Company number 02720007 Charity number 1034961 The Anvll Trust Limited {Limlted by Guarantee) Report and Financial Statements for the year ended 31 March 2024 Brecknian & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH
The Anvil Trust Limited (Limlted by Guarantee) Contents Page Reference and Administrative Details Trustees. Report Auditors. Report 9-12 Statement of Financial Activtbes (including Income and Exp8ndtture Account) 13-16 Balance Sheet 17 Cash Fbw Statement 18 Notes to the Financial Statements 19-31
The Anvil Trust Limlted (Limited by Guarantee) Reference and Administratlve Details Constltution The company is incorporated under the Companies Act, company number 02720007 and its governing document is its Memorandum and Articles of Association. The company is a registered charty, number 1034961. Directors and trustees The directors of the Charitable company (Yhe Anvil Trust Limited") are its trustees for the purpose of charity law and throughout this report are collecttvely referred to as the trustees. Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meets'ngs. The trustees during the year and since the year end, Vre . G Brisland S M Catley D Chatten-smith O Cubitt (Cllr) A Hargreaves S Hayward G Hurry J Izett C Smith (Chair) J Whiffield H Whittam appointed 19 April 2024 resigned 20 June 2023 appointed 5 July 2024 appointed 19 April 2024 resigned 20 June 2023 appointed 19 April 2024 Secretary M Cleaver Chlef exocutivolday to day management M Cleaver Audltors Breckman & Company Limited. 49 South Molton StreeL London W1 K 5LH. Bankers Bardays Bank plc. Apex Plaza, PO Box 2881, Reading. Berkshire RX3 2BB. Registered offl¢e and operation address Churchill Way. Basingstoke, Hampshire RG217QR.
The Anvil Trust Limited (Limlted by Guaranteo) Trustees, Report The trustees present their annual report together with the financial statements of the charity for the y8ar ended 31 March 2024 which are also PrePad to meet the qUIrementS for a directors, pOrt and accounts for Companies Act purposes. The reference and administrative details set out on page 1 foms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with th8 Financial R8porting Standard applicable in the UK and Republic of Ireland (FRS 102). Obj•ctlves and activities Our Goal Our goal is to be a creatively innovative, financially resilient, professionally run. nationally respected and outstanding organisation, working in true partnership with our public investors and leveraging all the advantages of being a Gharitable trust. Our Vision To be a catalyst for Great Perfomiance - Live. and enhance the lives of those living in, working in, or visiting the Borough of Basingstoke and Deane. To be a regional and national example of good practi in support for perfomiing and participatory arts. Our Aims To present and support work of the highest quality in a range of genres. To create educational and participatory opportuntties that include all members of our community. To present and create work that celebrates cultural diversity. To provide the people of Basingstoke and Deane and beyond with a centr8 of excellence that enhances the image and reputation of the borough. To provide a service that is noted for accessibility. Courtesy and efficiency. To be an excellent employer. For the benefit of: Those who live in, work in or visit the Borough of Basingstoke and Deane. the County of Hampshire and beyond. Artists and audiences from all sections of society. Achieved by: An annual programme of performances. events. and community engagement that is wide ranging on all levels. Measured by: Clearly defined performance indicators that include quantitativ8 and qualitative targets. These include the numbers of ticket sales and users, postcode analS of users and commissioned satisfaction surveys.
The Anvil Trust Limited (Limited by Guarantee) Trustees. Report Publlc benefft In shaping our objectives for Ihe year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefft: running a charity {PB2)'. Achlevements and perfomiance -one of the most vital arts organlsatlons in southern England." The Times The Anvil Trust is a registered educational charity limited by guarantee. whose purpose is to provide audiences, artists, and communities in Basingstoke and Deane. Hampshire and across the wider ¢al¢hment area with positive experiences of a world class arts. entertainment and communty engagement programme. While some areas of acli)rity were buoyant. the lingering after-effect of pandemic closure on the arts and cultural ecosystem continued to be felt. exacerbated by the growng crisis in the ability of local authorities to adequately support cultural organisations. While the situation in Basingstoke and Deane happily remained stable, this uncertainty had a deadening effect on the range of partnership projects it was possible to deliver. However, it was pleasing to see that the proportion of new attenders to a wide range of performances remained high throughout the year as the rewards of the live experienc8 continue to be valued. There is also some evidence that the audience for the orch8stral programme is changing to include more famili8s and increasing div8rsity. We refined our pre-perfomiance and inteNal ordering system, and now the hour beMeen 6pm and 7pm, previously predominantly dead tim8, contributes 15/0 of total bar sales. We successfully introduced local supplier showcases at specffic events in order to feature products and boost