REGISTERED COMPANY NUMBER: 11240995 {England and Wales) REGISTERED CHARITY NUMBER: 1182024 Chartered Aceountants Report of the Trustees and Financial Statements forthe Year Ended 31 Mar¢h 2024 for Anthem. Music Fund Wales GTe6nwcud Cb4e Coraiff Gote BLtsIne Cor(Jlff CF23 &AA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gale 8u51ness Park Cardiff CF23 8AA OlrurJrryty_I bTrJ.t¢ busSne5S Potèntlal unlèashed
Anthom. Muslc Fund Wales Contsnts of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees 1 to 11 Independent EXaMineS Report 12 Statsment of Flnancial Activrties 13 Balance Sheet 14 to 15 Notes to the Financial Slatements 16 to 25 Detailed Slatement of Financial Activities 26 to 27
Anthem. Muslc Fund Wales (Registwed numbor. 11240995) Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of Ihe charity for the purposes of the Companies Act 2006, present their report th the financtal statements of the charity for ts year erKled 31 Marth 2024. The trustees have adopted Ihe provisirS of Accounting a1 Reporting by Chaiities: Statement of Recommended PracAice applicable to charib&s pparing their accounts in accordan wtth the Financial Reporbng Standard applicabk in the UK and Republ of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTivmES Objectives and strdtegy Anthem's objects are the folthving.. To advan young people in lrfe arKI to thn to athieve Iheir potential through music by 1. SUPF)Orting young people in Wdes aged from 3 to 25 to reach tr1r potential through musical opporbjnities and aciivities; 2. making accessible musical opportunty acn)ss Wales to all youTrJ pewe aged fr¢Jm 3 to 25" 3. developing musical opportunty all genres and in all communilies" 4. identifying nurturing tslent aThl abilty: arml 5. supporbng pathways in MUS aTrJ the music industy. Vision & Mission Anlhem's vision is a Wales in which music emrthr every young lrfe. We believe music is a potent creative fo fc yt)ung people trt feeds selféxpression, personal development and Wellb.9. Anthem will enabk ac£ess to rnusic. generate opportunities a(xoss genres and coMmunes, and nurture diverse talent to take Ihe nexi steps to musi¢31 careers. Anthem is a catatyst for y(xJth must¢ in Wales, funding th thal will create change. make cnnnections to widen partnership wolking. and enable trRsl practi to flourish.
Anthem. Musl¢ Fund Walès (Registered nUmr. 11240995) Report of the Trustee5 for the Year Ended 31 March 2024 OBJECTIVES AND ACTivmES Our Strategic Goals Enabling Access - reach y¢wng people vh)0 have irEqudty of access through social deprtvalion, rural isolation or other challenging (xrcUMstar, strengtTrn infrastruciure fcff music provision and plug obvious gaps. Generating 0pportunFtS - exparKI the range of opportunibes on offer for young people, through sthool and the communty. NurtUTing Talent - deliver grants a1 bursaries to unlttk talent and ertsure progression for young peopk wth musical or music-rdated talent. directy for indNKluals and through organisations. Our Values - Collaborative.. working wilh others to have a truly transf0mlive impact on young people's lives. - Innovative: Icoking for new ways to serve young people in Wales ttmugh rnus and encouraging original ideas from young people in Wales. - Inclusive.. for all the young wple of Wales aTrJ Ihe broadest irNolvement of communtttes. - Creative.. demonstratsng an unlimtte(I passion aTrJ grj extra mile to find the uealive solutions needed. Inspiring: building on young people's desire to connert with ir6pira*iona experien and creatives. Dellvering Public Benefft Worknng through music young pwile, Anthn is foSed on potential benefiryarEs via direct funding, via partnership projects. via engagement, neorkS. aThJ services via its Interfa WFth fomal and informal training and education in Vlales. FurthemK)re, Arrthem seeks to put the voices of young peopte at the heart of everything we do from the beginning, creatively consulting with them on what is needed and how we can expand horizons, empowering young people to contribute to the decision-making process about music provision in Was. The combination of this apwoach wtth our progrnmmes ddivers public benefft focused on young people and their prospects.
