Despite several [Ni Anderson wheels being previously reported, there has to date been no consensus on the magnitude and sign of the pairwise magnetic exchange interactions present, nor on the sign/magnitude of the single ion anisotropies of the constituent metal centres. In order to address this we have reported the synthesis, structure and characterization of the Anderson wheel [Ni7(hmp)7.55(pic)4.45](ClO4)2•6MeOH (1•6MeOH) through a combination of first principles calculations, magnetic susceptibility and magnetisation measurements, and neutron scattering. To the best of our knowledge this combination of techniques is employed for the first time on any [Ni7] species. To consistently describe the magnetic parameters and neutron response we applied an excitonic formalism using a Green's function response theory. The combined conclusions from these techniques and data analysis are: (a)