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2020-12-31-accounts

Page
Reference and Administrative Details 1 to 2
Report ofthe Trustees 3 to 7
Report ofthe Independent
Auditors		 8 to 10
Statement of Financial Activities
Statement of Financial Position 12
Statement ofCash Flows 13
Notes to the Statement ofCash Flows 14
Notes to the Financial Statements 15 to 28

TRUSTEES Dr J M Freeman
(Chairman		 Dr J M Freeman
(Chairman		 Dr J M Freeman
(Chairman		 Dr J M Freeman
(Chairman		 until 22.8.20) (resigned
22.8.20)
G S Browne (appointed 22.8.20)
D D Kent
Dr G Hooper
F E A Baxter
JAmador
(appointed		 29.1.21)
D Sims (resigned 22.1.21)
G K Paddan-White (resigned 11.7.20)
L Stuart (appointed 19.3.21)
A R Mciver (appointed 3.6.21)
T L Reed (appointed 3.6.21)
J J Brown (appointed 3.6.21)
P R Barnard (appointed 3.6.21)
JA Richardson
(appointed 1.7.21)
REGISTERED OFFICE Suite 4.07, Grosvenor House
Central Park
Telford
Shropshire
TF2 9TW
REGISTERED COMPANY 3376501 (England
and		 Wales)
NUMBER
REGISTERED CHARITY 1062968
NUMBER
AUDITORS Andorran
Limited (Statutory Auditor)
Chartered
Accountants
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX
BANKERS Barclays Bank Plc
Wolverhampton
SOLICITORS Todmans SRE
Barringtons,
Hockley		 Rd
Rayleigh, Essex
SS68EH
Devonshires
LLP
30 Finsbury
Circus
London, EC2M 7DT

31.12.20 31.12.19
Unrestricted Restricted Total Total
fund funds funds funds
Notes E E F
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 2 108,775 108,775 194,707
Charitable
activities
Operation
ofWaltham
Abbey Royal
Gunpowder
Mills		 30,643 30,643 511,058
Miscellaneous
income		 102,234 102,234 107,073
Other trading
activities		 1,468 1,468 17,436
Other income 63,518 63,518 5,000
Total 306,638 306,638 835,274
EXPENDITURE ON
Commercial
trading
operation costs		 13,015 13,015 42,220
Charitable
activities		 7
Costs of Operation
ofWaltham		 Abbey Royal
Gunpowder
Mills		 478,247 15,613 493,860 923,776
Total 491,262 15,613 506,875 965,996
NET INCOME/(EXPENDITURE) (184,624) (15,613) (200,237) (130,722)
Transfers
between
funds		 20 (9,360) 9,360
Net movement
in funds		 (193,984) (6,253) (200,237) (130,722)
RECONCILIATION
OF FUNDS
Total funds brought forward 4,833,401 30,052 4,863,453 4,994,175
TOTAL FUNDS CARRIED FORWARD 4,639,417 23,799 4,663,216 4,863,453

31.12.20 3'f.12.'l9
unrestricted Restricted Total Total
fund funds funds funds
Notes f E E
FIXEDASSETS
Tangible assets 15 4,615,584 24,042 4,639,626 4,806,515
CURRENTASSETS
Stocks 16 6,074 6,074 7,030
Debtors 17 46,227 46,227 59,593
Cash at bank and in hand 24,165 2,743 26,908 77,521
76,466 2,743 79,209 144,144
CREDITORS
Amounts
falling due within one year		 18 (52,633) (2,986) (55,619) (87,206)
NET CURRENT ASSETS 23,833 (243) 23,590 56,938
TOTAL ASSETS.LESSCURRENT
L~ILITIES 4,639,417 23,799 4,663,216 4,863,453
NET ASSETS 4,639,417 4,663,216 4,863,453
FUNDS 20
unrestricted
funds		 4,639,417 4,833,401
Restricted funds 23,799 30,052
TOTAL FUNDS 4,663,216 4,863,453

