WILLIAM ALWYN FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023 Charlty Reglstratlon Number: 803294
WILLIAM ALWYN FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023 CONTENTS Page No TRUSTEES, ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES STATEMENT OF FINANCIAL ACTIVITIES 10 BALANCE SHEEr 11-17 NOTES TO THE FINANCIAL STATEMENTS
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Charity number 803294 Principal office: Garden Flat 15a Clarendon Gardens London W3 1AY THE TRUSTEES The Trustees who served the Foundation during the year were as follows: Mr A P Palmer (chair) Mr R M Andrewes Dr L C Broad (appointed 23 February 2023) Mr J Gibbons Mr A P Knowles Ms M A Jones Dr D J Matthews (resigned 6 April 2022) Mr L Moore Mr P Ramsbottom Professor R Ramsden Mr J B Tumer ADVISERS Bankers Lloyds Bank plc Beccles Suffolk Independent Examiner HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley Hyde Park House Cartwright Street, Hyde SK14 4EH Investment Managers Castlefield Investrnents 9th Floor 111 Piccadilly Manchester M12HY
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Charity number. 803294 Principal office: Garden Flat 15a Clarendon Gardens London W9 1AY THE TRUSTEES The Trustees who served the Foundation during the year were as follows: Mr A P Palmer (chair) Mr R M Andrewes Dr L C Broad (appointed 23 February 2023) Mr J Gibbons Mr A P Knowles Ms M A Jones Dr D J Matthews (resigned 6 April 2022) Mr L Moore Mr P Ramsbottom Professor R Ramsden Mr J B Tumer ADVISERS Bankers Lloyds Bank plc Beccles Suffolk Independent Examiner HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley Hyde Park House Cartwright Street Hyde SK14 4EH Investment Managers Castlefield Investments 9th Floor 111 Piccadilly Manchester M12HY
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 (continued) The Trustees present their report and the financial statements of the Foundation for the year ended 31 March 2023. 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 Governlng document The Foundation is govemed by its Trust Deed dating from 5th April 1990 and last amended on 12th 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 (£487,335). However. the majorty 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 growing its investment portfolio. Funds in the form of cash deposits of approximately £20,000 are maintained 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, rf so required. All the Foundation's funds are unrestricted.
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 (continued) Grant making The Foundation fvlfills part of 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. Applicants are asked to submit an application fom setting out a brief summary of their organisation and an outline of the project for which they are seeking funding. Grant applications are considered by the Trustees at their quarterly meetings and are approved or rejected on the basis of their merit. Investsnent pollcy 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 managerfs 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 distribLrtions, which themselves will grow with inflation. Investments are managed on a total return basis. There are no restrictions on asset dasses or investment sectors. On the recommendation of our investment managers, Castlefield Invesknents, the Foundation has made changes to its investment strategy during the year to offer potentially better long- temi retums. The previous strategy defined as having a balanced investment objective and a medium risk approach has been adjusted to one described as "Balance of Growth and Incomelunconstrained RIS which will provide a more balanced split between UK and Global equities compared to the previous significant bias towards UK equities. Castlefield Investments, are allowed a large amount of discretion to manage the portfolio within the framework of the above policy. Normally the trustees meet with Castlefield annually and monitor their perfornian on a quarterly basis against agreed benchmarks. OBJECTIVES AND ACTIVITIES The object of the Foundation is to provide benefft to the public through the promotion and education in the study, practice, knowledge and appreciation of music, more particularly the music of William Alwyn and his wife, Doreen Carwithen by encouraging, promoting and assisting in the publication, performance and recording of their music. PUBLIC BENEFIT We have referred to the guidan contained in the Charity Commission's general guidan on public benefft 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 PERFORMANCE The William Alwyn Foundation was established by a trust deed dated 5th April 1990 at the instigation of the composerfs widow Mary Alwyn (née Doreen Carwithen) with the intention of perpetuating the performance and broadcast of Alwyn's works, and fvrthering knowledge of the composerfs achievements. The Foundation has continued promoting the works of William Alwyn and Doreen calthen.