Anthem. Music Fund Wales (Reg¢stered numbor. 11240995 Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Activity 2023 - 2024 This year was the third full year of our business plan - 2021- 2024 A Launchpad for Young People and Their Music in Wales. The main aims of Launthpad are as folk). To bring ne4V fuTHling arvj resour from and into Wales and segJ and devetop a national endowment for young people arny Iheir music To develop grant relabj programm8s uThler our strategtc pillar5 - access, opportunty and nurture To create strategic partherships related to Jr delNery goals To create a communty for and around young people and their mustc To create a Sustainab and acclbIe organisation The Business Plan aL80 lays out W aCbVsts Anthem will seek to uTr4ertake across the next three years. Anthem YoLrth Music Partnership partneTship over four year5 targeting barriers to young people engaging in music and supportiw the Atsain Fund. - Anthem Digital Gateway - Anthem wll launch a strategic partnership project to create a Digital Gateway to Music for young people in Wales. - Classrix)m Fund - This fund will fCS on expanding the range of ¢)pportuniiies on offer for young people. through school and the communty. - Nurture Fund - Thts fund will detr¥er grnnts and bursartes to unk>ck talent and ensure progression for young people musiGal or music-related tdent, directy for irKlividua15 and through organisations. - Anthem Youth Forum - Anthem wll ddiver orwJoing Youth Forum acts Wofkyng young people to steer the organisation, facilttate project developrrEnt and run events for younger palticipants which open up routes to music. Anthem Youth Forum l FFWD>> 2023 was the second full year Youth Forum prc¥Jramfne. The Youth Fcffum support8J again by tt)e Postcthe Communty Trust. Youth Forum members undertook a trip to Focus Wales in May, met in Juiy for a residency in Cardrff, and visited the BBC in Cardiff in DeceTnber. Across the aLrtumn the cohort also tix)k part in a musical collaborations project, creatiivJ songs together and meeting for recording sessions in Cardiff and Wrexham. We securgj further support from Postc(*Je Community Trust for 2024 Youth Forum and recruited 15 young people from across Wales and renamed the Forurn Anthem FFWD>> They had their first online meetings in March 2024. The Youth Forum will be attending F(tus Wales in May. coming together for a Youth Forum residential in summer 2024, urKlertaking a collaborative PToiect acfoss summer l autumn 2024. Establishing Cronfa Atsain By the end of March 2024, Cronfa Atsain had tun fcmjr full rtsjnds. Across the four rounds, Atsain funded 45 drfferent youth MUS projects across Wath. 113 applications for funding were r1V across the four rounds. £379.933 was the total amount of furKling awarded Sin the launth of Atsain. The fund supported a wTrde range of organisations across Wath including Media Academy Cymru, Canolfan Gerdd William Mathias, Deaf Hub Wales. Theatr Brytheinioj, Wildemess Trust. Grand Ambition, Oasis, Sisterna Cojil To, U(x¢ Pr¢)JuctÉons and Wrexham Sounds.
Anthem. Music Fund Wales (Registered numbor. 11240995) Report of the Trustees for the Year Ended 31 March 2024 A fvll list of all Atsain grantees can be found the Arrthem vthite: httpsJfvAThi.antheM.walethvhaVfvTredI Alongside our grant scherne, Anthem also runs the Atsain Nelwork - a series of sector meetirs exploring youth music practi and helping to build rnnectIonS and best practice across Wales. The nefv4oTk met acrc>ss 2023 exploring current funded prqects and dBcussing youth music practice In Febnjary 2024, we cdIaborat with Beacons Cymnj to hold Atseinio - an in-person nehvork day in Cardiff. Atseinso vms attended by 75 dewates from auo&s Wths and trwTKI. The report from Year 2 of the Atsain Fund highlight1 the following key findings: - A wide range of organisations are delrvering youth music proied5 induding rxKnmunty organisations, local authorities, youth ntres. a play centre for young children. venues, and arts organisations. - They connect with many drfferent partrEr organBatrons to make theirwork, induding mental health charity. housin9 and homelessness servi. disabilty chaiibes, an exam board, young carers groups. youth Justi young offenders, teams. - Atsain increased capath and xbvity for the organisatiorts fund&J What made projects wor Evalualion reports contain strategies & adiorts that provided solub'ons to barriers experienced by young peop includiT¥J". - Providing support through projects for youn9 peop to advocate for their needs to be Tnet and supporbng them to access other seNic - A personalised approach from arb.sts buitt relalion5hips with parbcipants that enabled them to participate - Creating a safe SP for young people to work in - Working with cx)uncil seNces to provtde transport for young Peo to attend sessions - Using lyric and