sales, which wer6 very well received by audiences and suppliers alike. The start of a programme of live pre-performance foyer music given by local music students was anolher welcome addIt)n and helped to contribute to audiences developing the habit of arriving at The Anvil earlr in the evening than in previous years. Uncertainty and late changes in the perfomiance diary remained a feature throughout the year. Some big name perfomances were welcome additions to the schedule at Short notice, including Tom Odell, Jack Whitehall, Damien Lewis, Robert Plant. and The Fast Show. However, these were more than balanced by the number of national tours which were canc811ed after going on sale, vthich resulted in a loss of 28 performanc8s. Happily. the pantomime again had a successful year with many sold out performanc8S resulting in record gross ticket sales. Other notable performances during the year included The Proclaimers. Grayson Perry, Graham Nash of Crosby, Stills and Nash, the Terje Isungset Ice Quartet. whose instruments were made from tuned ice blocks, and Stravinsk¥s The Rite of Spring in a stunning bharatanatyam interpretstion by Seeta Patel Dance and The Boumemouth snph0nY Orchestra. We welcomed orchestras from Iceland, Strasbourg and Shenzhen, and a special concert vAth the National Symphony Orchestra of Ukraine was an emotional occasion. The Philharmonia Orchestra brought a gala performance in June with the dream team of soloists Nicola Benedetti, Sheku Kanneh-mason and Benjamin Grosvenor in Beethoven's Triple Concerto. At Thé Haymarket, finding both productions of touring drama at the right scale, and audiences to support them, remained a difficulty for the whole sector. but the expansion of the pre-christmas programme as an altemative to pantomime at The Anvil. with 19 perfoman¢es across a range of genres, was very successful.
The Anvil Trust Llmited (Llmited by Guarantee) Trustees. Report The community engagement and education programme continued to delNer Mtal experiences for a wide range of those who might find it difficult to visit our buildings. This yearfs schools tour was given by the group African Activities who brought a new and welcome cultural dimension to many schools in the Borough and beyond. Similarly, the Musication Station project visited new settings across the Borough and into neighbouring Rushmoor, including Whitchurch Children's Festival. and the Bula Festival for the Fijian community. Career development advice and interview skills continued to be an important part of the programme, with visits to ten differant careers fairs during the last six month5. A new project, Music in Motion, explored music. film, Computer game coding, and their combined effect on 8motions, with teenagers on the autistic spectrum. Our work with people with dementia, their carers and families continued with the Finding the Words project, and the relaxed performance of the pantomime The Further Adventures of Peter Pan sold the most tickels of any relaxed perfomiance to date. Our artistic partnerships rna1ned a key factor in sustaining an ambitious programme. The Philharmonia Orchestra, Orchestra of the Age of Enlightenment and Boumemouth SyTnphony Orchestra brought outstanding concerts. Philharmonia Brass. Seeta Patel Dance and Chineke! brought workshops associated with their perfomiances, all welcome additions to the mix of projects we offered. Our strategic parlnership with Basingstoke and Deane Borough Council was confimied at the current level of investment of £395,000. The Council's £1.4m of capital investment in the two buildings for an agreed programme of works also remained in place. Along with our place in Arts Council England's National Portfolio for 2023-26, the three-year temi of these agreements gives welcome stability and allows us to plan for the future with mor8 certainty. Th8 Board continues to support initiatives by the executive to broaden the income base of the Trust, and was pleased that we were successful in an application to The Linbury Trust to support an energy audit of The Anvil bui5ding, with an associated package of training and a hort of other organisations to develop and share best praotice. The Board approves the risk strategy and receives regular updates against the risk register. We demonstrate how the Tnjst fulfils its purpose through a range of evidence. This includes quantitative indicators, for instance audience and performance figures. and qualitative evidence of customer and artist satisfaction. and professional peer and criti[ revtews. In our thirtieth year of operation, the Trusfs role within the community we serve is more crucial than ever, as the importance of culture in the rewtalisation and regeneration of the town centre is increasingly recognised. Our appetite for driving the organisation forward, enhancing our partnership working across and beyond the cultural sector, and growing our commercial revenu8 in order to give the ability to expand our work will bo key to enhancing the reach and stability of the organisatton. Financial review Th8 Statement of financial activities on page 13 shows another year of stable financial performance with final unrestricted funds of £1,939.007 The balance on the restricted funds stands at £527,882. The remainder of the CBILS loan tsken out with Bar¢lays during the Covid pandemic- £104.500 - was repaid in full during the year (see Note 16). The composition of the restricted funds is shown in note 19.
