Company number 02720007 Charty number 1034961 Tho Anvil Trust Llmit (Limited by Guarantee) Report and Financial Statements for tho year •nded 31 March 2026 NNMI *AEDYC8V5• 2511012025 COMPANIES HOUSE A18 131 Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K SLH
The Anvil Trust Llmlted {Limited by Guarantee) Cont•nts Page Reference and Administrative Details Tru$tee$' Report Auditors, Report 9-12 Statement of Financial Activitie8 (including Income and Expenditure Account) 13-16 Balance Sheet 17 Cash Flow Statement 18 Notes to the Financial Statements 19-31
The Anvil Trust Llmlted (Limited by Guarantee) Reference and Administratlve Details Constitution The company is a private company limited by guarantee registered in EW - England and Wales, company number 02720007 incorporated under the Companies Act and ils governing document is its Memorandum and Articles of Associats'on. The company is a registered charty, number 1034961. Directors and tNstees The directors of the charitable company {'The Anvil Trust Limited"} are its trustees for the purpose of charity law and throughout this report are collectively 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 meeting$. The trustees during the year and since the year end, were .' G 8risland S Catl8y (Chair) O Cubitt (Cllr) A Frome A Hargreaves S Hayward G Hurry K John C Murray Z Seenan C Smith J Whiffield H Whittam appointed 19 April 2024 appointed 5 July 2024 appointed 10 October 2025 appointed 19 April 2024 appointed 10 October 2025 appointed 10 October 2025 appointed 10 October 2025 resigned 1 October 2024 resigned 31 January 2025 Secretary M Cleaver Chief executivelday to day management M Cleaver Auditors Breckman & Company Limited, 49 South Molton Street, London W1K SLH. Bankers Barclays Bank plc. Apex Plaza, PO Box 2881, Reading, Berkshire RX3 2B8. Registered office and operation address Churchill Way. Basingstoké, Hampshire RG217QR.
The Anvil Trust Llmited (Limited by Guarantee) Trustees. Report The trustees present Iheir annual report together with the financial statements of the charty for the year ended 31 March 2025 which arg also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ar Republic of Ireland (FRS 102). Objectlves and actlvltles Our Goal Our goal is to be a creatrvely innovalive, financially resilient, professionally run, nationally r8$pe¢tod and outstanding organisation. working in true partnership with our public investors and leveraging all the advantages of being a charitable trust. Our Vlslon To be a catatyst for Great Performance - Live, and enhance the lives of those living in, working in, or vi$iting the 8orou9h of 8asingstoko and Deane. To be a regional and national example of good practice in support for perfomiing and participatory arts. Our Alms To present and support work of the highest qualty in a range of genre$. To create educational 8nd participatory opportunities 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 centre of excellence that enhances the image and repLrtation of the borough. To provide a seNice that is noted for accessibilty. courtesy and efficiency. To be an excellent employer. For the beneflt of: Those who live in, work in or visit the Borough of 8asingstoke and Deane, the County of Hampshire and beyond. Artists and audiences from all sections of society. Achleved by: An annual programme of perfomiances, events, and community engagement that is wide ranging on all levels. Measured by: Clearly defined performance indicators that include quantitative and qualitative targets. These include the numbers of ticket sales and users, postcode analysis of users and commissioned satisfaction surveys. Public benefft In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit.. running a charity (PB2)'.