FOR TH E YEAR ENDED 3 1 DECEMBER 2020
31.12.20 31.12.19
Notes f.
Cash flows from operating activities
Cash generated
from operations		 1 (51,363) 66,327
Net cash (used in)/provided by operating activities (51,363) 66,327
Cash flows from investing activities
Purchase
oftangible
fixed assets		 (31,482)
Sale oftangible
fixed assets		 750 5,000
Net cash provided
by/(used		 in) investing activities 750 (26,482)
Change
in cash and cash		 equivalents
in the reporting
period		 (50,613) 39,845
Cash and cash equivalents at the
beginning
ofthe reporting		 period 77,521 37,676
Cash and cash equivalents at the end
ofthe reporting
period		 26,908 77,521

ACTIVITIES
31.12.20 31.12.19
Net expenditure
for the reporting		 period (as per the Statement
of Financial Activities) (200,237) (130,722)
Adjustments
for:
Depreciation
charges		 166,889 163,749
Profit on disposal offixed assets (750) (5,000)
Decrease/(increase)
in stocks		 956 (896)
Decrease
in debtors		 13,366 9,607
(Decrease)/increase
in creditors		 (31,587) 29,589
Net cash (used in)/provided by operations (51,363) 66,327

ANALYSIS OF CHANGES
IN NET FUND		 S
At 1.1.20 Cash flow At 31.12.20
E
Net cash
Cash at bank and in hand 77,521 (50,613) 26,908
77,521 (50,613) 26,908
Total 77,521 (50,613) 26,908

DONATIONS AND L EGACIES
31.12.20 31.12.19
Donations 4,175 4,599
Grants from Waltham Abbey Royal Gunpowder Mills Charitable
Foundation 104,600 190,108
108,775 194,707
OTHER TRADING ACTIVITIES
31.12.20 31.12.19
F
Commercial trading operations 1,468 17,436

31.12.20 31.12.19
Activity
Operation ofWaltham Abbey Royal
Admission
fees		 Gunpowder Mills 30,643 174,039
Operation ofWaltham Abbey Royal
Grants Gunpowder Mills 337,019
Room rental etc Miscellaneous income 102,234 107,073
132,877 618,131
Included above under the Activity 'Miscellaneous income' is the
following: 31.12.20
f		 31.12.19
f
Filming
Rights		 49,860 60,817
Room Rental income (other) 49,106 40,744
Functions 3,268 4,750
Corporate
hospitality		 etc 762
102,234 107,073
Grants received,
included		 in the above, are as follows:
31.12.20 31.12.19
f
Historic England
- Quinan		 Stove 5,000
Epping Forest District Council - Quinan Stove 5,000
WARGM Charitable Goundation - Quinan
Stove		 4,595
Countryside
Stewardship		 -Scheduled
Monument		 Mangement Plan I 18,484
WARGM Charitable Foundation -Scheduled Monument
Management
Plan		 I 6,213
WARGM Charitable Foundation -Scheduled Monumnet
Management
Plan		 II 6,712
WARGM Charitable Foundation - Project repairs 15,000
WARGM Charitable Foundation - Buidlings L153-L148Roof and
Veranda
repairs		 236,660
WARGM Charitable Foundation —Fire Alarm Upgrades 30,000
WARGM Charitable Foundation - Development (Red Book
Evaluation) 9,355
337,019

31.12.20 31.12.19
E E
Gain on sale oftangible fixed assets 750 5,000
Government grants 62,768
63,518 5,000
31.12.20 31.12.19
F
Coronavirus Job Retention Scheme 37,768
Coronavirus Hospitality for Business Rates 25,000
62,768
6. CONIMERCIAL TRADING OPERATION COSTS
Commercial trading operation costs
31.12.20 31.12.19
Staff costs 7,410 22,245
Insurance 586 2,382
Retail supplies 1,395 5,014
Estate and establishment costs 3,624 12,579
13,015 42,220
7. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 8) note 9) Totals
P
Costs ofOperation of Waltham
Abbey Royal Gunpowder Mills 454,169 39,691 493,860