The Anvil Trust Limited (Limited by Guarantee) Trustees. Report The main sources of income are from the public sale of ts'ckets for performances, bar sales, and investment from Basingstoke and Deane Borough Council and Arts Council England. Basingstoke and Deane Borough Council provides revenue investment based on an agreed programme of work to be provrded by The Anvil Trust which is defined in its Strategic Partner Contribution Agreement which runs to MarGh 2026. Legislation requires that The Anvil Trust be charged a fair market rent of £149,250 for The Anvil and £65.000 for The HayTnarket during the year. Basingstoke and Deane Borough Council provided a full rent subsidy to cover the amounts due. A number of reserves are in place to fulfil th8 objectives and Business Plan of The Anvil Trust, in particular to provide a vehicle for innovation and to both educat8 and entertain in th8 provision of great P8rformance. Th8 Anvil Trust's reserves policy is reviewed annually to confimi approprtateness of approved levels and that the policy is being operated satisfactority. Al reserves have appropriate limits and objectives. and release of reserves is subject to budgets'ng and prior authorisation. The followng main reserves are in place: Unrestricted funds To seek to maintain a minimum fund level to cover contingency operating issues for the operational fabrrc of the buildings (to a maximum of 4 months). Restrlcted funds The Musication Station reserve is the resum of public donations from audiences to the pantomime. In addilion, the Great Music of the World Fund was established to fulfil our strategic aims and ensure that programming of inlemational concerts can continue for the foreseeable future. The Great Music of the World fund has an upper limit of £400,000 to ensure that reserves are actively used and a minimum level of £100,000 established to provide sustainable investment. Hampshire County Council awarded grants to The Anvil Trust and Turner Sims to deliver the New Dimensions in Music Performance and Participation, these projects ar8 being wound down. The Linbury Trust contributed almost £38,000 this year to underpin fundraising work and environmental projects. Designated funds Designated Funds have been set up to pay for nesSary repair5 and maintenance; a future r8placement of the Steinway piano to meet orchestras. and soloists. expectations,. local community programmes across Basingstoke" programme projects,. a commissioning fund for new work: environmental sustainability., exceptional utilities costs" work on inclusion and diversity: and consultancy. Transfers are made when we anticipate future requirements. The Board reviews the requirements at least annualty. Risk management The trustees have overall responsibility for the system of risk management and intemal control. The Anvil Trust has a risk management framework in place. which includes the following: The trustees monitor progress against the objectives set out in the business plan and a comprehensive review of the plan is carried out annuall. Procedures a in place lo identify risks that the charity may face and the key risks are reported and reviewed by the trustees. Amendments and updates to the risk assessment register is reviewed at every board meeting in accordance with Arts CounGil England NPO requirements. and
The Anvll Trust Limited (Llmitod by Guarantee) Trust8es' Report Reporting includes th8 operation of the controls Ihat mitigate risks. including the systems and procedures in place. Key financial controls include- estsblished authorisation levels for expenditure. cheque signing and investment, monthly reviews of key financial and operational infomiation. Through the procedures and reporling in place. the trustees are able to evaluate the effectiveness of intemal controls and confirm that key risk areas are being identified and management controls implemented. Future plans There is no doubt that the continuing strategic partnership with Basingstoke and Deane Borough Council is essential to the future of The Anvil Trust. We will be working closely with the Council to ensure we preserve and develop the role that The Anvil Trust pla in making Basingsloke and Deane vibrant, successful and welcoming to those who live in, work in and visit the Borough. Investment in the arts remains unc8rtain and the Board supports continuing initiatives by the executive to broadan the income base of the Trust, with the aim of using InCaSed income to deliver MO opporbjnities for all members of the community to take part in. participate in and create great art and culture. Structure, govemance and management The charity is a company limited by guarantee, and the guaranlee of each member is limtted to £25. The governing instrument is the Memorandum and Articles of Association. The Anvil Trust benefits from a skilled and committed Board of Directors. who are also known as the Trustees throughout th8se accounts. The trustees. who a also the directors for the Purpose of company law. and who served during the year were: Ms S M Catley Mr D Chatten-smith Mr S Hayward MrGSHurry Mr J R Izett Mr C P Smith Mr J Whitfield All of the above are members of the company and are required to contribute up to £25 to the company in the event of IE being wound up. Th8 Board regulaty reviews membership and uses "skills set. analysis as the major criterion for recruitment. There is a recruitment committee of the Board which interviews potential new members. There is a job description for Board members and the Chairman. Induction training for new memb8rs includes a briefing and detailed information from the Chi8f Executive and Chairman about the organisation and the aims of th8 Trust. Induction on the role and responsibilities of Directors is dependent upon the experience of new members. Members receive on-going training through away days and professional training on specific issues such as equal opportunities. The company has made qualifying third paty indemnity provisTrons for the benefit of its trustees during the year. These provisions remain in force at the reporting date.