The Anvll Trust Llmited (Llmlted by Guarantee) Trustees. Report Achievements and perfomiance "One of the most vital arts organisations in southem 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 catchment area with positive experiences of a world class arts. entertainment and community engagement programme. May 2024 was the 30th birthday of The Anvil, and the occasion was marked by a free open day including participatory backstage tours of the building, with staff across all departments demonstrating and explaining their work. The event was very successful and e*Xra sessions had to be added to cope with demand. The Trust commissioned an independent econorn impact suNey, carried out by BOP Consulting, to give picture of our operation for the first time since the Covid pandemic. The results showed improvements on every metric since the previous survey ten years ago. Anvil Arts brings 200,000 people into Basingstoke town centre each year. 660A of Ihe$e say that they would not otherwise visit the town. The number of those staying overnight more than doubled, and our policy of prioritising local suppliers means that we support the equivalent of 130 jobs in addition to our own staff. Overall. the survey found that Anvil Arts generates £7.3m in the local economy every year, equivalent to £14 per £1 of public investment. These impressive results graphically underline the importance of the organisation to the town and wider region. This importance was further recognised towards the end of the year, vthen the organisation received a Mayorfs Award for Anvil Arts, outstanding contribution to the borough for an all year-round programme of arts, entertainment and community engagement, brtnging business to the t¢)wn" It was pleasing to see that the proportion of new attenders to a wide range of perfomances remained high throughout the year as the unique rewards of the live experience continue to be valued. The audience for the orchestral programme continued to change slowly to include more families and increasing divefsty. We refined our pre-performance and interval ordering System. and now the traditionally quieter hour beeen 6pm and 7pm contributes 21¥0 of total bar sales. Product showcases for our local suppliers, and the programme of live pre-performance foyer music given by local music students continued to be very well received by audiences and add value to Ihe customer experience. Some big name performances were welcome additions to the schedule, including Dionne Warwick, Chris de Burgh. Ricky Gervais. Sir Tim Rice, and blues guitarist Joe Bonamassa on his only Brrtish date of the year. The pantomime again had a successful year with many sold out performances resulting in record gross ticket sales. It continues to be an important part of Christmas tradition for families and school and community groups who may not otherwise visit through the year. Other notsble perfomances during the year included the first ever visit from the Hallé Orchestra as part of Sir Mafk Elderfs farewell tour, Chinekel Orchestra bringing the UK premiere of a new piece by Cassie Kinoshi, Will Gregory's Moog Ensemble showcasing the distinctive sound of vintage synthesizers, and You are the Sun. bringing opera and music to enraptured audiences of 2 year olds and under. We welcomed orchestras from Tokyo, Nuremberg and Prague as part of our international work, and marked the 250th anniversary of the birth of borough resident Jane Austen with a series of talks and performances. At The Haymarket, finding 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 alternative to the pantomime at The Anvil. with 20 perfomiances across a range of genres, was very successful.
The Anvll Trust Llmited (Llmlted by Guarantee) Trustees, Report The community engagement and education programme continued to deliver vital experiences for a wide range of those who might find tt difficult to visit our buildings. The World at Large project visited a school in one of the most deprived wards of the borough, working with KS2 students to develop perfomances given to the rest of the school and their families and friends. Simitarly Ihe Musication Station project visited new settings across the Borough and into Rushmoor and Southampton, including the Bula Festival for the Fijian community, 8asingstoke Festival, and the Council's Sports and Wellbeing Day, reaching more than 2.600 participants during the year. Career development advice and interview skills continued to be an important part of the programme, with visits to ten different careers fairs at secondary schools, sixth form colleges and universities. Our work with people with dementia, their carers and families continued with the Finding the Words project, and hosting the Singing for Memories dementia choir in The Forge. We were delighted that Orchestra Unwrapped, the Philhamonia's schools concert, returned to thrill a capacity audience of 8 to 11 year olds with their first experience of a live symphony orchestra. Our art15tic partnerships remained a key factor in sustaining an ambitious programme. The Philharmonia Orcheslra, Orchestra of the Age of Enlightenment and Bournemouth Symphony Orchestra brought outstanding concerts. Our strategic partnership with Basingstoke and Deane Borough Council continued 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 until 2027, the longer term of these agreements gives welcome slability. The Board continues to support inrtiatives by the executlve to broaden the income base of the Trust given the increasing pressure on traditional funding streams. The 8oard approves the rlsk strategy and receives regular updates against the risk register. We demonstrate how the Trust 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 critical reviews. The Trust's role within the community we serve is more crucial than ever. The importance of culture in the revitalisation and regeneration of the town centre and the local economy. and its positive effects on personal wellbeing and community cohesion are increasingly recognised. Our appetite for driving the organisation foThvard, enhancing our partnership working across and beyond the Cuttural sector, and growing our commercial revenue in order to give the ability to expand our work will be key to enhancing the reach and stability of the organisalion. Equallty and dlverslty Of the 69 people who applied for 2 full-time positions, 54 were whrte British, 5 other white, 3 Chines8, 1 Whrte & Black Caribbean. 18lack African, 18lack British, 1 any olherAsian background and 1 Any other mixed background. Of the 368 who applied for 29 permanent part-time positions 292 were White British, 10 White & Asian, 1 White & Black African, 3 White & Black Caribbean, 2 White Irish, 5 Indian, 4 Chinese, 3 Pakistani, 1 Bangladeshi, 6 Black African, 2 Black British, 3 any other Asian background. 1 any other Black background. 7 any other Mixed background, 6 any other White background, 2 Other Ethnic Group, 1 Hong Konger, 1 Pictish. Of the 2 permanent positions, we appointed 2 while British. Of the 29 pemanent part-time positions. we appointed 25 white British, 1 any other White 8ackground, 1 Brrtish and Asian, 1 White and Asian and 1 White and Black Caribb8an.