songwriting to support wellbeing arKI el[tional expression - Nurturing lalent in a nOn-edL*1onal environment Anthem Gatevrny The Anthem Gateway is a keynthe project for Ajthn, bridging the gap beh¥een music in an educational context and musio industy in all rts aspects. After trE initi'al development in 2022, a first version of the Gateway was up arKI running by earty 2023, h¢)using a set of initial resour, an opportunities page, infornation on careers in music, and a directory of yOLth music organisations in Wales. Through this financial year, we have secured some small pots of furKling to develop resour$. arKI also hosted an Arts & Business Cymnj Creative Apprenti vtho focused on creating new resour and launching a¢bvity on the Anthem Discord Commty. FirKling futher fundirvJ to devebop ts Gateway into Ihe useful resource we knLW it can be is the focus in 2024. gateway.anlhem.wales Showcasing
Anthem. Music Fund Walos (Reglstered number. 11240995) Report of the Trustees ft>r the Year Ended 31 March 2024 2023 saw the launch of Anthem's Showcasing strand arKI a(yo&s the year delivered ftve Diff Ambltion events - sFb)wcase events for young artists created for audiences aged 14 up These events were funded by For Cardtff aThJ delive1 in partnership wth local young music organisations: Arts Active, Cathays Communty Centre. Clwb Ifor Bach, Jukebox, Lab 7, New Era Tant, The Hold Up. Sound Progression. The events showcased 30 young artists and were attended by 252 young people. Advocacy Advocacy is an important part of Anthem's role in Wales and Anthem continues to work dosely th other music organwtior6 to advsxate for youth music and muyc develOpnnt in Wales. In 2023 2024 this has induded= . Working cEosdy with GVsanaeth Cerdd Cewllaethol Cymru to ffoke connections bet4veen music education and music sector in order to supwl the roll out of the National Plan for Music Educalion - Attending the Senedd Cross Party Grrwp for Music chaired by Rhianon Passmore MS - Attending UK conferen and meetings on behalf of Wales As our evaluation findings from the Atsain Fund come together. we are building a strong case for the value of music for young people in Wales and buikling a bank of se studies arKI briefings to bring our findings to the attention of the whole range of our stakeholders. Download our cuent Impact Report here: https.'IlvnM.antheM.BIeSIabout-anthernI Staff and Board devolopmont Across 2023 a range of new trustees joined the Anthem g0Veman team bringing key skilb to help the charity grow. indLKling advocacy, marketing & brand exF*rtise, and contracting. We also recruited a Treasurer to the team who worked with us acmss 2023 to build g(xJd finan prccesses but the team in eaty 2024. A new TreasUr wtll be recnjited later in 2024. Our staff team has also devek)pgJ furttw with the addttron of a Creative Apprentice in autumn 2023 to support the Gateway project. Our Programme Manager stepped down in earfy 2024, with new member of staff joining as the Prcgramme Manager in May 2024. wong pattems have been adjusted forthe senior team in budgetary measures to ccffltain costs. Funders and supporters We are grateful to the following indivKduals, partners funders for their supwrt this year. Anne Duchess of Westrninslels Fund Arts & Business Cymru Avire Beacons Cymfu Bizspa Focus Wales For Cardiff Garrick Charitable Trust Geraint Davies Gwendoline and Margaret Davies Charrty Magic Little Grants Oakdale Trust Postcode Communty Trust
Anthom. Music Fund V¥ales (Registered number. 11240995) Report of the Trustees for the Year Ended 31 March 2024 Rondo Media Sound Connections Ty Cerdd utilita Arena Cardtff Welsh Govemfnent Youth Musi Princlpal rlsks and uncertainties Against the background ()f slow recovery from the parKlemic. cost of INing (yisis and infiationary pressures, Trustees recognise there continues to be a very drfficult contexi for Anthem to be seeking Major donations but efforts in this direction continue to focus on building rdationships and the potential for philanthropic support, pathering and investrnent into Anthem. Programme support against the background of a developing pattem of delNery and evaluation, remains targeted to be resourced through partnets, co-investors and funders. Anthem's reseNe aOnts are currenty being run through the CAF Flagstone Portal and are set to have g¢J(MJ interest rates across the next year. Wrth Anthem developing its offer to young peop and their Mustc through a variety of funded initiatives, programmes and serbllces, key to sustainability will be ensuring o)re costs are covered. ReseeS and investrnent policy The Anthem Finance Subwmmiltee meets regu]aty to reviv4Y our CAF Bank Flagstone Portal investments, which houses Arrthem reseNes spread across a range of irNestment a¢unts. Reserves are currently invested in short, m8Jium and lorvJ-temi aceounts.