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 (continued) ACHIEVEMENTS AND PERFORMANCE (contlnued) 2022 lebrated the centenary of Doreen Carwithen's birth and the Foundation awarded a major grant to support the Carwithen Festival in Haddenham, Buckinghamshire, where she was bom. The festival took pla over 4 days from 30th June to 3rd July 2022 with conrtS at St May's Church, Haddenham. Works performed included her 110 sonatina, the violin sonata and for solo piano, the sonatina and 4 preludes. The opening cOnrt was devoted to film scores adapted for string quartet and included her music for the films 'Men of Sherwood Forest, and 'East Anglian Holiday, as well as William Alwyn's scores for'The Crimson Pirate, and 'The Black Tent,. The following smaller grants have been awarded for the perf0rrnan of Alwyn and Carwithen's music: William Alwyn: March - The True Glory and Ship's Waltz from 'ln Search of Castaways, by Ealing Symphony Orchestra in Ealing in June 2022. Conrt0 Grosso no 2 by Vale Royal String Orchestra at Vale Royal Abbey, Cheshire in June 2022. Conrt0 for oboe, string orchestrd and harp by The Oare Symphony Orchestra in New Romney in September 2022. Symphony no 5. March- The True Glory and Autumn Legend in Worthing in October and November 2022. Phantasy Trio (1928). String Trio (1939) and String Trio (1959)." recording by Eblana String Trio in April 2023. Sinfonietta forstrings by London Youth String Orchestra in Palmers Green in February 2023. SerBnade for orchestra by the English Music FestNal in Dorchester on Thames and Radley College in May 2023. Sonata Impromptu for110 and piano by the Rossetti Ensemble as part of the Congress of the Intemational Association of Music Libraries, Archives and Documentation in Cambridge in August 2023. Doreen Carwithen: Overture." Bishop Rock by Trinty Orchestra in Harrow in June 2022. Suffolk Moms by Ealing Symphony Orchestra in Ealing in June 2022. Suffolk Suite by Prometheus Orchestra at Aldeburgh Jubilee Hall in October 2022. Concerto forpiano and strings by Luton Music in June 2023. ODTAA by South Birmingham Sinfonia in Boumville in July 2023. Sonatina for cello and piano by the Rossetti Ensemble as part of the Congress of the Intemational Association of Music Libraries, ArchNes and Documentation in Cambridge in August 2023. Preludes nos 1 & 4 by the English Music Festival in Dorchester on Thames and Radley College in May 2023.
WILLIAM ALWYN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 (continued) ACHIEVEMENTS AND PERFORMANCE (contlnued) The Foundation had previously agreed a contribution towards the frfth recording of selections from Alwyn's Film music being undertaken by the Chandos record company. In March 2023 Chandos informed us that because of a post-pandemic scheduling backlog affecting the BBC Philharmonic Orchestra it was likely the project would be delayed until 2025 at the earliest. Rather than transfer what would be the final volume of the series to another recording label the trustees have decided to stay with Chandos in the hope that the series can be completed in 2025 after the scheduling backlog has been cleared. The liabilty of £14,000 for the contribution to the recording costs together with an ancillary commitment of £4,000 for an orchestral run-through of the scores by Ealing Symphony Orchestra have been recategorised in the balan sheet from current liabilities to creditors falling due after one year. The statement of financial activities (SOFA) is not affected. FINANCIAL REVIEW The Foundation's grant awarding activty is reliant on retums from its investment portfolio, which is invested with the objective of producing an income stream and preserving the value of the capital in real terms. Continuing challenges in world markets- the war in Ukraine, higher inflation and rising interest rates - resulted in the Foundation's portfolio ending the year at £478,321, down from £519,411 in the previous year. Total income to 31 March 2023 rose to £54,231 from £49,938 in the previous year, largely attributable to a significant rise in royafties, up from £29,728 to £39,168, with perfonnances of Doreen Carwithen's works during her centenary year making a signrficant contribution to the increase. Total expenditure amounted to £26,141 compared to £115,297 for the previous year, the decrease mainly due to savings from not mounting an Alwyn Festival. After net losses on investments of £36,318 (2022: gains of £2,571) the Foundation made an overall deficit for the year of £8,229 compared to a deficit of £62,788 for the previous year. FUTURE PLANS The Foundation intends to continue its objective of supporting the performan, broadcast and recording of the works of William Alwyn and Doreen Carwithen.