The Anvil Trust Lirnited (Limited by Guarantee) Trustees. Report The population of Basingstoke is 92.90/0 white Britishlother. 40A AsianlAsian British, 1.7°h Mixed ethnic groups, 1.10/0 BlacklAfricanlCaribbeanlBlack British, 0.3¢/+o Other. Flnanclal revlew The statement of financial activities on page 13 shows another year of stable financial performance with final unrestricted funds of £1,870,884. The balance on the restricted funds stands at £237.027. The composition of the restricted funds is shown in note 18. The main sources of income are from the public sale of tickets for perfomances, 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 provided by The Anvil Trust which is defined in its Strategic Partner Contribution Agreement which runs to March 2026. Legislation requires that The Anvil Trust be charged a fair market rent of £149,250 for The Anvil and £65,000 for The Haymarket 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 the objectives and 8usiness Plan of The Anvil Trust, in particular to provide a vehicle for innovation and to both educate and entertain in the provision of great perfomiance. The Anvil Trust's resenies policy is reviewed annually to confimi appropriateness ol approved levels and that the policy is being operated satisfactorily. All reserves have appropriate limits and objectives, and release of reserves is subject to budgeting and prior authorisation. The foll0vn9 main reserves are in place: Unre8trlcted funds To seek to maintain a minimum fund level to cover contingency operating issues for the operational fabric of the buildings (to a maximum of 4 months). Restrlctod funds The Musication Station reserqe is the result of public donations from audiences to the pantomime. In addition, the Graat Music of the World Fund was established to fulfil our strategic aims and ensure that programming of international concerts can Continue for the foreseeable future. The Great Music of the World fund has an upper limrt of £400,000 to ensure that reserves are actively used and a minimum level of £100.000 established to provide sustainable investment. The Linbury Trust contributed almost £35.000 this year to underpin fundraising work and environmental projects. Designated funds Designated Funds have been set up to pay for necessary repairs and maintenance,. a future replacement of the Steinway piano to meet orchestras, and soloists, expectations; local community programmes across Basingstoke., programme project$; a commissioning fund for new work,. environmental sustainability- exceptional utilities costs.. work on inclusion and diversty,. and consultancy. Transfers are made when we anticipate future requirements. The Board reviews the requirements at least annually.
The Anvll Trust Llmited (Limited by Guarantee) Trustees, Report Risk management The trustees have overall responsibility for the system of risk management and internal control. The Anvil Trust has a risk management framework in place. which includes the following.. The trustees monitor prcrfJress against the objectives set out in the business plan and a comprehensive review of the plan is carried out annually,. Procedures are in place to identify risks that the eharty may face and the key risks are reported and reviewed by Ihe trustees. Amendments and updates to the risk assessment register is reviewed at every board meeting in accordance with Arts Council England NPO requirements., and Reporting includes the operation of the controls that miiigate risks, including the systems and procedures in place. Key financial controls include: established authorisation levels for expenditure. cheque signing and investment, monthly reviews of key financial and operational information. Through the procedures and reporting in place, the trustees are able to evaluate the effectiveness of internal 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 Trusl. We will be working closely viith the Council to ensure we preserve and develop the role that The Anvil Trust plays in making Basingstoke and Deane vibrant, successful and welcoming to those who live in, work in and visit the Borough. Investment in the arts remains uncertain and the Board supports continuing initiatives by the executive to broaden Ihe income base of the Trust, with the aim of using increased income to deliver more opportunrties for all members of the community lo take part in, participate in and create great art and culture. Structure, governanc• and management The charty is a company limited by guarantee, and the guarantee of each member is limlted to £25. Th• 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 these accounts. The trustees. who are also the directors for the purpose of company law, and who sep4ed during the year were.. Mr G Brisland Ms S M Catley Ms O Cubrtt Mr A Hargreaves Mr S Hayward MrGSHury Mr C Smith Mr J Whitfield Ms H Whittam All of the above are members of the company and are required to contribute up to £25 to the company in the event of rt being wound up.
