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REGISTERED COMPANY NUMBER: 03376501 (England and Wales)
REGISTERED CHARITY NUMBER: 1062968














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 6

Report of the Independent Auditors 7 to 9

Statement of Financial Activities 10

Statement of Financial Position 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14 to 28

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023



TRUSTEES C M Pemberton
G S Browne
Dr G Hooper (resigned 10.3.24)
F E A Baxter
J Amador (resigned 22.6.24)
L Stuart (resigned 29.11.23)
A R Mciver
J J Brown (resigned 9.5.23)
J A Richardson
R Lawes (appointed 29.3.23)
P D Egan (appointed 27.2.23) (resigned 11.10.23)
A D Macdonald (appointed 29.3.23) (resigned 31.5.23)


REGISTERED OFFICE Column House
London Road
Shrewsbury
Shropshire
SY2 6NN


REGISTERED COMPANY NUMBER 03376501 (England and Wales)


REGISTERED CHARITY NUMBER 1062968


AUDITORS BK Plus Audit Limited (Statutory Auditor)
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX


BANKERS Barclays Bank Plc
Wolverhampton


SOLICITORS Todmans SRE
Barringtons, Hockley Rd
Rayleigh, Essex, SS6 8EH

Devonshires LLP
30 Finsbury Circus
London, EC2M 7DT


SENIOR MANAGEMENT TEAM A Macdonald (appointed 1.7.23)
Chief Executive
H Hamlyn (resigned 12.7.23)
Site Manager

Catherine Cavanagh (appointed 29.2.24)
General Manager

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
Aspirations for 2023 had to be curtailed when the severe financial constraints suffered throughout the country adversely impacted the financial support available to us and budgets had to be trimmed accordingly. The plan for 2023 had been to build on 2022 season, continue to open on Sundays and invest in capital projects. However, reduced operating budgets impacted on staffing levels, and capital projects. We continued to market the education programme to schools. Holiday activities, walking tours and other low cost/no cost activities were offered. A joint venture was entered into as a possible route to extend our offering, but did not deliver as expected.

The highlight of the year was approval from the National Heritage Memorial Fund in March to commit to substantial repair work in the Grade 1 listed L157 Incorporating Mill building with their generous funding assistance of £420,575. The award was made in March 2023 but only £63,927 was receivable in the 2023 financial year due to delays in starting the project; the balance will be receivable in the 2024 financial year and the project is expected to complete in September.

The charitable company is associated with The Waltham Abbey Royal Gunpowder Mills Charitable Foundation, a charitable foundation established to raise funds and manage an endowment for the long-term development and management of the Waltham Abbey site. The charitable company receives donations from the Foundation to enable it to carry out its functions. The Corporate Trustee of The Waltham Abbey Royal Gunpowder Mills Charitable Foundation is The Waltham Abbey Royal Gunpowder Mills Charitable Foundation Limited, also the sole member of The Waltham Abbey Royal Gunpowder Mills Company Limited.

Volunteers
Volunteer numbers during 2023 were approximately 100 generating 8499 hours compared to 2022 - 10,176 hours. Covid opening restrictions resulted in 2021 volunteer hours of only 5737. Our volunteers are valued and valuable and the Trustees are grateful for their enthusiasm and commitment to the site. A 2024 objective is to increase volunteer levels.

Public Benefit
In shaping the Charitable Company's work, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. In addition to any grants received, the Charitable Company relies upon the income from admission fees and charges to cover its operating costs. In setting the level of admission fees, school programme charges, and concessions the trustees give careful consideration to the accessibility of the site for children and those on low incomes.

The entrance price has been maintained at the 2022 rate.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The site opened to the public at Easter 2023 and the company's principal objective was to reestablish the site as a well-run and interesting visitor attraction that attracted 150 visitors on open days. These numbers proved to be over optimistic. Investigations across the visitor attraction sector indicated that this continues to be a national not local problem.

We were keen to restore our reputation with schools as a value for money school trip which met the needs of the school curriculum while also providing an on line offering for schools unable to travel to the site and a third-party school visiting option. The programme now includes Gunpowder, Rocketry and the Royal Gunpowder Mills itself.

Property rentals were slightly above budget. Filming rentals were disappointing after a buoyant 2022, which the industry attributed to general financial constraints and the increased cost of borrowing.

FINANCIAL REVIEW
Financial position
The net income for the period is detailed on page 10 in the Statement of Financial Activities.

