen to a wider audience, leading in turn to more performances and a consequent increase in royalties. The Festival did not take place in 2020 due to COVID 19, and the Foundation’s investments rallied to produce a surplus for the year of £104,550. The Trustees are hopeful that the Festival will take place again in the current year.

FUTURE PLANS

The Foundation plans to continue similar activities to those outlined above over the foreseeable future.

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WILLIAM ALWYN FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2021 continued……………..

RESPONSIBILITIES OF THE TRUSTEES

The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the Foundation’s financial activities during the year and of its financial position at the end of the year. In preparing these financial statements the Trustees will have due regard to:-

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 28 June 2021 and signed on their behalf by:

................................................... Anthony George Chittock TRUSTEE

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WILLIAM ALWYN FOUNDATION

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the Trustees on my examination of the accounts of the Foundation for the year ended 5 April 2021.

Responsibilities and basis of report

As the charity Trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

H Rumsey FCA, Dch A Ensors Accountants LLP Cardinal House 46 St Nicholas Street Ipswich IP1 1TT

Date: 28 June 2021

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WILLIAM ALWYN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5 APRIL 2021

YEAR ENDED 5 APRIL 2021
Total Funds
Total Funds
2021 2020
Note £ £
INCOME FROM:
Donations - 100
Investments 3 39,071 47,763
Charitable activities:
William Alwyn Festival - 3,867
Other trading activities – fundraising 1,316 1,050
- hire fees 352 5,670
----------------------------------- -----------------------------------
TOTAL INCOME 40,739 58,450
------------------------------------ ------------------------------------
EXPENDITURE
Costs of raising funds:
Investment management costs 4,166 5,063
Charitable activities 4 46,046 166,698
----------------------------------------- -----------------------------------------
TOTAL EXPENDITURE 50,212 171,761
----------------------------------------- ------------------------------------------
Gains/(losses) on investment assets 114,023 (83,655)
-------------------------------------------------- --------------------------------------------------
NET MOVEMENT IN FUNDS FOR THE YEAR 104,550 (196,966)
RECONCILIATION OF FUNDS
Total funds brought forward 453,802 650,768
--------------------------------------------------------- ---------------------------------------------------------
Total funds carried forward 558,352 453,802
==================== ==================

All movements are in Unrestricted Funds

The notes on pages 12 to 17 form part of these accounts

10

WILLIAM ALWYN FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2021

2021 2020
Note £ £
FIXED ASSETS
Investments 6 542,117 432,077
CURRENT ASSETS
Debtors 7 11,630 8,362
Cash at bank and in hand 19,247 25,433
----------------------------------------------------- -------------------------------------------------
30,877 33,795
CREDITORS: Amounts falling due within one year 8 (14,642) (12,070)
---------------------------------------------------- ----------------------------------------------
NET CURRENT ASSETS 16,235 21,725
--------------------------------------------------- ----------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 558,352 453,802
==================== =================
THE FUNDS OF THE CHARITY
Unrestricted income funds 558,352 453,802
==================== =================

These financial statements were approved by the Trustees on 28 June 2021 and are signed on their behalf by:

........................……. Anthony George Chittock TRUSTEE

The notes on pages 12 to 17 form part of these accounts

11

WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 SORP) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the Foundation, rounded to the nearest £.

The Foundation has prepared its financial statements to give a ‘true and fair’ view and in doing so has departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities 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 (FRS 102), rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

In the opinion of the Trustees, the Foundation is deemed to be a going concern and will realise its assets and meet its liabilities under the normal course of operation.

The William Alwyn Foundation is a registered charity and meets the definition of a public benefit entity under FRS 102.

(b) Income

All incoming resources are included in the statement of financial activities when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

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WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES (continued)

(c) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes all VAT which cannot be recovered, and is reported as part of the expenditure to which it relates;

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of resources.

(d) Investments

Investments are stated at their current market value.