The Anvil Trust Limited (Limited by Guarantee) Trusteos. Report Equality and dlverslty Of the 57 people who applied for 5 full-time positsons. 50 were white British, 1 vthite Irish. 2 other white, 4 not disclosed. Of the 123 people who applied for 24 part-time positions. 110 were vthite British. 1 Indian, 6 other white, 6 not disclosed. Of the 5 permanent positions. we appointed 5 vthite British. Of the 24 permanent part-time positions. we appointed 21 white British. 1 Indian. 1 other white, 1 mixed multiple groups. Going concern The accounts have been drawn up on the basis of the charitable company continuing as a going concem in the foreseeable future. The company has a signed Strategic Partner Contribution Agreement with Basingstoke and Deane Borough Council that revenue investment of £395,000 will be made available for the years up to March 2026. Basingstoke and Deane Borough Council has also indicated its commitment to continue to offer owoing revenue support. The National Portfolio agreement with Arts Council England for annual investment of £141.506 also continues until March 2026. Statement of Irusteos. responsibilities The trustees (who are also directors of The Anvil Tnjst Limited for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- Company law r8quires the twstees to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the Charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimales thal are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: ppare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable Gompany will continue in operation. The trustees are responsible for keeping ad8quat8 accounting ¢d5 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and henGe for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charttable companvs website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the trustees are aware at th8 time of approving our trustees. annual reF)Ort:
The Anvil Trust Limited (Limited by Guarantee) Trustees. Report there is no relevant information, being infonnation needed by the auditor in connection with preparing their report, of which the charitable ¢ompanls auditor is unaware; and the trustaes, having made enquiries of fellow directors and the charitable companls auditor that they ought to have individualty taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial informats'on included on the charitable compansls website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in oth8r jurisdiGtions. Small company exemptions This report is prepared in accordance the provisions of the Companies Act 2006 relating to small companies. This report was approved by the Board of Trustees on 25 October 2024 and signed on its behalf by S Catley Trustae
Independent Auditors, Report to the Members of The Anvil Trnst Limited Oplnion We have audiled the financial statements of The Anvil Trust Limited (the 'charitable companl) for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclic8). In our opinlon the financial S&eMents. give a true and fair view of the state of the charitable companvs affairs as at 31 March 2024, and of its incoming resources and application of resources. including its income and expenditure. for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and - have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitses under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitsble company in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th8 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Irustees. use of the going concern basis of accounting in the preparalion of the financial ststements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable companvs ability to continue as a going conc8m for a period of at least twelve months from when th8 financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees Vth respect to going concern are described in the relevant sections of this report. other infomiation The other information comprises the infomiation included in the trustees annual report. other than the financial statements and our audito¢s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements d08s not cover the other information and. 8XC8Pt to the extent otherwise explicbtly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial statements Ihemselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
Independent Auditors. Report to the Members of The Anvil Trust Llmited Opinlons on other matters prescrfbed by the Companles knt 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors. report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and - the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by ex¢optlon In the light of our knowledge and understanding of the chartiable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the folbwing matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: - adequate accounting records have not been kept. or retums adequate for our audit have not been received from branGhes not visited by us. or - the financial statements are not in agreement with the accounting records and retums. or - certain disclosures of directors. MuneratiOn sp8crfied by law are not made. or - we have not received all the information and explanations we require for our audit" or - the trustees were not entitled to prepare the financial statements in accordan with the small compani8s' regime and take advantsge of th8 small compani8s' exemptions in preparing the directors. report and from th8 requirement to prepare a strategi¢ report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on pages 6 and 7. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of Ihe financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatemenL vthether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable companls ability lo continue as a going concem, disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees etther intend to liquidate the charitsble company or to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objeclives are to obtsin reasonable assurance about whether the finanGial statements as a whole are free from material misstatement, whether due to fraud or eor. and to issue an auditorfs r8POrt that includes our opinion. Reasonable assurance is a high Ve1 of assurance. but is not a guantee that an au(Jit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. 10
Independent Auditors. Report to the Members of The Anvil Trust Limited Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our assessment focusseil on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limtled to compliance wrth the Companies Act 2006. Chartties Act 2011, taxation legislation. data protection and employment legislation. We are not responsible for preventing irregularities. Our approach to detecting irregularities included. but was not limited to. the followng= - obtsining an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company is complwng wtth that framework, including agreement of financial statement disclosures to underfying documentation and other evidence,. obtaining an understanding of the charitable CoMpanS control environment and how the charitable company has applied relevant control procedures, through discussions wrth Twstees and other management and by performing walkthrough testing over key areas: obtaining an understanding of the charitable companrfs risk assessment process, including the risk of - reviewing meeting minutes of those charged with governan throughoLrt the year. and performing audil testing to address the risk of management override of controls. including testing journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for bias. Whilst considering how our audit yrk addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. IegUlaritieS arising from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audiL there is a risk that we will not detect all legulatieS. including those leading to a material misstatement in the financial ststements or non-compliance wilh regulation. This risk increases the more that compliance wth a law or regulation is removed frorn the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: Y•ww.fr¢.org.uklauditorsresponsibiltties. This description forms part of our auditor's report.
