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, V￿re .
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 PrePa￿d 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 ana￿lS 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 earl￿r 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 s￿nph0nY 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 ne￿sSary 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 InC￿aSed 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:
p￿pare 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 V￿th 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 e￿or. and to issue an auditorfs r8POrt that includes
our opinion. Reasonable assurance is a high ￿Ve1 of assurance. but is not a gua￿ntee 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 CoMpan￿S 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 y￿rk addressed the detection of irregularities, we also considered the
likelihood of detection based on our approach. I￿egUlaritieS 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 l￿egula￿tieS.
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

C L)

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 in￿e 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 fU￿illed 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 pa￿nent
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
fO￿ard
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 reqUI￿d 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
fO￿ard
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 r￿1Ved 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
Be￿￿en 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