WILLIAM ALWYN FOUNDATION .TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 March 2023 (ntinued) 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:_ Selecting suitable accounting policies and then applying them consistently. Making judgements and estimates that are reasonable and prudent. Complying with applicable accounting standards and the Charities SORP, subject to any material departures disclosed and explained in the financial statements. Preparing the financial statements on the going concem basis unless it is inappropriate to presume that the Foundation will continue. The Trustees are spOnSible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of the Foundation. They are also responsible for safeguaIng 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 20 October 2023 and signed on their behalf by: ADJOREhJ PHILIP PALn)F ANDREW PALMER TRUSTEE
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 31 March 2023. Responsibllities and basis of report As the charity Trustees of the Foundation you are responsible for the preparation of the accounts in accordan 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 examinerfs statement I have completed my examination. I confimi 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 conceming the fomi and content of accounts set out in the Chaiities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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. HGA Accountants & Financial Consuftants Ltd Va Chittenden Horley Chartered Accountants Hyde Park House. Cartwright Street Hyde SK14 4EH Date:
WILLIAM ALWYN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 March 2023 Totsl Funds 31 March 2023 5 April 2022 Notes Income from: Investments Charitable activities= William Alwyn Festival Other trading activities: Music sales Hire fees 50,152 41,806 6,946 1,507 2,572 397 789 Total Income 54,231 49,938 Expenditure Cost of generating funds Investment management costs 3,828 5,953 Expenditure on charitable activities 22,314 109,344 Total expenditure 26,142 115,297 Net incomel(expenditure) before gains on investments 28,089 (65,359) Net (losses)Igalns on Investments (36,318) 2.571 Net movement in funds (8,229) (62,788) Reconciliation of funds Fund balances brought forward 495,564 558,352 Fund balancos carried forward 487,335 495,564 All movements are in Unrestricted Funds The notes on pages 11 to 17 fomi part of these accounts.
WILLIAM ALWYN FOUNDATION BALANCE SHEET AS AT 31 March 2023 31 March 2023 5 April 2022 As restated Notes Fixed assets Investments 465,484 506,354 Current assets Debtors Cash held by investment manager Cash at bank 8,002 12,837 37,895 6.507 13,057 11,225 Credftors: amounts falling due within one year 58,734 30,789 (18.883) (23,579) Net current assets 39,851 7,210 Credltors: amounts falling due after one year (18.000) (18,000) Net assets 487,335 495,564 Tho funds ofthe charlty Unrestricted income fvnds 487.335 495,564 These financial statements were approved by the Trustees on and are signed on their behalf by: Andrew Palmer TRUSTEE PHIur PALrn6£ The notes on pages 11 to 17 fomi part of these accounts 10
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 March 2023 ACCOUNTING POLICIES (a) Ba818 of accountlng The financial statements have been prepared under the historical cost convention as modffied by the inclusion of investments at market value and in accordance with applicable accounting standards. The financial statements have been prepared in accordan with the Statement of Recommended Practi. 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. Two grant commitments previously included in the balance sheet as-current liabilities have been recategorised as creditors falling due after one year after a delay to a project more fully described in the Trustees, Report. The previous yearfs balance sheet has been restated to reflect the change in circumstance. "The Statement of Financial Activities is not affected. The financial statements are prepared in sterling, which is the functional currency of the Foundation, rounded to the nearest £. The Foundation has prepared ts financial statements to give a 'true and fairf view and in doing so has departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a Irue and fairf 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 concem and will realise its assets and meet its liabilities under the nonnal course of operation. The William Alwyn Foundation is a registered charity and meets the definition of a public benefit entty under FRS 102. 11
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 ACCOUNTING POLICIES (continued) (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 followlng specific policies are applied to particular categories of income: Voluntary income is reiVed by way of donations and gifts and is included in full in the Statement of Financial activities when receivable. Donated ServIS and facilities are included at the value to the Foundation where this can be quantified. The value of ServIS provided by volunteers has not been included in these accounts. Investment income is included when receivable. Incoming resources from charitable activities are accounted for when earned. (c) Expendlture Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure indudes all VAT which cannot be recovered, and is reported as part of the expenditure to which it relates: Charitable expenditure comprises those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governan costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include the examinerfs fees and costs linked to the strategic management of the Foundation. All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of reSoUrs. (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 incomd(expendtture) 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 pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a 12