Anthem. Music Fund Wales {Registerod number. 11240995) Report of the Trustees for the Year Ended 31 P•larch 2024 FINANCIAL REVIEW Financial position and fundrdising Anthem Cronfa Gerdd Cymnj Music FurKJ Wales, as an independent charitable company limiled by guarantee, was establish in 2018 via seed investment of £1m by Welsh Govemment following preliminary feasibilty set up work by Arts Counctl of Wabes. Up to 25% bvas available to cover establishment costs. Followng set4Jp, in Marth 2019 ACW transferrtsy £770.000 to Anthem as an expendable capttal endowment. ConveNon of the capital into incorrE vras subject to the approval of the Welsh Govemment via a monrtoring arrangement cormjucted by the Arts Council of Wales. The Welsh Govemment approved conversion of £240.000 in March 2020. In March 2021 the Welsh Govemment approved the conversion of further sums as and when needed to realise Anthem's ambits'ons. This investment provided working capital to hdp launth activity, secure operations and partnerships. Followng three years of monitorirMJ the growlh and development of Amlhem. the Welsh Govemment conduded its monitoring relationship wtth Anthem via the Arts Council of Wales in January 2024.The residue of funding from the Welsh Govemment henceforth provvjes unrestricted fvnds army an element of wothing capital for Attrn going forward. The year end positi'on in March 2024 ?$ as fo51cv. Income of £203,637 {prevtous year £153,746) funded an operating deficit of £105,691 (previous year.. deficit £236,829). Current reserves stand at £3[,484 (previous year £412,175) and are held in separate accounts. This year the fcajs has on growtng our reSationshw)s with funders. and appltcat10r have been submitted to a wide range of ttusts aThJ foundations for support in this financtal year. Anthem continues to be supported by Youth Musio, thanks to players of Pple'S PostcrKle Lottery. ExplorTng communtty fuTKlraising has also been a fCS this year. an online Auction twk pla in November 2023 raising money by auctioning items donated by bands, musicians and music organisations", buckel collections have started at the Utiltta Arena in Cardrft: a low-level irKJiviflual giving scheme will be launched in 2024. The CEO arKI Treasurer W0ed together to keep spendirtrJ under dose contrd, and also continue to work with Full Stop AOUnts as our bookkeerErs. Future plans The next few year5 will be crucial for Anthem to dwnonstrate arKI wmmunicate bt)th the need for continuing support and ttE impact Anthem can make. The Iwo are intedinked. The Atsain Fund and Youth Forum (rtow Anthem FFWD>>} are developing their reach and value with young Feople and organisations and the Gateway wll develop a new exciting chapter in 21r2¢5. Ml our projects have potential to grow, creating access and opportunttie5 where there (J)ntinue to be barrErs for young people.
Anthem. Music Fund Wales (Registered number. 11240995) Report ofth• Trustees for the Year Ended 31 March 2024 Fundfaising and best-fit business nTh)ddling are still and will wntinue to be paramount for Anthem. Plans across the next year wll see o)nlinuing work. inctuding approaches to Trusts and Foundations and other grant gwing tJc%lEs, the development of a communty fundraising strand, low-level individual gwirKJ stheme. and the continuing development of our Nurture Fund Advisory group. Supporting core costs is the challenge for Anlhem for foreseeable fulure. This issue of sustainability has to be the focus, th ideas of foTming an evenknal Endowment still some way t)ff and in need of signffi¢2nt investment. There are a range of hwJh-level music industy and techlOgY connections that Anthem needs to make to ensure the success of its next steps. The Board is indebted to the reSoUrfulnesS arKI dedication of the Executive Team and the inspirats'onal leadership of our ChEf Exeurtive and the approach taken to make Anthem resilient in ever tsn9 times. 2024-5 will see our business an rtrmodell8J for this challenging future. We will continue to buikl on our knoedge of what is needed in Wales aTrJ vthat we have leamt over the perichj Sin the pandemic, and how best to continue to secure the valuable ethos and contribution that Anthem can make. David Alston MBE (outgolng Chair 2020 - 2024) Ryan Singh Chair June 2024
Anth8m. Music Fund Wales (Reglstered number. 11240995) Report of the Trustee3 for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Anthem. Cronfa Gerdd Cymru Music Fund Wales vras established on 22nd February 2018 arKI lornied as a company limrted by guarantee on 7th March 2018. Anthem became a registered charity on 13th February 2019. Tr Chanty is also known as Anltwn. The charity's goveming documerts are a Memrandum arKI Aitth ofAssociation. The charity is by a boafrj of trustees I directors. who are recrurtgj through a public recruitment process. All trustees give their time voluntsrity and receive no benefits from the chartty. New trustees are recrutted and appointed by the Board of Trustees Nominations Committee. based on selection against a role descripb'on and skills audil. The Board of Trustees currenty operates three subcx)mmittees: Finan, Fundraising & Nominations. Tenns of reference are in pl for Ihese committees. Anlhem also has members attend Ihe AGM and feed into the charitys developTnenl as required. Anthem Members are liable for ils assets should the cornpany be wound up, but, as Anthem is a cornpany limited by guarantee. liabilty is limited to £10. All Directors are now Membets. Anthem has a nUMr of polictes in pFace to support actsvitEs of the charTty vthic* are rev regulaty by the Board of Trustees.. Code of Behaviour Complaints Policy Conflict of Interest Policy Data Protection Policy arKI Privacy Notice Equalty, Diversty and Indusion PoliGy and Acai¢)n Plan Personal Expenses Policy ReseNes Management & Investment Policy Risk Management Polic Safeguarding Policy Welsh Language Pol Anthem currenly ernploys a Chief Execubve offir, a Programme Manager. a Fundraising Manager, a communicakn.ons Manager. and a range of freelan consultanls and mntracts to support its work. Risk management The trustees have assessed the major risks to whth the charitable company is exp¢)sed arKI are satisfied that systems are in pla to mitigate exposure to major risks. The principal extetnal risk continues to be the need for on-going funding that supports 'cJ)re' or fixed costs including senior staff and work conkn'nues to aim to reduce this risk by dtversrfyirKJ the company's funding arKI income base. Intemal risks are managed by the e51abli5hed prC?ureS for the aLthorisation ol all transactions as well as a detailed system of finanaal and budgelary otrOl. all of which are reviewed annualty by the Trustees. Advisers Bookeepers: Full Stop Acwunts, Cardiff.