During the year the charitable company received unrestricted funds of £301,175 from the Waltham Abbey Royal Gunpowder Mills Charitable Foundation ("the Foundation"), as well as £22,000 in restricted funds for projects, making a total grant of £323,175.

The site was closed to the public from January until Easter 2023 and from October 2023 to the end of the year. The shorter opening period meant that income from general admission fees fell compared to 2022. Filming income also fell as a consequence of the general slowdown in commissioning activity by streaming services as their subscription revenue dropped. Towards the end of the year there were signs that activity would pick up for 2024 but this is clearly a volatile income stream although beneficial. There was some success in building our functions and corporate hire income to compensate but these smaller-revenue activities are more time-consuming to manage. In addition, we had additional costs from rising energy bills and for security to try to prevent intruders to the site following damage to some of our buildings from vandals; a claim was made against our insurance for this which was pending during 2023 and settled in June 2024. The great bulk of the charity's costs are fixed costs to do with security and maintenance of our 175 acre site, and there are no realistic ways to reduce this when income falls.

A material error was identified in FY23 that related to FY22 and affected the opening reserves. This is disclosed and the financial impact within note 15 to the financial statements.

Investment policy and objectives
Under the Memorandum and Articles of Association, the Charitable Company has the power to make any investment which the trustees may think fit.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


FINANCIAL REVIEW
Reserves policy
Before the beginning of every year the directors and trustees carry out a detailed review of the Charitable Company's activities and produce income and expenditure budgets and cash flow forecasts for the ensuing year. Monthly management accounts and cash flow forecasts are prepared and actual performance against the budgets are monitored by the directors and trustees at Board meetings.

There were free reserves available at 31 December 2023 as demonstrated by net current assets of £34,501. The Charitable Company relies on the grants from the Foundation to fund its operating deficit. Monies are received from the Foundation on a cash-flow basis during the year, as needed, up to a sum determined by the annual budget which receives review and final approval by the Foundation. To date, deficit grant funding received to the end of August 2024 stands at £131,816 and development/capital grant funding received to the end of August 2024 stands at £61,307.

The Foundation has confirmed it will continue funding for at least 12 months commencing 1 September 2024 for the next year.

FUTURE PLANS
Rosanna Lawes joined the Company Board in March 2023 to speed the development of a solution from the Joint Project Board. In June, Andrew Macdonald was appointed as Chief Executive Officer and he has assisted Rosanna in the work of the Joint Project Board in meeting stakeholders and sharing outline plans for the future with stakeholders and assess their level of support.

In the autumn, the Trustees began tentative conversations with the Foundation about merging both charities to improve effectiveness in achieving charitable objectives and conserving and protecting the site. Legal advice was sought on how this might be achieved. Four models were explored at length and major supporters such as NHLF were consulted for their views on our proposed direction of travel. By January 2024 the Foundation had appointed Farrer & Co to conduct Due Diligence on the Operating Company on their behalf. In March 2024 the Operating Company received independent legal advice confirming that it was within their power to take the decision to merge with another charity if they believed it to be in the best interest of the charity. This decision was duly made. A working party with members from each charity began to meet in April 2024 with a plan of actions required to facilitate a merger. The group meets regularly and has an estimated end of 2024 for the completion of all identified actions and a move to one united charity with care and control of the site and its endowment.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Waltham Abbey Royal Gunpowder Mills Company Limited is currently limited by guarantee (company number 3376501) and is a registered charity (number 1062968). Its governing document is the Memorandum and Articles of Association.

A Special Resolution was passed in October 2021 and revised Memorandum and Articles of Association was adopted to take account of the changes in governance arrangements with the Foundation. A further Special Resolution was passed in March 2023 and revised Memorandum and Articles of Association to take account account of trustee governance changes.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The Sole Member of the Charitable Company is The Waltham Abbey Royal Gunpowder Mills Charitable Foundation Limited.

The number of trustees shall not be less than two and not more than 20. Sadly, we have lost 4 Trustees during 2023 through a combination of new jobs, ill health and a further retirement early in 2024. As the Charity is currently undertaking a governance review, Trustee recruitment has been put on hold until later in 2024 when requirements for the future will be clearer.