The Anvil Trust Limited (Llmlted by Guarantee) Truste•s' Report The Board regularly 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 members includes a briefing and detailed information from the Chief Executive and Chairman about the organisation and the aims of the 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 $u¢h a8 equal opportunities. The company has made qualrfying third party indemnity provisions for the benefit of its trustees during the year. These provisions remain in force at the reporting date. Golng concern The accounts have been drawn up on the basis of the charitable company continuing as a 90ing concem in the foreseeable future. The company has a sTrgned Strategic Partner Contribution Agreement with 8asingstoke and Deane Borough Council that revenue investment of £395,000 will be made available until March 2026. 8asingstoke and Deane Borough Council has also indicated its commitment to continue to offer on-going revenue support. The National Portfolio agreement with Arts Council England for annual investment of £141,506 also continues until March 2027. Statement of trustees, responsibilities The trustees (who are also directors of Thé Anvil Trust Limited for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). Company law requires the trustees to prepare financial ststements for each financial year, which give a true and fair view of the state of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for Ihe year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and Ihen apply them consistently: observe the methods and principles in the Charities SORP 2019 {FRS 102)., make judgements and estimates that 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., prepare the financial statements on the going concern basis unless it is inappropriate to presuma that the charrtable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charrtable 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 hence for taking reasonable steps for the prevention and detection of fraud and other irguIar1Iie5. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Anvil Trust Llmited (Llmited by Guarantee) Trustses, Report In so far as the trustees are aware at the time of approving our trustees. annual report: there is no relevant infomation, being information needed by the auditor in connection with preparing their report, of which the charitable companvs auditor is unaware,. and the trustees, having made enquiries of fellow directors and the charitable company's auditor that they ought to have individually taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infonnation. Small company exemptlons This report is prepared in accordance with the provisions of the Companies Aet 2006 relating to small companies. This report was approved by the Board of Truslees on 10 October 2025 and slgned on its behalf by S Catley (Chalr Trustee
Independent Auditots. Report to the Membern of The Anvil Trust Limited Opinion We have audited the financial ststements of The Anvil Twst Limited (the 'charitsble compan) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting Iramework 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 Practice). In our opinion the financial statements: give a true and fair view of the stale of the charrtable companls affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., 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 opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilrties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have parformed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statemenls ara authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the trustees annual report. other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other information containad within the annual report. Our opinion on the financial Statements does nol cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomation and, in doing so. consider whether the other infomiation is materially 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 determine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that theré is a material misstatement of this other information. 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 Limited Opinions on other matters prescribed by the Companies Act 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 whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identffied material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequale accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified 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 accordance with the small companies. regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on pages 7 and 8, the trustees (who are also the directors of the charitabl8 company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable CoMpanS abilily to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charilable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllitles forthe audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 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, individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 10
Independent Auditors. Report to the Members of The Anvil Trust Limlted 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 focussed 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 includ8d but were not limited to compliance wilh the Companies Act 2006, Charities Act 2011, taxation legislatlon, data protection and employment legislation. We are not responsible for preventing irregularities. Our approach to detecting irregularities included. but was not limrted to. the following: obtaining an understanding of the legal and regulatory framework applicable to the charrtable company and how the charitable company is complying with that framework, including agreement of financial statement di8closures to underlying documentation and other ovidence; obtaining an understanding of the charitable company's control environment and how the charitable company has applied relevant control procedure5, through discussions with Trustees and olher management and by performing walkthrough testing over key areas; obtaining an understanding of the charitable companws risk assessment process, includin9 the risk of reviewing rneeting minutes of those charged with governance throughout the year" and performing audit testing to address the risk of management override of controls, including testin9 joumal ontries and other adjustments for appropriateness, evaluating the business rationale of significant transactions Outside the normal course of business and reviewing accounting estimate8 for bias. Whilst considering how our audit work addressed Ihe detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arisin9 from fraud are inherently more difficult to detect than those arising from error. 8ecau8e of the inherent limitalions of an audit, there is a risk Ihat we will nol detect all irregularlties, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from Ihe 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, Gollusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websrte at.. wwi.frc.org.uklauditorsresponsibilrties. This descripb'on foms part of our audrtorfs report.
