##
##
||||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|||||
##
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##
||||||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|
##
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|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|
##
##
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##
##
||||||||||||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||||
##
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