31.12.20
f		 31.12.19
f
Staff costs 172,272 228,282
Insurance 14,064 24,445
Marketing 7,735 20,868
Estate costs 83,606 129,274
Special Projects - Quinan Stove 21,365
Special Projects - Scheduled Monument Management Plan I (2,743) 11,430
Special Projects - Scheduled Monument Management Plan II 26,420
Special Projects - Project repairs 9,360 2,457
Special Projects - Buildings L153-L148Roof and Veranda repairs 236,660
Special Projects - Development (Red Book Evaluation) 9,355
Special Projects - HLF 2,986
Depreciation 166,889 163,749
454,169 874,305
SUPPORT COSTS
Heritage Governance
Retail
f		 site
f		 costs Totals
Costs of Operation ofWaltham Abbey
Royal Gunpowder Mills 734 30,638 8,319 39,691
Support costs, included in the above, are as follows:
Retail
31.12.20 31.12.19
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills
f		 activities
f
Accountancy
fees		 557 1,266
General office 177 942
734 2,208

31.12.20 31.12.19
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills actwities
E E
Accountancy fees 12,834 12,991
Legal and professional fees 13,713 5,090
General office 4,091 9,662
30,638 27,743
Governance costs
31.12.20 31.12.19
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills activities
E F
Auditors' remuneration 6,860 7,250
Legal and professional 10,686
Accountancy fees 1,459 1,584
8,319 19,520
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.12.20 31.12.19
F E
Auditors' remuneration 6,860 7,250
Depreciation -owned assets 166,889 163,749
Surplus on disposal of fixed assets (750) (5,000)

The average
monthly		 number of employees during the year was as follows:
31.12.20 31.12.19
Administration
and Operations		 9 12
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
F
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 194,707 194,707
Charitable
activities
Operation
ofWaltham		 Abbey Royal
Gunpowder
Mills		 174,039 337,019 511,058
Miscellaneous
income		 107,073 107,073
Other trading
activities		 17,436 17,436
Other income 5,000 5,000
Total 498,255 337,019 835,274

13. COMPARATIVES FOR THE STATEMENT OF COMPARATIVES FOR THE STATEMENT OF COMPARATIVES FOR THE STATEMENT OF COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
E
EXPENDITURE ON
Commercial
trading
operation		 costs 42,220 42,220
Charitable
activities
Costs ofOperation
ofWaltham		 Abbey
Royal Gunpowder
Mills		 616,089 307,687 923,776
Total 658,309 307,687 965,996
NET INCOME/(EXPENDITURE) (160,054) 29,332 (130,722)
Transfers
between funds		 5,280 (5,280)
Net movement
in funds		 (154,774) 24,052 (130,722)
RECONCILIATION
OF FUNDS
Total funds brought forward 4,988,175 6,000 4,994,175
TOTAL FUNDS CARRIED FORWARD 4,833,401 30,052 4,863,453
14. STATEMENT OF CHANGES IN RESOURCES APPLIED FOR FIXEDASSETS FOR COMPANY
USE
2020 2019
E
Net movement
in funds for the		 year (200,237) (130,722)
Resources used for net acquisitions oftangible fixed
assets (4,000) 26,482
Net movement
in funds available		 for future activities (196,237) (157,204)
15. TANGIBLE FIXEDASS ETS
Long Exhibition Plant and
leasehold costs machinery Totals
E E
COST
At 1 January 2020 7,606,948 1,014,236 419,484 9,040,668
Disposals (4,000) (4,000)
At 31 December 2020 7,606,948 1,014,236 415,484 9,036,668
DEPRECIATION
At 1 January 2020 2,852,195 1,011,757 370,201 4,234,153
Charge for year 152,139 1,803 12,947 166,889
Eliminated
on disposal		 (4,000) (4,000)
At 31 December 2020 3,004,334 1,013,560 379,148 4,397,042
NET BOOK VALUE
At 31 December 2020 4,602,614 676 36,336 4,639,626
At 31 December 2019 4,754,753 2,479 49,283 4,806,515
16. STOCKS
31.12.20 31.12.19
Finished goods 6,074 7,030
17. DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
F
Trade debtors 5,3?6 26,814
Other debtors 8,200 7,755
VAT 5,809 5,513
Prepayments
and accrued income		 26,842 19,511
46,227 59,593