Independent Auditors. Report to the Members of The Anvll Trust Llmited Use of our report This report is made solely to the charitable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable ¢ompanVs members those matters we a required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable Company and the charitable companrfs members as a body, for our audit work, for this report, or for the opinions we have fomed. Mr Graham Berry FCCA (Senior Statutory Auditor) For and on behalf of Breckman & Company Ltd Statutory Auditors Chartered Certified Accountants 49 South Molton Street London W1K 5LH 25 October 2024 12
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The Anvil Trust Limited (Umited by Guarantee) Year ended 31 March 2024 2024 2023 Income from donatlons and legacies Grants Arts Council England - NPO funding Basingstoke & Deane Borough Gouncil 141,506 395,000 141,506 395,000 536,506 536.506 Donations Donations 24.819 36,202 24,819 36,202 561.325 572,708 Income from charltable a¢tlvltlos Theatrical production income Ticket income Hire fees Ancillary income oth8r income 4.135,294 328,980 1.243,534 31,170 4,007,254 331,408 1.170.063 10,628 Project specific funding GrantslDonatlons The Linbury Trust 2.730 55.000 2,730 55,000 5.741,708 5.574,353 14
The Anvil Trust Limlted (Limited by Guarantee) Year ended 31 March 2024 2024 2023 Expenditure on ¢haritable activities Theatrical production costs Staff costs Fees and direct performance StS Education and outreach Marketing and box office Premises costs Depreciation costs 780,745 3,627.541 16,712 125.321 469,278 31.267 718.141 3.387.672 8,523 130,940 414,486 22,251 5.050,864 4.682,013 Support costs - page 16 Governance costs- page 16 1.390.494 13,500 1,319.722 13,500 6,454.858 6.015,235 All support and gov8mance costs have been allocated to expendItu on charitable activities. 15
The Anvil Trust Limlted (Limlted by Guarantee) Year ended 31 March 2024 2024 2023 Support and governance costs Support costs General costs Staff costs Bank charges 684.502 694,924 11,068 653,889 654.366 11,467 1.390,494 1,319.722 Governance costs Accountancyloth8r Audit 4,000 9.500 9,500 13.500 13,500 1,403,994 1,333,222 16
The Anvll Trust Limited (Limited by Guarantee) Balance Sheet 31 March 2024 2024 2023 Notes Fixed assets Tangible assets Investments 10 11 128.241 806,822 77.280 535,273 935.063 Curront assets Stocks Debtors Investments Cash at bank and in hand 612,553 12 13 14 33.420 273,140 1.561,293 1,748,864 27.051 227,262 1.263,788 2.233,231 Liabilties Creditors- amounts falling due within one year 3.616.717 3.751,332 15 (2.084.891} (1.753,923) Net current assets 1.531,826 1,997,409 Total assets less current liabilities 2,466.889 2.609,962 Creditors: amounts falling due after more than one year Net assets 16 (104.500) 2,466,889 2.505,462 The funds of the charlty Unrestricted funds General fund Designated funds 18 870,344 1.068.663 866.520 1,003,517 Totsl unrestricted funds 1.939.007 1,870,037 Restricted funds 19 527,882 635.425 Total charlty funds 2.466,889 2.505,462 The twstees have prepared these accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in aGcordance with the special provisions of Part 15 of the Compani8s Act relating to small companies and constitute the annual accounts requir8d by the Companies Act 2006 and are for circulation to members of the company. The accounts were approved by the Board of Trustees on 25 October 2024 and signed on its behalf by S Catley Trustee S Hay•iard Trustee The notes on pages 19 to 31 fom an integral part of these financial statements. 17
The Anvll Trust Limlted (Limited by Guarantee Cash Flow Statement for the year ended 31 March 2024 2024 2023 Notes Cash flows from operating activities 196.163 (226.901) Cash flows from investing actlvities: Dividends, interest and rents from investments Purchase of propety. plant and equipment Purchase of investments 91,703 (82,228) (250,000) 33,809 {49,401) Net cash provided by investment activities (240.525) (15,592) Cash flows from financing adivities: Repayments of borrowing Net cash provided by flnancing activities 21 (142,500) (38,000) (142.500) (38,000) Change in cash and cash equivalents in the reporting period (186.862) Cash and cash equivalents at the beginning of the reporting period 3,497,019 Cash and cash equlvalents at the end of the reporting period 3,310.157 (280,493) 3,777.512 3,497,019 Represented by: Cash deposits and investments Cash at bank and in hand 1,561,293 1.748,864 1.263.788 2.233.231 3.310,157 3.497,019 18
The Anvil Trust Limited (Llmited by Guarantee) Notes to the Financial Ststements for the year ended 31 March 2024 Accountlng policies 1.1. Basis of preparing the financial statements The financial statements have be8n prepared in accordance wtth Accounting and Reporting by Charities". Statement of Recommended Practice (issued October 2019) applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)). and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otharnise stated in the relevant accounting policy note(s). 1.2. Group financial statements The charitable company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare consolidated financial ststements. The financial statements present information about the charitable company as an individual entity and not about its group. 1.3. Preparation of the accounts on a going concern basis. The Charitable company is dependent on the continued support of grant aiding bodies. The trustees believe that the company will continue to reGeive this support and accordingly Consider that it is appropriate to prepare the financial ststements on the going concern basis. 1.4. Fund accountlng Funds held by the charty are either: Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds - th8se are unrestricted funds of the charity which the trustees hav8 decided at their discretion to set aside to use for a specffi¢ purpose. - Restricted funds - these are funds that can onty be used for particular restricted purposes within the objects of the charity. Restrictions arise vh)en specified by the donor or when funds are raised for particular restricted purposes. Furth8r explanation of Ihe nature and purpose of each fund is included in the notes to thè financial ststements. 19