As set out in the Articles of Association, at every Annual General Meeting one quarter of the directors and trustees retire by rotation and may if willing to act be reappointed. The 2024 AGM will be held in during the autumn. The Articles state that the Chairman of The Waltham Abbey Royal Gunpowder Mills Charitable Foundation Limited shall always be a Director and Trustee by virtue of his office. The Chairman of the Friends or Supporters Association established to support The Waltham Abbey Royal Gunpowder Mills Company Limited is a director and trustee per the Articles. The Articles state that each of the organisations; Essex County Council, Lee Valley Regional Park Authority, Epping Forest District Council and Waltham Abbey Town Council may appoint a Trustee to attend Board Meetings.

Organisational structure
The board of directors and trustees which meets regularly to administer the Charitable Company. Day-to-day operations of the Charitable Company are managed by a permanent staff of 3.8 FTE supported by casual employees and volunteers.

The trustees delegate day-to-day management of the charitable company to the Chief Executive Officer.

Current Trustees
The current Trustees ae listed below:
Fiona Baxter, Grahame Browne, Rosanna Lawes, Andrew McIver, Mark Pemberton, James Richardson,

Recruitment, induction and training trustees
A review of current and future trustee skill requirements is currently underway. When clarity about skill gaps is identified a recruitment drive will commence and will have due regard to trustee diversity. It is anticipated that as in the past, trustee induction training will be provided at the point of recruitment

Key management remuneration
The trustees and the Chief Executive Officer comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All trustees are unpaid.

Principal risks and uncertainties
The trustees take risks very seriously in managing a site with many hazards. The principal risk to our activities has for some time been viewed as the uncertainty of future funding for conservation and preservation partly because of a lack of a cohesive approach from the Operating Company and the Foundation. The development of a new charity combining responsibility for both the endowment and site operations will remove this concern and open the path to access further external fund raising.

Work with a large group of Stakeholders took place in June 2024 to identify opportunities to raise funds and identify potential solutions to some of our difficulties. Visitor headcount is significantly below the pre COVID level and is being addressed by a far-reaching reimagining project supported by the National Lottery Heritage Fund under their Resilience Fund programme.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Waltham Abbey Royal Gunpowder Mills Company Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees 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 that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, BK Plus Audit Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 20 September 2024 and signed on its behalf by:





A R Mciver - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

Opinion
We have audited the financial statements of The Waltham Abbey Royal Gunpowder Mills Company Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities 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 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate 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 trustees' 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit 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 a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but it 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, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that, despite us planning and performing our audit in accordance with auditing standards, one or more material misstatements in the financial statements may have gone undetected by our audit. As with any audit, there is a risk that irregularities and fraud will go undetected where they involve matters such as misrepresentations from management, collusion, deliberate omissions and override of controls. It is not the role of the auditor to prevent non-compliance and we cannot be expected to detect every instance of non-compliance with all laws and regulations.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiries of management including a pre audit meeting;
- obtaining and reviewing supporting documentation of policies concerning the laws and regulations applicable to the business;
- understanding how the charitable company complies with its regulatory framework by making enquiries of management ;
- considering the culture inherent in the charitable company and whether this represents a culture of honesty and ethical behaviour with a strong emphasis of detection and prevention of fraud.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED


Auditors' responsibilities for the audit of the financial statements - continued
We assessed the susceptibility of the charitable company's financial statements to material misstatement and considered how fraud might occur. The audit procedures performed included, but were not limited to:

- challenging management assumptions and estimates;
- identifying and testing unusual journal entries;
- assessing how the relevant laws and regulations have been complied with and noting any instances of non compliance;
- reviewing the financial statements for compliance with relevant Accounting Standards and accounting legislation applicable to a smaller company;
- considering how those charged with governance have addressed the possibility of an override of essential controls or other influence over the financial reporting processes.
In addition, we also considered other non financial laws relevant to the charitable company. These do not necessarily have a direct influence on the financial statements but might affect the charity's ability to operate.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report
This report is made solely to the charitable company's 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 company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Roger Downes FCA (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited (Statutory Auditor)
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX

23 September 2024

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 4 306,516 22,000 328,516 218,045

Charitable activities 6
Operation of Waltham Abbey Royal Gunpowder Mills
24,973

63,927

88,900

37,787
Miscellaneous income 138,242 - 138,242 227,646

Other trading activities 5 438 - 438 5,512
Total 470,169 85,927 556,096 488,990

EXPENDITURE ON
Commercial trading operation costs 7 3,059 - 3,059 55,911

Charitable activities 8
Costs of Operation of Waltham Abbey Royal Gunpowder Mills
574,550