Independent Audltors, Report to the Members of The Anvil Trust Llmited Use of our report This report is made solely to the charitable companrfs 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 charilable companys members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable CoMpanS members as a body, for our audit work. for this report, or for the opinions we have fonned. 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 W1 K 5LH 10 October 2025 12
Tho Anvll Tru•1 LlmStsd ILlmlt•d by Gu•r•nt••l St•t¢m•nt of FInGI11 kllvltlm Ilncludlng In¢om• •nd eyp•ndttur• A¢¢oynll forth• y••r •nd•d JI M•r¢h 202$ Unr•8trfct•d RMtrf¢t•d lund fund 2025 Total Unr••trkt Rmtrlcl fund fund• 2024 Tot Income and gndo¥mient8 from: Donations and legacie$- pag• 14 Charrtable ActivrtK•$'. Thoalrical proJuctlon- p#ge 14 Inv•slm8ntB 631,755 631,755 547,655 547,655 8,154.963 105.057 41,300 6,1%,263 5,738,978 105.057 91,122 18.400 581 5,755,378 91.703 Totsl 6,891,775 41,300 6,933.075 6,377,755 16,981 6,394,736 Expondhur• on.. Charrtable actiwlies,. Theatrical productK)n- p•ge 1S Total 6.965,474 332,1SS 7.297,829 8,330.334 124.524 6,454,8s8 6.965,474 332,155 7.297,829 8.330,334 124,524 6,454,858 Gabr$ on inveslmenls 5,576 S,576 21,549 21.549 N•t In¢om•lloxp•ndttur•l R•con¢lll•¢lL)n ol fund•'. Total fund• brought lop*ird Tot•1 lund• ¢•rrb•d fowwird 168,1231 1290,8551 1358,8781 68,970 1107,5431 138,5731 1,939.Q07 527,882 2,468,889 1,870.037 835,425 2,505.462 17,18 1,870.884 237.027 2,107.911 1.939.trJ7 527.882 2,486.889 The ntsxes on pages 19 to 31 form an integr81 part of these fin¥nci81 $tatemenl$. Th• $tatThnt ol linanchl IludeS al qain• losies roco9ni$ed In the year. All InCe expenditure deri& from contlnuing •Cti¥itie•, 13
The Anvil Trust Llmlted (Llmlted by Guarantee Year ended 31 March 2025 2025 2024 Income from donations and legacies Gran13 Arts Council England- NPO funding BDBC - regular funding 8DBC- other funding 141,506 395,000 57,041 141,506 395,000 593,$47 536,506 Donatlons Donations 38,208 11,149 38,208 11,149 631.755 547,655 Incorno from charltable actlvllles Th•atrlcal productlon Income Ticket income Hire fees Ancillary income Other income 4,493,514 377,996 1,275,990 7,463 4,135,294 328,980 1,243,534 31,170 6,154,963 5,738,978 Project speclfic fundlng Grants The Linbury Tru8t 35,000 2,730 35.000 2.730 Other Income Donationslother income 6,300 13,670 6.300 13,670 41,300 16,400 6,196,263 5.755.378 14
Thè Anvil Trust Llmlted (Llmlted by Guarante•) Year •nd•d 31 March 2026 2025 2024 Expendfture on charltable actlvltles Theatrical productlon costs staff costs Fees and direct performance costs Education and outreach Marketing and box office Premises costs Depreciation costs 841,268 4,098,567 15,435 145,469 530,477 61,832 754.404 3.627.541 16,712 125,321 469,278 31,267 5,693,048 5,024,523 Support costs - page 16 Govemance costs - page 16 1,S91,081 13,500 1,416.835 13,500 7,297,629 6,454,858 All support and governance costs have been allocated to expenditure on charilable activities. 15
The Anvll Trust Limited (Limited by Guarantee) Year ended 31 March 2025 2025 2024 Support and governance costs Support costs General cost8 staff costs Bank charges 713,160 872,228 5,693 684,502 721,265 11,068 1.591.081 1,416,835 Governance costs Accountancylother Audit 4,000 9,500 4,000 9,500 13,500 13,500 1,604,581 1,430,335 16
The Anvil Trust Llmited (Llmlted by Guarantee Balance Sheet 31 March 2025 2025 2024 Notes Flxed assets Tangible assets Investments 10 11 209,635 812,398 128,241 806,822 1,022,033 935,063 Current assets Stocks Debtors Investments Cash at bank and in hand 12 13 14 37,161 436,074 1,644,220 1,473,160 33,420 273,140 1,561,293 1,748,864 3,590,615 3,616,717 Llablltles Creditors.. amounts falling due within one year 15 (2,504,737) (2,084,891) Net current assets 1,085,878 1,531,826 Total assets less current over total assets 2,107,911 2,466,889 The funds of the charlty Unrestricted funds General fund Designated funds 17 863,699 1,007,185 870,344 1,068,663 Total unrestricted funds 1,870,884 1,939,007 Restricted funds 18 237,027 527,882 Total charlty funds 2,107,911 2,466,889 The trustees 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 accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The accounts were approved by the Board of Trustees on 10 October 2025 and signed on its behalf by S Catley (Chair) Trustee A Hargreaves Trustee The notes on pages 19 to 31 form an integral part of these financial statements. lo(If) 17
The Anvil Trust Limited (Limited by Guarantee) Cash Flow Statement for the year ended 31 March 2025 2025 2024 Notes Cash flows from operatlng actlvftles 21 (154,608) 196,163 Cash flows from investing activities: Dividend5, interest and rents from investments Purchase of property, plant and equipment Purchase of investments 105,057 (143,226) 91,703 (82,228) 250,000 Net cash provlded by investment activitles {38,169) (240,525> Cash flows from flnanclng actlvltles: Repayments of borrowing (142,5001 Net cash provlded by financing activities Change in cash and cash equivalents in the reporting period (142,500) (192,777) (186,862) Cash and cash equivalents at the beginning of the reporting period 3,310,157 3,497,019 Cash and cash equlvalents at the end of the reporting period 3,117,380 3,310,157 Represented by: Cash deposits and investments Cash at bank and in hand 20 1,644,220 1,473,160 1,561,293 1,748,864 3,117,380 3,310,157 18