Anthom. Musl¢ Fund Wales (Registered number. 11240995) Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 11240995 (England and Wales) Registered Charity number 1182024 Reglstered office 202 Trafalgar House 5 Fitzalan Pla( Cardiff CF24 OED Trustees D l Aston {Chair) G Camie (appointed 281612023) L Collier {appoinled 281612023) C Hughes Roberts ISLlwobi R E Jenkins {restgned 2614r2023) D H Keyser T L Payne E M Pearson J Radcliffe (appointed 2816r2023) A P Sheeran R J Singh H Smith {appointed 281612023) A Walters G Williams Company Secretary R C Hutchings (CEO) Independent ElMiner BPU Limited Chartered A¢untsnts Radnor House Greenwoc*J Close Cardiff Gate BusirEss Park Cardrff CF23 8AA Bankers Santander 517 Queen Street CF10 2AF 10
Anlhem. Music Fund Wales (Rogistered number. 11240996) Report of the Trustees for tho Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Staff Chief Executive Officer- Rhian Hutchings Programme Manager- Kofi Acheampong Commun1¢.0nS Manager- Tori Sillman Fundraising Manager- Rebecca Hobbs Freelance Youth Forum Project Manager- Sarah Sweeney Creattve Apprents- Idris Jones WebsFte Address.. vAvw.anthem.vtsks Email.. post@anthem.wales Approved by order of the board of ttustee5 on ... .... behalf by.. and swjned on its R J Singh - Trustee 11
Independent Examiner's Report to the Trustees of Anthem. Music Fund Wales Charteieol Accountants Independent 8xamingrfs raport to the tru5tee5 of Anthem. Music Fund Wales {'the Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accoL(nts in accordan with the requirements of the Companies AGI 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying oul my examination I have followed the Oireclions given by the Charity Commission under Section 145151 (bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have Come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of tho Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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., or the accounts have not be&n prepared in accordan with the methods and principles of the Statement of Re¢ommended Practice for acGounling and porting by charities {applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. Roctrot House GTeenwcK)¢ c$6 Cor(*ll (Xle BU%n& Porrt Coialff CF23 8PA I have no concerns and have come across no other matters in ¢onnection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be rea¢hed. Nicholas Matthew Toye FCA BPU Limited Chartered Accountants Date:..... y'4mi R72304 12 1151 bu51ness potentlol unleashed
Anthem. Muslc Fund Watas Statement of Flnancial Activities for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds unrestrict Restncted End¢Y*m funds fund INCOME AND ENDOWMENTS FROM Donatsons and legaaes 20,703 174749 195,452 151,691 Investment inix)me 8,183 8.185 2,055 Totsl 28,886 174,751 203,637 153,746 EXPENDITURE ON Charitable activities Advanment of rnusi opportunities in Wale5 137,652 157,732 295,384 377,322 Other 13,944 13,944 13,253 Total 151,596 157.732 309,328 390.575 NET INCOMEI(EXPENDITURE) Transfers between funds 11 (122,710 159.701 17,019 53.086 1212,787) 1106,6911 1236,829) Net movement In funds 36,991 70,105 (212,7871 {105,691) (236,829) RECONCILIAnON OF FUNDS Total funds brought forward 93,885 255.000 412,175 649,004 TOTAL FUNDS CARRIED FORWARD 100,281 163,990 42,213 306,484 412.175 The notes fomi part of these financial statements 13