78,678

653,228

614,983
Total 577,609 78,678 656,287 670,894

NET INCOME/(EXPENDITURE) (107,440 ) 7,249 (100,191 ) (181,904 )


RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 4,314,172 22,022 4,336,194 4,499,742
Prior year adjustment 15 (18,356 ) - (18,356 ) -
As restated 4,295,816 22,022 4,317,838 4,499,742

TOTAL FUNDS CARRIED FORWARD 4,188,376 29,271 4,217,647 4,317,838

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED (REGISTERED NUMBER: 03376501)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 16 4,149,316 6,012 4,155,328 4,315,942

CURRENT ASSETS
Stocks 17 4,712 - 4,712 5,394
Debtors 18 141,427 18,809 160,236 53,111
Cash at bank and in hand - 9,848 9,848 43,449
146,139 28,657 174,796 101,954

CREDITORS
Amounts falling due within one year 19 (107,079 ) (5,398 ) (112,477 ) (100,058 )

NET CURRENT ASSETS 39,060 23,259 62,319 1,896

TOTAL ASSETS LESS CURRENT LIABILITIES 4,188,376 29,271 4,217,647 4,317,838

NET ASSETS 4,188,376 29,271 4,217,647 4,317,838
FUNDS 22
Unrestricted funds 4,188,376 4,295,816
Restricted funds 29,271 22,022
TOTAL FUNDS 4,217,647 4,317,838

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2024 and were signed on its behalf by:





A R Mciver - Trustee

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (46,795 ) 8,260
Net cash (used in)/provided by operating activities (46,795 ) 8,260

Change in cash and cash equivalents in
the reporting period

(46,795

)

8,260
Cash and cash equivalents at the
beginning of the reporting period

2

43,449

35,189
Cash and cash equivalents at the end of
the reporting period

2

(3,346

)

43,449

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.12.23 31.12.22
as restated
£    £   
Net expenditure for the reporting period (as per the Statement of
Financial Activities)

(100,191

)

(181,904

)
Adjustments for:
Depreciation charges 160,614 164,155
Decrease/(increase) in stocks 682 (880 )
Increase in debtors (107,125 ) (23,174 )
(Decrease)/increase in creditors (775 ) 50,063
Net cash (used in)/provided by operations (46,795 ) 8,260

2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.12.23 31.12.22
as restated
£    £   
Cash in hand 977 1,229
Notice deposits (less than 3 months) 8,871 42,220
Overdrafts included in bank loans and overdrafts falling due within
one year

(13,194

)

-
Total cash and cash equivalents (3,346 ) 43,449



3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 43,449 (33,601 ) 9,848
Bank overdrafts - (13,194 ) (13,194 )
43,449 (46,795 ) (3,346 )
Total 43,449 (46,795 ) (3,346 )

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. CHARITY INFORMATION

The Charity is a company limited by guarantee (company number: 3376501 England and Wales) and a charity registered with the Charity Commission in England and Wales (charity number: 1062968). The registered office is The Waltham Abbey Royal Gunpowder Mills Company Limited, Column House, London Road, Shrewsbury, Shropshire, SY2 6NN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The Charity prepared its budgets for the financial year to 31 December 2024 with an operational deficit of £192,000 and £147,000 to fund capital and other special projects. In May a reforecast of the budget was prepared which projected an operating deficit of £215,514. Projections have also been prepared for the 9 month period ending 30 September 2025 that show an operational deficit of £143,441 (in addition to Special Project funding budgeted at £66,000). As set out in note 24 to these financial statements, the Charity, as in previous years, is reliant upon the continued support of The Waltham Abbey Royal Gunpowder Mills Foundation ("The Foundation") to provide discretionary funds to make good operational deficits.

The Foundation and the Operating Company have taken the decision in principle to merge and create one single charity with responsibility for all aspects of the site, a process which is planned to complete by 31 December 2024. Notwithstanding this decision the Foundation has provided written confirmation of financial support for the period to the end of September 2025, thus a minimum of 12 months post approval of the FY23 financial statements.

There is no indication that The Foundation will not provide financial support towards the operational deficit beyond 30 September 2025 should the merger of the charities not take place. As a result of these commitments, the Board of the Charity considers the Charitable Company to be a going concern and has prepared these financial statements on that basis.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.







THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Expenditure


Allocation and apportionment of costs
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.

The Board of Trustees reviewed the split of costs during the year ended 31 December 2023 and have compared against the 2022 figures accordingly. In particular, Governance costs (Support) were reviewed in line with the SORP and it was agreed to include 10% of the accountancy fees (2022: 10%) (in relation to year end procedures) and 100% of the audit costs (2022: 100%).

The Board of Trustees considers the allocation of costs in proportion of Admissions income compared to Retail income for the year under review. For the year to 31 December 2023, Admissions income was calculated as 99% (2022: 87%) and Retail income 1% (2022: 13%). This split is then applied to Retail (Commercial Trading Operation Costs) and the Heritage Site, after considering if any of the expenditure falls within the SORP guidance for 'Governance'.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Long leasehold - 50 years
Exhibition costs - 5 years
Plant and machinery - 5 years

For the years up to 31 December 2021, individual fixed asset additions costing £1,250 or less were not capitalised unless they were part of a specific project or exhibition and the total expenditure exceeded £1,250 overall.

For FY22 (and all future years), the directors have considered and revised the internal capitalisation policy. Accordingly, all expenditure commencing 1 January 2022 is now written off to the Statement of Financial Activities as incurred, regardless of individual or project spend.

For the reasons stated in note 27, the historic exhibits owned by the charity have not been capitalised.

Cash at bank and in hand
Cash at bank 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.

Financial instruments
The Charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Stocks
Stock is included at the lower of cost or net realisable value.

Taxation
The charitable company is exempt from corporation tax on its charitable activities.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Fund accounting
Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objectives of the charitable company.

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for these purposes is charged to the restricted fund.

Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charitable Company's accounting policies, the directors/trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of Estimation Uncertainty
Depreciation
Depreciation of tangible fixed assets is based on the Charity's judgement of their useful economic lives and residual values.

The depreciation rates used are disclosed in the tangible fixed asset accounting policy within note 2 and the carrying value of the assets is disclosed in note 16.

Allocation and apportionment of costs
Costs are allocated based on the percentage split of Income between 'Admissions' and 'Retail' for FY23 and split across the various Activities of the charity. Further information is disclosed within note 2.

Recognition of grant income
Where entitlement to grant income is subject to performance conditions income is recognised as the performance conditions are met.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. DONATIONS AND LEGACIES
31.12.23 31.12.22
as restated
£    £   
Donations 5,341 15,407
Grants from Waltham Abbey Royal Gunpowder Mills Charitable
Foundation

323,175

202,638
328,516 218,045

5. OTHER TRADING ACTIVITIES
31.12.23 31.12.22
as restated
£    £   
Commercial trading operations 438 5,512

6. INCOME FROM CHARITABLE ACTIVITIES
31.12.23 31.12.22
as restated
Activity £    £   

Admission fees

Operation of Waltham Abbey Royal
Gunpowder Mills

24,973

33,787

Grants

Operation of Waltham Abbey Royal
Gunpowder Mills

63,927

4,000
Filming Rights etc Miscellaneous income 138,242 227,646
227,142 265,433

Included above under the Activity 'Miscellaneous income' is the
following:

31.12.23

31.12.22
£    £   
Filming Rights 10,261 141,791
Room Rental income (other) 59,735 50,656
Insurance claim proceeds 35,650 32,025
Functions 22,454 2,448
Sale of vehicles 3,100 -
Corporate hospitality etc 6,530 726
Sale of deer 512 -
138,242 227,646


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INCOME FROM CHARITABLE ACTIVITIES - continued
Grants received, included in the above, are as follows:
31.12.23 31.12.22
as restated
£    £   
Epping Forest District Council - 4,000
National Heritage Memorial Fund (NHMF) 63,927 -
63,927 4,000

7. COMMERCIAL TRADING OPERATION COSTS

Commercial trading operation costs
31.12.23 31.12.22
as restated
£    £   
Staff costs 1,457 24,236
Insurance - 3,973
Retail supplies 1,602 2,301
Estate and establishment costs - 25,401
3,059 55,911

8. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 9) note 10) Totals
£    £    £   
Costs of Operation of Waltham
Abbey Royal Gunpowder Mills