The Anvil Trust Limited (Llmlted by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2025 Accounting pollcles 1.1. Bas18 of proparlng the flnanclal statements The financial statements have been prepared in accordance with Accounting and Reporting by Charrties.. Statement of Recommended Practice (issued October 2019) applicable to charrties preparing their accounts in accordance with 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 meet8 the definition of a public benefit entity under FRS 102. Assets and liabilrties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 1.2. Group flnanclal statements The charitable company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present infomation about the charitable company as an individual entty and not about ils 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 receive this support and accordingly consider that It is appmpriate to prepare the financial statements on the going concern ba81S. 1.4. Fund accountlng Funds held by the charity 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 fund8 - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity- Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose Of each fund is included in the notes to the financial slatements. 19
The Anvil Trust Limited (Limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2025 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 performance conditions attached to the income have been met or are fully within the control of the charity there is sufficient certainty that receipt of the income is considered probable - the amount can be reliably measured Donations and legacies Grantsldonations are recognised in incoming resources in the year in which they are receivable, except as follows.. when donors specify thal grantsldonations given to the charity must be used in future accounting periods, the income is deferred until those periods when donors impose conditions which have to be fulfilled before the charity bOrneS entitled lo use such income. the income is deferred and not included in incoming resources until the preconditions for use are met. Charltable actlvltles Theatrical production income - income from performance admission fees and hire income 1$ included in incoming resources in the period in which the relevant activity takes place, Project specific funding when donor$ specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. Donated servlce8 and facllltles Donated services or facilities are recognised as income when the charty has control over the item, any conditions associated wrth the donated item have been met, the feceipt 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 seDiices 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 willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period 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 normalty upon notification of the interest paid or payable by the Bank. 20
Th6 Anvll Trust Llmitod (Llmlted by Guarantee) Notes to tho Financial Statements for the year ended 31 March 2026 1.6. Expenditure All expendrture is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when: there is a legal or constructive obligation to make a paymenl it is probable that settlement will be required - the amount of the obligation can be measured reliably Charitable actlvltl•8 Theatrical production costs incurred in perfomiances, exhibitions and other educational activities undertaken to further the purposes of the charty and their associated support costs. - Support costs The administrative and overhead costs associated with running the office from vthlch the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs. The basis on which support costs have been allocated are set out on page 16. . Governance costs Costs associated with the constituiional and statutory requirements of the char5ty. 1.7. Penslons The charitable company operates a defined contribution scheme for the benefit of its employees. contributions payable are recognised as expenditure when due. 1.8. Tanglble flxed assets and depreciation Individual fixed assets costing £1.000 or more are eapitalised at cost. Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows.. PlanVtechnic81 equipment Fixtureslfittingslequipment Motor vehicles Barlcatering equipment 20 250/0 Straight line basis 20 250/0 Straight line basis 330A straight line basi5 20 - 25°/0 slraighl line basis 1.9. Investments Fixed asset investments are stated at co.st less provision for diminution in value. Current asset investrnents are stated at the lower of cost and net realisable value. 1.10. Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised on receipt at fair value which is the amount the charity would have been willing to pay for the rtems on the open market 21