Anthem. Music Fund Wales {Registered number. 11240995) Balance Sheet 31 March 2024 2024 2023 Notes FIXED ASSErs Tangible assets Investments 2,518 42,213 3.493 255.1)00 44,731 258,493 CURRENT ASSErs Debtors Cash at bank 20,905 250.376 21.685 143,056 271,281 164,741 CREDITORS Arnounts falling due within one year 19,528) (11,059) NET CURRENT ASSErs 261,753 153,682 TOTAL ASSEfs LESS CURRENT LIABILITIES 306A84 412,175 NET ASSETS 306,484 412,175 FUNDS Unrestricted funds Restricted funds Endowment furKIs 11 1,281 163,990 42,213 63,290 93,885 255,000 TOTAL FUNDS 306,484 412.175 The charitable company is entitled to exempts'on from audit under Section 47T of the Companies Act 2006 for the year end8J 31 Marth 2024. The membeT5 have not iequired the ccffnpany to obtain an aLMlit of Its financial statements for the year ended 31 March 2024 in accordance with Section 476 of ts Companies Act 2006. The Injstees aCknowge their rwjnsibilities for (a) ensuring that the charitable company kpS accounting records that compty wrth Se¢*'ons 386 and 387 ofthe Companie5 Act 2Q06 and (b) preparing financial statements whth give a tr[ arKI fair view of the state of affair5 of tF chartlable company as at the e1 of each financial year and of its surplus or deficil for each financial year in accordance with the requirernents of Sections 394 and 395 and whÈch otherwise compty the reqLFIreEnts of the Companies AGt 21306 relating to financial ststements. so far as appliCae to the ctkqritsble company. The rth fom part of these financial ststements 14 continued...
Anthem. Music Fund Wales {Regi5terod number. 11240995 Balance Sheet- eontinued 31 March 2024 These financtal statements have been prepar in accordan with the provisions applicable to Ghartiable compantes subject to the small companies fegime. The fi e approved by the Board of Trustees and authorise(I for issue on and Vre sned on its behalf by: R J Singh- Trustee The notes fomi part of these finan(aal statements 15
Anthem. Music Fund Wales Note5 to the Financial Slatements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial slatements The financial Slatents of the charttable company, whrch is a public benefit entity under FRS 102. have bn prepared in a0rdan ith the Charities SORP (FRS 1021 AcUnting and Reporttng by Charities.. Statement of Re¢x)rnmend Practi applicable to charits'es preparing their accounts in accordance wlh the Finanaal Reporting StarKlard applicable in the UK arKI Republ of IfelarKI {FRS 12} {effective 1 January 2019),. Finanal Reporting Standard 102 The Financtal Reporting Standard applicable in the UK and Republic of IrelaThJ' and the Cofnpanies Act 2006. Tre financial statements have been prepared under the histori¢xl cost conventton, with the exptiOn of investments whith are included at market value. Income All incorrE is rwnised in the Statement of Finafftial Acbvths On charity has enlitkrnent to Ihe fijnds, it is probable that the income will be reIVed arKI the afflount (2n be measured rdbty. Expenditur8 Liabilities are recognised as expenditure as swn as there is a al or constructive obligation committing charity to that experKliture, rt is probab that a transfer of ecnnomic benefits will be required in settlement aTrJ the amc¥Jnt of the oblrgation can be rrSured reliabty. Expenditu is aUnted for on an accruals basis and has been classtFEd UF)der headings that aggregate all cost related to the category Where costs cannot be directly attributed lo particular headings they have been allocated to actbvities on a basis consistent with the use of resour. Tangible fixed assets Depreciation is provbjed at the followtng annual rates in or(ler to write off each asset over ts estimated usefvl life. Computer equiprnent - 33% stratght line Taxation The charity is exempt from cOration tax on ts charttable activities. Fund accounting Unrestricted funds can be in aIxordan Vth the charttable obj'ectives at the discretion of the tnjstees. Restricted funds can onty be used for particular restTicled purposes wtlhin the objects of the charity. Restriclions arise when spe1 by donor or when furKls are raised for particular restrtcted purposes. The expendable endowment funds are held viithout di5trnthn as to capital and IrMe and an be applied in furtherance of Anthem's obJe(ts at the discretion of the truslees. Further explanalton of the nature and pUrpce of each lund is Inded in r)otes to the financial statements. 16 ntinu&d...