CREDITORS: AMOUNTS
FALLING DUE WITHIN O		 NE YEAR
31.12.20 31.12.19
E P
Trade creditors 27,608 35,918
Social security and other taxes 2,569 3,632
Other creditors 3,877
Accrued expenses 20,796 30,138
Deferred
income		 4,646 13,641
55,619 87,206

Minimum
lea		 se paymen ts
under non-ca		 ncellable
operating		 leases fall due as follows:
31.12.20 31.12.19
E
Within one year 2,400 1,180
Between one and five years 7,200 295
In more than five years 600
10,200 1,475
MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.1.20 in funds funds 31.12.20
E F
Unrestricted funds
General
fund		 4,833,401 (184,624) (9,360) 4,639,417
Restricted funds
Scheduled
Monument		 Management
Plan
I		 2,743 (2,743)
Scheduled
Monument		 Management
Plan
II		 2,743 2,743
Project Repairs (9,360) 9,360
Fire Alarm Upgrades 30,052 (6,010) 24,042
Heritage
Lottery Fund		 (2,986) (2,986)
30,052 (15,613) 9,360 23,799
TOTAL FUNDS 4,863,453 (200,237) 4,663,216

Net mo vement
in fund		 s,
included
in the above a		 re as follows:
Incoming Resources Movement
resources expended in funds
P F
Unrestricted
funds
General fund 306,638 (491,262) (184,624)
Restricted funds
Scheduled
Monument		 Management
Plan
I		 2,743 2,743
Project Repairs (9,360) (9,360)
Fire Alarm Upgrades (6,010) (6,010)
Heritage Lottery Fund (2,986) (2,986)
(15,613) (15,613)
TOTAL FUNDS 306,638 (506,875) (200,237)

Compar ati ves
for m		 ovement
in funds
Net Transfers
movement between At
At 1.1.19 in funds funds 31.12.19
F F F
Unrestricted
funds
General fund 4,988,175 (160,054) 5,280 4,833,401
Restricted funds
Quinan Stove 6,000 (6,770) 770
Scheduled Monument Management
Plan
I		 13,267 (13,267)
Scheduled Monument Management
Plan
II		 (19,708) 19,708
Project Repairs 12,543 (12,543)
Fire Alarm Upgrades 30,000 52 30,052
6,000 29,332 (5,280) 30,052
TOTAL FUNDS 4,994,175 (130,722) 4,863,453

Comparative
net mov		 ement
in funds		 ,
included
in the		 above are as follows :
Incoming Resources Movement
resources expended in funds
E E
Unrestricted
funds
General fund 498,255 (658,309) (160,054)
Restricted funds
Quinan Stove 14,595 (21,365) (6,770)
Scheduled
Monument		 Management
Plan
I		 24,697 (11,430) 13,267
Scheduled
Monument		 Management
Plan
II		 6,712 (26,420) (19,708)
Project Repairs 15,000 (2,457) 12,543
Buildings L153-L148 Roof and
Veranda
repairs		 236,660 (236,660)
Fire Alarm Upgrades 30,000 30,000
Development
- Red Book Evaluation		 9,355 (9,355)
337,019 (307,687) 29,332
TOTAL FUNDS 835,274 (965,996) (130,722)
Nature and
ur ose		 ofRestricted Funds