The Anvll Trust Limitod (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 1.5. Incoming resources All incoming resources are included in the Statement of Financial Activities when: the charity is legally entitled to the funds - any perfomianc8 conditions attached to the income have been met or are fully within the control of the charty - there is sufficient certainty that receipt of the ine is considered probable - the amount can be reliably measured - Donatlons and legacles Grantsldonations are recognised in incoming resources in the year in which they are receivable, except as follows- - when donors specify that grantsldonations given to the chanty must b8 used in future accounting periods. the income is deferred until those periods when donors impose conditions which have to be fUilled before the charity becomes entitled to use such income, the income is deferred and not induded in incoming resources until the preconditions for use are met. - Charitable activities Theatrical production income - income from pefftirmance admission fees and hire income is included in incoming resources in the period in which the relevant adivity takes place. Project Specific funding when donors sp8cify that donations and grants are for particular restricted purposes, which do not amount to pre-condttions regarding entitlement. this income is included in incoming resources of restricted funds when receivable. Donated services and facilities Donated services or facilities are recognised as income when the charty has conlrol over the item. any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been wlling to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditur8 in the perii)d of receipt. Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is nomally upon nottfication of the interest paid or payable by the Bank. 20
The Anvil Trust Limited (Limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 1.6. Expenditure All expenditure is included on an accwals basis inclusive of any VAT which cannot b8 recovered and is recognised when.. - there is a legal or constructive obligation to make a panent it is probable that settlement will be required - the amount of the obligation can be measured reliably Charitable activities Theatrical production costs incuffed in performances. exhibilions and other educational activities undertaken to further the purposes of the charity and their associated support costs. - Support costs The administrative and ovarhead costs associated with running the office from which the Gompany operates as well as govemance costs. Support costs are wholly attributable to theatre production costs. The basis on which support costs have been alk)cated are set out on page 14. - Governance costs Costs associated wth the constitutional and statutory requirements of the charity. 1.7. Leasing Rentals payable under operating leases are charged to the income and expenditure account on a straight line basis over the lease temi. 1.8. Pensions The charitable company operates a defined contribution scheme for the benefit of its employees. contributions payable are recognised as expenditure when due. 1.9. Tangible fixed assets and depreciation Individual fixed assets costing £1,000 or more are capitalised at cosL Depreciation is provided at annual rates calculated to wrtte off the cost less residual value of each ass8t over ils expected useful life, as folk)ws: Planvtechnical equipment Fixtureslfittingslequipment Motor vehicles Barlcatering equipment 20 - 25Yo straight line basis 20 - 25Yo straight line basis 330A straight line basis 20 - 25% straight line basis 1.10. Investments Fixed asset investments are stated at cost less provision for diminution in value. Current asset investments are stated at the lower of cost and net realisable value. 1.11. Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are re¢ognised on receipt at fair value which is the amount th8 charity would hav8 been willing to pay for the items on the open market 21
The Anvil Trust Limited {Llmitod by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 1.12. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepaym8nts are valued at the amount prepaid after taking account of any trade discounts due. 1.13. Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.14. Creditors and provisions Creditors and provisions are recognised vthare the charity has a present obligation resulting from a past event Ihat will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated lIablY. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.15. Financial instruments The charty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inibally recognised at transaction value, and subsequ8ntly measured at their settlement value. other financial assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initsally measured at fair value. which is normally th8 transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognis8d in n8t income (expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. 1.16. Significant accounting estimates and Judgements In detemiining the carytng amounts of certain assets and liabilities. the chartty makes assumptions of the effects of uncertain future events on Ihose assets and liabilities at the balance sheet date. The chariws estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually. Limited by guarantee The privale limited company is registered in EW - England & Wales, is limited by guarantee, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £25, to the company should it be wound up. At 31 March 2024 there were 5 members. In¢omlng resources The total incoming resources for the year have been derived from the Principal acb'vty undertaken wholly in the UK.