Anthem. Musi¢ Fund Wales Notss to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POUCIES - contlnued Pension cts The charitable company operatss a defined contribution pension scheme. Contn'butions payable to the charitable c1PanS pension stheme are charged to trE Statement of Financial ActIveS in the period to which they relate. INVESTMENT INCOME 2024 2023 Interest receivable 8,185 2.055 NET INCOMEI{EXPENDITURE) Net Inc¢Jmel(exp1IUre) is stabJ after chargingllc¥edbtbng>.' 2024 2023 Audttors, remuneration Audrtors. remuneration for nLm audtt work DepCiatIon - owned assets 3,600 2,400 955 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remuneration ¢y other benefits for Ihe year eThJed 31 March 2024 12023.. £Nil). Trusteos. expenses The trustees. expenses paK1 for the year endgj 31 Marth 2024 (2023: £Nil). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unbl¢led Restricted Endowment fur funds fund Total fijnds INCOME AND ENDOWMENTS FROM Donations and legacqes 10.151 141,540 151,691 Investment income 2.055 2,055 Total 12.206 141.540 153,746 EXPENDrruRE ON Charitsble activities Advancement of MUS21 opportunit5 in Wales 229,014 148.308 377,322 Other 13,253 13,253 17 continu8J...
Anthem. Music Fund Wales Notss to the Flnanclal Ststements - contlnued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued UnreSIn Restricted Endowment funds funds fund Total funds Total 242,267 148,308 390,575 NET INCOMEI(EXPENDITURE} Trnnsfers between funds (230,061) 275,000 {6.768) (236,829) (275.000) Net movement in funds 44,939 (6,768) (275.000) (236,829) RECONCILIATION OF FUNDS Total funds brought forward 18.351 11)J,653 53Q,000 649,004 TOTAL FUNDS CARRIED FORWARD 63.290 93.885 255,000 412,175 TANGIBLE FIXED ASSErs CompLrter 4uipment COST At 1 April 2023 Additions 4,589 570 At 31 March 2024 5,159 DEPRECIATION At 1 April 2023 Charge for year 1,096 At 31 March 2024 2,641 NET BOOK VALUE At 31 March 2024 2,518 At 31 March 2023 3.493 18 continL1...
Anthem. Music Fund Wal Notes to the Financial Statsments - continued for the Year Ended 31 March 2024 FIXED Ass INVESTMENTS Cash and selttements pending MARKEf VALUE At 1 April 2023 and 31 March 2024 255,000 PROVISIONS Reclassrfi(%tiorVtransfer 212,787 NET BOOK VALUE At 31 March 2024 42,213 At 31 March 2023 255,000 There were no investrnent assets OLrtside UK. Welsh Government provuJeLI £770,000 to Anthem in 2019 to ueate a seed fund that wll act as an inntiVe to potential donors to contribute to an endowment for music in Wales. DEBTORS: AMOUNTS FALUNG DUE WttHIN ONE YEAR 2024 2023 Trade debtors Other debtors 20,905 21.646 39 20,905 21.685 19 continued...
Anthem. Music Fund Wales Notes to the Financlal Statements- ¢ontinued for tha Year Ended 31 March 2024 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade credttors Social security and other taxes Olher creditors Accrued expenses 2,902 2,156 471 3,999 1,670 2,837 551 6.001 9.628 11,059 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestrict8J Restrict&1 Endcy4•nnent funds nds fund Fixed assets Investments Current assets Current liabilities 2,518 2,518 42.213 271,281 19,528) 3,493 255,000 164,741 (11.059) 42213 107,291 (9,528 163.990 100,281 163.990 42.213 306,484 412,175 20 continued...
Anthem. Muslc Fund ¥Vales Note8 to the Flnancial Statements- continued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS Net Transfers movement betvfftn in furxJs funds At 3113r24 At 114123 Unrestrlcted funds General fund Atsain 1- 4 fund 63,290 1122.710) 40,210 60,071 60,071 63290 {122.710) 159,701 100,281 Restricted funds Atsain 1- 4 fvrKI Youth Forum fvnd Diff Ambibon Gateway Young Curalors Atsain YV Nuture Showcasing 72245 21,f*40 (66.174) (5,324) {132) 2.600 41.049 51954 59.025 16,316 132 2,600 41.049 35,000 3.500 6.5QO 3.500 6.500 93,885 17.019 53.086 163,990 Endowment fvnds Expendable endowment funds {212,787} 42,213 TOTAL FUNDS 412,175 1105,691) Net movement in fvnds, induded in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 28.886 (151,596) (122,710) Re$tri¢ted funds Alsain 1- 4 fund Youth F¢)rum fund D¢ff Ambition Gateway Young Curator5 Alsain YV Nuture Showcasing 65,0 15,700 5,001 3.000 41,049 1131,176) (21,0241 15.1331 (400) (66,174) 15,324) 1132) 2,600 41,049 35.000 3,500 6,500 6.500 174,751 1157,7321 17,019 TOTAL FUNDS 203.637 1309.328) 1105,691) 21 continueA...