The Anvil Trust Limited ILlmited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2025 1.11. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. 1.12. Cash at bank and in hand Cash at bank and in hand includes cash and short term 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. 1.13. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resull in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.14. L•aslng Rentals payable under operating leases are charged to the income and expenditure account on straight line basis over the lease term. 1.15. Financial instruments The charity only has financial a$$ets and financial liabilities of a kind that qualify a$ basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value. Other financial assets Other financial assets, including inv8slments in equity instruments which are not subsidiaries, associales or joint ventures, are inrtially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net 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 determining the carrying amounts of certain assets and liabilities, the charty makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's 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 nol 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 2025 there were 7 members. 22
The Anvil Trust Limited (Limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2025 Incoming resources The total incoming resources for the year have been derived from the principal activty undertaken wholly in the UK. Income from Invgstments 2026 2024 Fixed asset Investments Gains on listed investments 5,576 21,549 Other Investment Incom• Investment income 105,057 91,703 Net income for the year is stated after charglng: 2025 2024 Depreciation of tangible fixed assets Auditors, remuneration: e>lernal audit other seNices 61,832 31.267 9,500 4,000 9,500 4,000 Trustees. •moluments and relmbursed expans•s The trustees received no remuneration during the year (2024 - £nil). The aggregated amount reimbursed to trustees during the year was £nil (2024 - £nil). 23
The Anvll Trust Llmltod {Limited by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2025 Staff costs and numbers 2025 2024 Staff costs Salaries and wages Social security costs Pension costs 1,568,778 102,838 41,880 1,371,208 87,414 37.120 1.713.496 1,495.742 Kay managemont porsonn•l The key management personnel of the charitable company comprises the Trustees and the Senior Management Team. The total employee benefits of the key management personnel of the charty includes employer's pension costs and was as follows.. 2025 2024 Total remuneration and benefrts 92,602 89.040 Staff numbers The average numbers of employees (including casual and part time staffj during the year was made up as follows.. 2025 Number 2024 Number Management Administration and sales Buildings, production and technical Operations and front of house 26 46 78 23 42 79 151 145 The number of employees who earned £60,000 or more (excluding employer pansion costs) during the year wa3 a3 follows.. 2025 Number 2024 Nurnber £80,000- £89,999 24
The Anvil Trust Limited ILlmited by Guarantee Notes to tho Flnancial Statements for the year ended 31 March 2025 Penslon 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 represents contributions due from the company and amounted to £41,880 {2024 - £37.120). Corporatlon taxatlon The chartsble company is exempt from tax on income and gains falling wrthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 10. Flxed assets - tanglble assets Planu technlcal equipment Flxturesl rittlngsl equipment Motor vehlcles Barl caterlng equipment Totsl Cost 1 April 2024 Additions Disposals 533,949 47,582 251,407 90,492 (16,103) 6,667 182,093 5,152 974,116 143,226 (16.103) 31 March 2025 581,531 325,796 6,667 187,245 1.101,239 Depreciation 1 April 2024 On disposals Charge for year 531,545 155,235 (16,103) 41,283 6,666 152,429 845,875 (16,103) 61,832 8,875 11,674 31 March 2025 540,420 180,415 6,666 164,103 891,604 Net book valu&s 31 March 2025 41,111 145,381 23,142 209,635 31 March 2024 2,404 96,172 29.664 128,241 25
The Anvll Trust Llmlted (Llmlted by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2025 11. Flxed Asset Investments Subsidiary Other undertakings Investments Total Cost 1 April 2024 Revaluations 806,820 5,576 806.822 5,576 31 March 2025 812,396 812,398 Net book values 31 March 2025 812,396 812.398 31 March 2024 806,820 806,822 Subsidiary undertakings Ordinary shares in group undertaking at cost - £2. The parent charity owns 1 OOOA of the share capital of Forge Enterprises Limited, which is registered in EW - England and Wales, registered number 02876228. The total capital and reserves at the balance sheet date was £2 (2024 - £2). Forge Enterprises Limited is currently dormant and did not trade in the year. 12. Stocks 2025 2024 Finished goods and goods for resale 37,161 33,420 37,161 33,420 .13. Debtors 2025 2024 Trade debtors Other debtors Prepayments Accrued income 189,160 126,499 63,375 57,040 126,863 76.966 69.311 436.074 273,140 26