Tho Anvil Trust Limited (Limited by Guarantee) Notss to the Financial Statements for the year endad 31 March 2024 Income from Investments 2024 2023 Fixed assel investments Gainsl{losses) on listed inv8Stments 21,549 (31,548) Other investment income Investment income 91.703 33,809 Net income for the year is stated after charging: 2024 2023 Depreciation of tangible fixed assets Auditors, remuneration: external audit oth8r services 31,267 22,251 9,500 4,000 9,500 4.000 Trustees. emoluments and reimbursed expenses The trustees received no remuneration during the year (2023 - £nil). The aggregated amount reimbursed to trustees during the year was £nil (2023- £nil). 23
The Anvil Trust Limited (Limited by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2024 staff costs and numbers 2024 2023 Staff costs Salaries and wages Social security ¢OSts Pension costs 1.371.208 87.414 37,120 1.256,809 85,403 30,295 1,495,742 1,372,507 Key management personnel The k8y management personnel of the charitable company Comprises the Trustees and the Senior Management Team. The totsl employee benefits of the key management personnel of the charity was as follows: 2024 2023 Total remuneration and benefits 89,040 74,802 Staff numbers The average numbers of employees (including casua5 and part time stsff) during the year was made up as follows: 2024 2023 Number Number Management Administration and sales Buildings, production and technical Operations and front of house 23 42 79 22 43 76 145 142 The number of employees who eamed £60,000 or more during the year was as foltows: 2024 Number 2023 Number £70,000 - £79,999 £80,000 - £89.999 24
The Anvil Trust Llmited (Limlted by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Pension costs The charitable company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represants contributions due from the company and amounted to £37,120 {2023 - £30,295). Corporatlon taxatlon The charitable company is exempt from tax on income and gains falling wthin section 505 of thè Tax8s Act 1988 or section 252 of th8 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 10. Fixed assets - tangible assets Planu technlcal equipment Fixturesl fittlngsl equipment Motor vehicles Barl catering equlpment Total Cost 1 April 2023 Additions Disposals 531.065 2.884 207,534 64,674 (20,801) 6,667 167,423 14.670 912,689 82,228 {20,801) 31 March 2024 533,949 251.407 6.667 182.093 974,116 Depreciatlon 1 April 2023 On disposals Charge for year 531.064 157.137 (20.801) 18.899 6,666 140,542 835.409 (20,801) 31,267 11,887 31 March 2024 531,545 155.235 6,666 152.429 845,875 Net book values 31 March 2024 2,404 96,172 29,664 128,241 31 March 2023 50,397 26,881 77,280 25
The Anvil Trust Limited (Llmited by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2024 11. Fixed Asset Investments Subsidlary other Undertakings Investments Total Cost 1 April 2023 Additions Revaluations 535.271 250,000 21,549 535.273 250,000 21,549 31 March 2024 806,820 806,822 Net book valuos 31 March 2024 806.820 806,822 31 March 2023 535,271 535.273 Subsldiary undertakings Ordinary shares in group undertaking at cost- £2. The parent charity owns 1000/0 of the share capitsl of Forge Enterpris8s Limited, vthich is registered in EW - England and Wales, registered number 02876228. The totsl capitsl and reserves at the balanc8 sheet date were £2. Forge Enterprises Limtted is currently domant. 12. Stocks 2024 2023 Finished goods and goods for resale 33,420 27.051 33,420 27.051 13. Debtors 2024 2023 Trade dabtors Other debtors Prepayments 126,863 76.966 69,311 83,095 84,959 59,208 273,140 227,262 26
The Anvil Trust Llmited (Llmited by Guarantee) Notes to the Financial Ststements for the year ended 31 March 2024 14. Current asset investments 2024 2023 Cash - deposits and investments 1,561.293 1.263,788 15. Credltors: amounts falllng due within ono year 2024 2023 Bank loan Trade creditors Amounts owed to group undertaking Other taxationlsocial security Other creditors Accruals Deferred income (note 17) 38,000 161,206 219,171 53.974 357,586 80,609 1,373,549 47,054 257,417 98,897 1.151,347 2,084.891 1,753.923 16. Creditors: amounts falling due after more than one year 2024 2023 Bank loan 104,500 The bank loan was secured by fixed and fioating charges over the charitys assets. It was repaid in full during the year. 17. Deferred income Balance at 1 April 2023 1,151,347 Amount released to incoming resources Amount deferred in the year {1,151,347) 1.373,549 Balance at 31 March 2024 1,373,549 Deferred income relates to income received in advan from charitablè activitses tsking place after the year-end. Deferred income value is represented by both hire fees and ticket sales (plus any associated costs). The Trust receives a contractually agreed percentsge of income from total tickets sold and 100 % from hires. 27