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 ACCOUNTING POLICIES (condnued) 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 rf 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. Dereco ni ion of financial liabilities Financial liabilities are derecognised when the Foundation's contractual obligations expire or are discharged or cancelled. (fj 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 temi liquid invesknents with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. (g) Accumulated funds The Foundation maintains a general unrestricted fvnd which represents funds which are expendable at the Trustees, discretion in furtherance of the Foundation's objects. (h) RealSsed gains and losses All gains and losses are tsken to the statement of financial actNities 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 marketvalue atthe year end and opening market value (or purthase date rf later). (l) Grant policy Grants for charitsble 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 year4nd are noted as a commitment, but not accrued as expenditure. ti) Crltlcal accounting estlmates 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. 13
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 ACCOUNTING POLICIES (continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year. or in the year of the revision and future years where the revision affects both current and future years. RELATED PARTY TRANSACTIONS AND TRUSTEES, REMUNERATION During the year 5 (2022: n of the Trustees were reimbursed for personal travel and Subsisten expenditure incurred which amounted to £1,858 (2022: £4,179). The Trustees received no remuneration in either year. INVESTMENT INCOME 2023 2022 Dividends - UK equities Interest - UK fixed interest securities Royalties receivable 9,838 1,145 39,169 50,152 9,410 2,668 29,728 41,806 CHARITABLE ACTMTIES EXPENDITURE 2023 Dlrect costs Grants payable Publication costs William Alwyn Festival 2022 16,929 1,857 55,450 49,235 104,685 Support costs Other costs Governance costs 18,786 70 3,458 22,314 1,075 3,584 109,344 14
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 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 fvrtherance of its charitable activities. Grants to Grants to Instfjtutlons Indlvlduals Trinity Orchestra (Harrow) Ealing Symphony Orchestra Worthing Symphony Orchestra Prometheus Orchestra Oare String Orchestra Eblana String Trio Vale Royal String Orchestra London Youth Orchestra South Birmingham Sinfonia Luton Music English Music FestNal Intemational Association of Music Libraries Cancellation of 2 grants awarded in previous years 150 500 3,000 2,000 500 5,000 175 304 300 1,000 3,000 1,500 (500) 16.929 INVESTMENTS AND NET GAINS AND LOSSES 2023 2022 Balance sheet summary at markat value Total portfolio Less: Money market accounts shown as current assets 478,321 519,411 (12,837) (13,057) Fixed asset investments 465,484 506,354 Summary analysis of portfolio Propety funds Fixed interest and fixed interest funds Equities and equity funds 6,246 46,766 412,472 26,106 79,184 401,064 465,484 506,354 15
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 INVESTMENTS AND NEf GAINS AND LOSSES (eontlnued) Analysis of SOFA gain Realised (loss) Igain on disposals Unrealised (loss) Igain on portfolio at end of year (2.888) 11,687 (33,430) (9,116) (36,318) 2,571 Movement In market value Market value brought forward Additions at cost 506,354 164,941 (172,381) (33,430) 542,117 35,445 (62,092) (9,116) Disposals at market value Unrealised (loss) I gain for the year Market value carriéd fOard 465,484 506,354 Included within the above are the following, representing 50A or more of the total valuation: 2023 2022 CFP Castlefield Sustainablé European Fund CFP Castlefield Real Retum Fund First Sentier Investors Worldwide Sustainable Fund Fundrock Parthers WHEB Sustainability B Acc CFP Castlefield UK Smaller Companies Fund Mayfair Capital in Propety Income Trust 40,922 39,501 39,354 34,865 33,796 26,106 188,438 26,106 On an historical cost basis the invesknents would have been included at an original cost of £426,594 (2022: £404,857). 16
WILLIAM ALWYN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 March 2023 DEBTORS 2023 2022 Music sales Royafties re1vable Interest receivable 8,002 5,888 565 8,002 6.507 CREDITORS 2023 2022 Amounts falling due within one year: Accruals Grants payable 1,904 16,979 18,883 3,429 20,150 23,579 Amounts falling due after one year: Grants payable 18,000 18,000 GRANT AND PROJECT COMMITMENTS 2023 2022 Commitments outstanding at the start of the year New commitments charged to the SOFA in year Paid during the year Commitments outstanding at the end of the year 38,150 11,300 16,929 55,450 (20,100) (28,600) 34,979 38,150 10. INDEPENDENT EXAMINER'S REMUNERATION Examinerfs remuneration in relation to the independent examination fee and other financial services provided during the year amounted to £1,000 (2022: £2,352) 17