The Anvll Trust Limlted (Llmlted by Guarantee Notes to the Flnanclal Statements for the year ended 31 March 2025 14. Current asset investments 2025 2024 Cash - deposits and investments 1,644,220 1.561,293 18. Credftors: amounts falling du• wlthln one year 2025 2024 Trade creditors Amounts owed to subsidiary undertakings other taxationlsocial security Other credilors Accruals Oeferred income (note 16) 267,489 219,171 86,309 455,639 91,845 1,603,453 53,974 306.734 80,609 1.424,401 2.504,737 2,084,891 16. Deferred Income 8alance at 1 April 2024 1.424,401 Amount released to incoming resources Amount deferred in the year (1,424,401) 1,603.453 Balance at 31 March 2025 1,603.453 Deferred income relates to income received in advance from charitable activities taking place after the year-end. Deferred income value is represenled by both hire fees and ticket sales {plus any associated costs). The Trust receives a contractually agreed percenlage of income from total tickets sold and 1000/0 from hires. 27
The Anvil Trust Limited ILlmlted by Guarantee) Notes to Ihe Flnancial Statements for the year ended 31 March 2025 17. Unrestrlcted funds Brought forward Incoming resources Outgolng resource3 Transfers Carrled forward General funds 870,344 6,897.351 {6.910,601) 6,605 863.699 Designated funds: Repairs and maintenance 343,195 Box office 104,104 Basingstoke partnerships 66,799 Development fund 17,565 Steinway Piano fund 150,000 Programme 142,000 Sustainable environment 95,000 8usiness development 10,000 Customer experience 55,000 Exceptional Utilities ss,000 Cost fund Inclusion & Diversity (39,661) 303,534 104,104 53,799 17.565 150.000 137.000 93,395 7,788 55,000 55,000 (13,000) (5.000) (1,605) (2.212) 30,000 30.000 1,068,663 {54,873) {6,605) 1.007,185 1,939,007 6,897.351 {6,965,474) 1.870,884 General funds General funds are the free reserves of the charty after allowing for designaled funds, Deslgnated funds Designated funds represent monies set aside for specific purposes or projects in the short to medium term. The trustees regularly review the required future expenditure relating to premises and service delivery in order to ensure that adequate funds are designated for these purposes from general reserves. 28
The Anvll Trust Limited (Limited by Guarant8•) Notes to the Flnanclal Statements for the year ended 31 March 2025 18. Restrlcted funds Brought forward Incomlng resources Outgoing resources Carried forward Great Music of the World Linbury Trust Fund New Dimensions Musication Emergency and Reopening 247,151 12,220 611 15,028 252,872 4,056 35,000 (74,000) (24,969) 1611) (2,418) 1230,157) 177,207 22,251 2,244 14,854 22,715 527,882 41,300 1332,155) 237,027 Great Muslc of the World Great Music of the World enables The Anvil to bring the best international music to Basingstoke and to increase the number and range of concerts. Llnbury Trust Fund Grant to support the salary costs for a fundraiser and a feasibility project to look at income generation and environmental training and actions, New Dlmenslons New Dimensions was the grant receivable from Hampshire County Council awarded to Anvil Arts and Turner Simms to deliver the New Dimensions in Music Performance and Participation. Musication Musication relates to donations received to purchase musical instruments and run projects in the community. Emergency and Reopenlng This relates to Culture Recovery funding and grants received from central government for closure. These amounts are for reopening of venues and associated expenditure due to closure. 19. Analysls of net assets between funds General funds Designated Restricted funds funds Total Fund balances at 31 March 2025 are represented by.. Tangible fixed assets Investments Net current assets 209,635 812,398 (158,334) 209,635 812,398 237,027 1.085,878 1,007,185 863,699 1,007,185 237,027 2.107.911 29
The Anvil Trust Limited {Limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2025 20. Analysls of changes in not ¢a$h funds Opening balance Cash flows Cloglng balance Cash at bank and in hand 1,748,864 (275,704) 1,473,160 Other liquid resources 1,561,293 82,927 1,644,220 Net cash funds 3,310,157 (192,777) 3,117,380 21. Reconclllatlon of net (expenditure) to net cashflow from operating actlvttlas 2025 2024 Net (expenditure) for the reporting period, as per the Statement of Financial Activities - page 13 Depreciation (Gains) on investments Dividends, interest and rents from investments {Increase) in stocks (Increase) in debtors Increase in creditors (358,978) (38,573) 61,832 (5,576) (105,057) (3,741) (162,934) 419,846 31,267 (21,549) (91,703) (6,369) {45,878) 368.968 Net cash ouffiow from operating activities (154,608) 196,163 30
The Anvil Trust Llmlted (Limited by Guarantee) Notes to the Financial Statements for tho year ended 31 March 2025 22. Flnanclal commitments At 31 March 2025 the charrtable company had total future commitments under non-cancellable operating leases falling due as follows.. 202S 2024 Due: Wilhin one year Between one and five years 8,074 20,743 8,074 28.817 28,817 36,891 The freehold of The Anvil is owned by Basingstoke and Deane Borough Council. Rent is payable al 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 Haymarket is owned by Basingstoke and Deane Borough Council and rent is payable at an annual rent of £65,000, the lease term is 15 years from 25 September 2007. The rent is fully subsidised by Basingstoke and Deane Borough Council. A new lease was signed which runs from 25 September 2022 to 24 September 2025. 23. Related party transactlons The charitable company had no related party Iransactions that require disclosure. 31