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
OlrurJr*ryty*_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 EXaMine￿S 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 provisir￿S of Accounting a￿1 Reporting by Chaiities: Statement of
Recommended PracAice applicable to charib&s p￿paring 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 th￿n to athieve Iheir potential through music by
1. SUPF)Orting young people in Wdes aged from 3 to 25 to reach tr￿1r 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 emrth*r every young lrfe.
We believe music is a potent creative fo￿ fc* yt)ung people tr￿t feeds selféxpression, personal
development and Wellb￿.￿9.
Anthem will enabk ac£ess to rnusic. generate opportunities a(xoss genres and coMmun￿es, 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 nUm￿r. 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￿, strengtTr￿n infrastruciure fcff music provision and
plug obvious gaps.
Generating 0pportunFt￿S - exparKI the range of opportunibes on offer for young people, through
sthool and the communty.
NurtUTing Talent - deliver grants a￿1 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 transf0m￿live 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 g￿r￿j 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, Anth￿n is fo￿Sed on potential benefiryarEs via direct
funding, via partnership projects. via engagement, ne￿orkS. 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 Wa￿s.
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 acc￿lbIe 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 fC￿S 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 r￿1V
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.waleth￿v￿haV￿fvTr￿edI
Alongside our grant scherne, Anthem also runs the Atsain Nelwork - a series of sector meetir￿s
exploring youth music practi￿ and helping to build r￿nnectIonS 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 highlight￿1 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 Ajth￿n, 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 Comm￿ty.
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 delive￿1 in partnership wth local young music
organisations: Arts Active, Cathays Communty Centre. Clwb Ifor Bach, Jukebox, Lab 7, New Era
Ta￿nt, 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 develOpn￿nt in Wales.
In 2023 2024 this has induded=
. Working cEosdy with GV￿sanaeth 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 cu￿ent 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 TreasU￿r 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. wo￿ng 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 a￿O￿nts 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.
Rese￿eS 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 A￿tt￿rn 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 P￿ple'S PostcrKle Lottery.
ExplorTng communtty fuTKlraising has also been a fC￿S 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 W0￿ed together to keep spendirtrJ under dose contrd, and also
continue to work with Full Stop A￿OUnts 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 tech￿lOgY connections that Anthem needs to
make to ensure the success of its next steps.
The Board is indebted to the reSoUr￿fulnesS 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 ts￿n9 times.
2024-5 will see our business ￿an rtrmodell8J for this challenging future. We will continue to buikl
on our kno￿edge 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 nUM￿r 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 offi￿r, 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 o￿trOl. 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 E￿lMiner
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
Advan￿ment 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 aCknow￿ge their rwjnsibilities for
(a) ensuring that the charitable company k￿pS 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 e￿1 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 reqLFIre￿Ents of the Companies AGt 21306 relating to financial
ststements. so far as appliCa￿e 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 V￿re s￿ned 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 Slate￿nts of the charttable company, whrch is a public benefit entity under
FRS 102. have b￿n prepared in a0￿rdan￿ *ith the Charities SORP (FRS 1021
Ac￿Unting 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 1￿2} {effective 1 January 2019),. Finan￿al
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 ex￿ptiOn 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 re￿IVed arKI the afflount (2n
be measured rd￿bty.
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 rr￿Sured reliabty.
Expenditu￿ is a￿Unted 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 c￿Oration tax on ts charttable activities.
Fund accounting
Unrestricted funds can be in aIxordan￿ V￿th 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 spe￿1 by ￿ donor or when furKls are raised for
particular restrtcted purposes.
The expendable endowment funds are held viithout di5trnthn as to capital and Ir￿Me and
an be applied in furtherance of Anthem's obJe(ts at the discretion of the truslees.
Further explanalton of the nature and pUrpc￿e of each lund is Ind￿ed 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 c￿ts
The charitable company operatss a defined contribution pension scheme. Contn'butions
payable to the charitable c￿1Pan￿S pension stheme are charged to trE Statement of
Financial ActIv￿eS in the period to which they relate.
INVESTMENT INCOME
2024
2023
Interest receivable
8,185
2.055
NET INCOMEI{EXPENDITURE)
Net Inc¢Jmel(exp￿1IUre) is stabJ after chargingllc¥edbtbng>.'
2024
2023
Audttors, remuneration
Audrtors. remuneration for nLm audtt work
Dep￿CiatIon - 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
Un￿bl¢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 MUS￿21 opportunit￿5
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
continL￿1...

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 in￿ntiVe 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 MOV￿Ont 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
be￿n
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 SUpp￿ts 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 sUpp￿ts 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
ne￿Ork 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 SUpp￿ts furth￿ Atsain grants aJdressing SFeufic baff￿r5 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 in￿ntive 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 r￿nt financial years the res￿Ue 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 V￿rk of Anthern.
12. RELATED PARTY DISCLOSURES
There were no related paty transactions for the year eT%Jed 31 March 2024.
25