(e) Financial instruments

Financial instruments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

(f) Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES (continued)

(g) Accumulated funds

The Foundation maintains a general unrestricted fund which represents funds which are expendable at the Trustees’ discretion in furtherance of the Foundation’s objects.

(h) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.

(i) Grant policy

Grants for charitable purposes are recognised when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

(j) Critical accounting estimates and judgements

In the application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

During the year 0 (2020: 7) of the Trustees were reimbursed for personal travel and subsistence expenditure incurred which amounted to £Nil (2020: £2,966). In addition, 0 (2020: 1) of the Trustees was paid a performance fee of £Nil (2020: £350).

The Trustees received no remuneration in either year.

3. INVESTMENT INCOME

2021 2020
£ £
Dividends – UK equities 7,887 17,243
Interest – UK fixed interest securities 2,837 3,571
Royalties receivable 28,347 26,949
--------------------------------------- ---------------------------------------
39,071 47,763
============= =============

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WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2021

4. CHARITABLE ACTIVITIES EXPENDITURE

2021 2020
£ £
Direct costs
Grants payable 6,400 24,350
Recording and promotional costs - 39,400
Publication costs 890 2,200
Projects - 17,800
William Alwyn Festival - 38,100
-------------------------------------- --------------------------------------
7,290 121,850
Support costs
Administrator fees and expenses 34,731 37,349
Governance costs 4,025 7,499
---------------------------------------- ----------------------------------------
46,046 166,698
=============== ===============

5. ANALYSIS OF GRANTS PAYABLE

The Foundation undertakes some of its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities.

activities.
Grants to Grants to
Institutions Individuals
£ £
Royal Philharmonic Orchestra 2,000
Stapleford Granary Kate Romano 600
English Music Festival 500
The Delphi Trust 600
Ealing Symphony Orchestra 1,800
Chu-Yu Yang 500
Nicholas Stringfellow 400
------------------------------------ -------------------------------
5,500 900
=============== =============

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WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2021

6. INVESTMENTS

NVESTMENTS
2021 2020
£ £
UK quoted investments 542,117 432,077
================= =================
Movement in market value:
Market value brought forward 432,077 610,710
Additions 105,331 135,709
--------------------------------------------------- ---------------------------------------------------
537,408 746,419
Less: Disposals
Proceeds 109,314 230,687
Realised gains (17,357) (36,003)
----------------------------------------- -----------------------------------------
445,451 551,735
Unrealised gain/(loss) for the year 96,666 (119,658)
----------------------------------------- -----------------------------------------
Market value carried forward 542,117 432,077
================ ================

On an historical cost basis these would have been included at an original cost of £419,606 (2020: £406,232)

Included within the above are the following, representing 5% or more of the total valuation:

2021 2020
£ £
Mayfair Capital In Prop Inc Trust - 28,879
Castlefield Mgd Mlt Asset Inst - 23,385
------------------------------------------ ------------------------------------------
- 52,264
================ ================

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WILLIAM ALWYN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2021

7. DEBTORS
2021 2020
£ £
Royalties receivable 4,931 5,843
Interest receivable 849 852
Prepayments 5,850 1,667
------------------------------------ ------------------------------------
11,630 8,362
=============== ===============
8. CREDITORS
2021 2020
£ £
Accruals 3,342 3,270
Grants payable 5,800 1,800
Other creditors 5,500 7,000
------------------------------------ ------------------------------------
14,642 12,070
=============== ===============
9. GRANT COMMITMENTS
£
Grant commitments outstanding at the start of the year 1,800
New commitments charged to the SOFA in year 6,400
Grants paid during the year (2,400)
------------------------------- ---------
Amount of grant commitments at the end of the year 5,800
===============

10. INDEPENDENT EXAMINER’S REMUNERATION

Examiner’s remuneration in relation to the independent examination fee and other financial services provided amounted to £3,342 (2020: £3,258) during the year.

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