Anthem. Music Fund Wales Notes to the Financial Statements- continued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS- continued Comparatives for MOVOnt in funds Net movement in funds Transfers befvfftn funds At 3113123 At 114r22 Unrestricted funds General fvrKI 18.351 (230,061) 275,0 63.290 Restricted funds Atsain 1- 4 fijnd Youth Forum fund 87,278 13,375 (15,033) 8,265 72,245 21,640 11Xl,653 (8,768) 93,885 Endowment funds Expendable endobwnent fuThJs 530,C {275,0001 255,000 TOTAL FUNDS 649,004 (236,829) 412.175 Comparative net movement in funds. induded in the above are as fol1¢y. Inccmiry Resour Movement resources expended in fvnds Unrestricted funds General furKI 12,2C (242,2671 (230,061) Restricted funds Atsain 1- 4 furk Youth Forum fund 120,000 21,540 (135,0331 (13,275) (15,033) 8,265 141.540 (148.308) (6.768) TOTAL FUNDS 153,746 (390,575) (236,829) continu&J...
Anthem. Music Fund Wales Notes to the Financial Slatements - conlinued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS- continued A current year 12 months pricy year 12 months o)mkn"ned pos"rti¢Jn is as follows: Net Transfers movement ben in funds fvnds At 3113124 At 114r22 Unrestricted funds General fund Atsain 1- 4 fund 18,351 (352.771) 374,630 60.071 40.210 60,071 18.351 1352,771) 434,701 100,281 Restricted funds Atsain 1- 4 fund Youth Forum fund Drff Ambth'on Gateway Young Curators Alsain YV Nuture Showcasing 87,278 13,375 (81.207) 2,941 1132) 2,600 41,049 35.000 3,500 6,500 52,954 59,025 16,316 132 2,600 41.049 35,000 3,500 6,500 11x1,653 10,251 53.086 163.990 Endovfflient funds Expendable endowment funds 530,000 (487,787) 42.213 TOTAL FUNDS 649,LK)4 (342,520) 306,484 23 continued...
Anthem. Music Fund Wales Notss to the Financial Statements- continued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS- continued A current year 12 monlhs and prpjr year 12 rrtt)nths cornbined net movement in funds, included in the above are as foll(Avs: Incoming Resour Movement in fvnds Unreslrictad funds General fund 41,092 (393,8631 (352.7711 Restricted funds Atsain 1-4fvnd Youth Forum fund Diff Ambition Gateway Young Curaior5 Atsain YV Nuture Showcasing 185.001 37,240 5.001 3,000 41,049 35,000 3,500 6.500 (266,2081 (34,2991 (5,133) 1400) 181.2071 2,941 (132) 2,600 41,049 35,000 3.500 6.500 316,291 (306,040) 10.251 TOTAL FUNDS 357.383 (699,903) (342,520) Restricted Funds Alsain Fund 1 - 4 - this fund SUppts grants y(th music projects that are addressing barTiers to music for young pe¢)pte in Wales awarded in 22- 23 and 23- 24 finanaal years. Youth Forum Fund - this fuThl sUppts ongoing Anthem Youth Forum l FFWD>> adivity working wilh young people to facilitale their development in Mus, to inspire other young people to firKI pathways into Mu. and to contribute to organisational development Diff Ambrtion- this furnl supports 2023 showcastng events young people in Cardiff. Gateway - this fund supports ac*W of Ihe Anthem Gateway and the Anthem Discord neOrk creatro an online first stop shop for young people in wa who want to get into music. Young Curators - this furKI supports actswty addressing geographical barriers to MUS for young people in Wales. Atsain YV . this fvnd SUppts furth Atsain grants aJdressing SFeufic baffr5 to rnus for young people in Wath. Nurture - thF5 furKS supports grants for ycwng people who are experienorwJ barriers to mussc in Wales. Showcasing - this fvnd supporting ongoing showcasing events for young musiaans under 25 in Wales. 24 continued...
Anthem. Muslc Fund Wales Notes to the Financial Ststements- continued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS - continued Expendable Endovmient Funds Welsh Government provkléd £770,000 to Arrthern in 2019 to create a seed fund that would acl as an inntive to o)ntribuie to an ermjofftnt for youth music provBion in Wales. This seed fund was negotiat as an experNJaLle endowment arml activty and spending was Monitor by Arts Counul Wales between 2019 and 2024 mandateAI by Wetsh Govemment. In rnt financial years the resUe of nM)nies from Welsh Govemment has prowded sanctioned working captlal for Anthem. The monitoring agreement through the Arts Council concluded in January 2024. From March 2024 orhvarrls the extant funding from Welsh Govemment is available to constitute unrestricted fLtnds for the Vrk of Anthern. 12. RELATED PARTY DISCLOSURES There were no related paty transactions for the year eT%Jed 31 March 2024. 25