The Anvil Trust Limited (Llmited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 18. Unrestricted funds Brought forward Incoming resources Outgoing resources Transfers Carried fOard General funds 866.520 6,399.304 (6,306,339) (89.141) 870,344 Designated funds: Repairs and maintenance 343,195 Box office 104,104 Basingstoke partnerships 49,799 Development fund 17.565 Steinway Piano fund 130,000 Programme 120.000 Sustsinable environment 86,624 Business development 7,875 Customer experience 33,000 Closurè impact 16.355 Exceptional Utilities 75,000 Cost fund 343,195 104,104 66.799 17,565 150,000 142.000 95,000 10,000 55,000 17.000 20,000 22,000 8,376 9.825 22.000 (60) (20,000) {7.700} (16,295) 55,000 Inclusion & Div8rsity 20.000 10,000 30,000 1.003.517 (23,995) 89,141 1.068,663 1,870,037 6,399,304 (6.330,334) 1,939,007 General funds General funds are the free erVeS of the charity after allowing for designated funds. Designated funds Designated funds represent monies set aside for specffic purposes or projects in th8 short to medium term. The trustee5 regularly review the reqUId future expenditure relating to premises and service delivery in order to ensure that adequate funds a designated for these purposes from general reserves. 28
The Anvll Trust Limited (Llmited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 19. Restricted funds Brought fOard Incoming resources Outgoing resources Carrled forward Great Music of the World Linbury Trust Fund New Dimensions Musication EmergenGy and Reopening 267.378 55,000 611 12,636 299,800 4.773 2.730 (25,000) {45,510) 247,151 12,220 611 15,028 252.872 9.478 (7,086) {46,928) 635.425 16.981 {124,524) 527,882 Great Muslc of the World Great Music of the World enables The Anvil to bring the best intemational music to Basingstoke and to increase the number and rarge of concerts. Llnbury Trust Fund Grant to support the salary costs for a fundraiser and a feasibility project to look at income generation. New Dlmensions New Dimensions was the grant recesvable from Hampshire County Council awarded to Anvil Arts and Turner Simms to deliver the New Dimensions in Music Performance and Participation. Musication Musication lateS to donations received to purchase musul instruments. Emergency and Reopening This relates to Cumure Recovery funding and grants r1Ved from central government for closure. These amounts are for reopening of venues and associated exp8nditure due to cbsure. 20. Analysis of net assets between funds General funds Designatod Restricted funds funds Total Fund balances at 31 March 2024 are represented by- Tangible fixed assets Investments Net current assets 128.241 806.822 (64,719) 128,241 806,822 527,882 1,531.826 1,068,663 870.344 1,068.663 527,882 2,466,889 29
The Anvil Trust Limlted (Limited by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2024 21. Analysis of Changes in net cash funds Openlng balance Cash flows Other changes Closing balance Cash at bank and in hand 2,233,231 (484,367) 1,748,864 Other liquid resources 1.263,788 297,505 1.561.293 Debt due within one year Debt due after one year (38,000) (104,500) 38,000 104.500 (142.500) 38,000 104,500 Net cash funds 3,354.519 (148,862) 104,500 3.310,157 22. Reconciliatlon of net incomel(expenditure) to net cashflow from operating activities 2024 2023 Net incomellexpenditure) for the reporting period (as per the statement of financial activities) {38,573) 134,087 Depreciation {Gainsylosses on investments Dividends, Inte$t and rents from investrnents (Increase) in slocks Decreasel{increase} in debtors (Decrease)lincrease in creditors Net cash Inflow from operating a¢tlvlties 31,267 {21,549} {91,703} {6,369} {45,878} 368,968 22,251 31,548 (33.809) {2.662) 351.303 (729,619} 196,163 (226,901)
The Anvil Trust Limited (Llmited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 23. Financial commitments At 31 March 2024 the charitable company had total future commitments under non-cancellable operating leases falling due as follows.. 2024 2023 Due: Within one year Been one and fiv8 years 1,460 4.015 1,460 5,475 5.475 6,935 The freehold of The Anvil is ovmed by Basingstoke and Deane Borough Council. Rent is payable at an annual rent of £149,250 in accordance with the lease dated 31 March 2014, the lease term is 20 years from 1 April 2014. The rent is fully subsidised by Basingstoke and Deane Borough Council. The freehold of The HayTnarket is owned by Basingstoke and Deane Borough Council and rent is payable at an annual rent of £65,000, the lease lerm is 15 years from 25 September 2007. The rent is fully subsidised by Basingstoke and Deane Borough Council. A new lease was stgned which runs from 25 September 2022 to 24 September 2025. 24. Related party transactions The charitable company had no related party transactions that require disclosure. 25. Ultlmate parent undertaklng The directors of The Anvil Trust Limited (who are also the trustees) arè considered to be the ultimate controlling paty of the group. 31