621,594

31,634

653,228

9. DIRECT COSTS OF CHARITABLE ACTIVITIES
31.12.23 31.12.22
as restated
£    £   
Staff costs 152,577 160,418
Insurance 31,766 26,298
Marketing 453 9,148
Estate costs 177,041 168,169
Special Projects - Building L157 NHMF 72,143 18,356
Consultancy costs: Interim Manager 27,000 -
Depreciation 160,614 164,155
621,594 546,544


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. SUPPORT COSTS
Heritage Governance
Retail site costs Totals
£    £    £    £   
Costs of Operation of Waltham Abbey
Royal Gunpowder Mills

102

23,528

8,004

31,634


Support costs, included in the above, are as follows:

Retail
31.12.23 31.12.22
as restated
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills activities
£    £   
Accountancy fees 102 1,636
General office - 1,160
102 2,796
Heritage site
31.12.23 31.12.22
as restated
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills activities
£    £   
Accountancy fees 12,529 10,828
Legal and professional fees 3,983 40,508
General office 7,016 7,680
23,528 59,016

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. SUPPORT COSTS - continued
Governance costs
31.12.23 31.12.22
as restated
Costs of
Operation
of
Waltham
Abbey
Royal
Gunpowder Total
Mills activities
£    £   
Auditors' remuneration 6,600 5,168
Accountancy fees 1,404 1,459
8,004 6,627

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
as restated
£    £   
Auditors' remuneration 6,600 5,168
Depreciation - owned assets 160,614 164,155

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. STAFF COSTS

2023 2022
£    £   

Wages and salaries 144,755 171,463
Social security costs 6,413 8,938
Other pension costs 2,866 4,253
154,034 184,654

No employee earned more than £60,000 per annum (2022: £nil).

The Key Management Personnel of the Charity are considered to be the Site Manager and the Chief Executive Officer (who is remunerated through the Foundation). The total remuneration of key management personnel was £49,616 (2022: £40,107).

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
as restated
Administration and Operations 8 9





14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
as restated
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 208,045 10,000 218,045

Charitable activities
Operation of Waltham Abbey Royal Gunpowder Mills
37,787

-

37,787
Miscellaneous income 227,646 - 227,646

Other trading activities 5,512 - 5,512
Total 478,990 10,000 488,990

EXPENDITURE ON
Commercial trading operation costs 55,911 - 55,911

Charitable activities
Costs of Operation of Waltham Abbey Royal Gunpowder Mills
608,973

6,010

614,983
Total 664,884 6,010 670,894

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
as restated
£    £    £   

NET INCOME/(EXPENDITURE) (185,894 ) 3,990 (181,904 )


RECONCILIATION OF FUNDS
Total funds brought forward 4,481,710 18,032 4,499,742

TOTAL FUNDS CARRIED FORWARD 4,295,816 22,022 4,317,838

15. PRIOR YEAR ADJUSTMENT

A prior year adjustment has been made to correct the balances in accruals, expenditure and funds.

Note 19: Creditors falling due within one year has been increased by £18,356 to represent an unrecognised accrual relating to legal costs for the L157 project.

Expenditure in notes 8 and 9 has also been increased by £18,356 to recognise the accrual.

This has the effect of decreasing the unrestricted fund balances at 31 December 2022 by £18,356 compared to the original published financial statements in September 2023.

16. TANGIBLE FIXED ASSETS
Long Exhibition Plant and
leasehold costs machinery Totals
£    £    £    £   
COST
At 1 January 2023 and
31 December 2023

7,606,948

1,014,236

420,484

9,041,668

DEPRECIATION
At 1 January 2023 3,308,612 1,014,236 402,878 4,725,726
Charge for year 152,139 - 8,475 160,614
At 31 December 2023 3,460,751 1,014,236 411,353 4,886,340
NET BOOK VALUE
At 31 December 2023 4,146,197 - 9,131 4,155,328
At 31 December 2022 4,298,336 - 17,606 4,315,942


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. STOCKS
31.12.23 31.12.22
as restated
£    £   
Finished goods 4,712 5,394

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 23,241 8,336
Other debtors 85,650 10,000
VAT 8,267 8,488
Prepayments and accrued income 43,078 26,287
160,236 53,111

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans and overdrafts (see note 20) 13,194 -
Trade creditors 63,090 53,955
Social security and other taxes 1,977 3,839
Other creditors 9,395 11,221
Accrued expenses 15,990 23,756
Deferred income 8,831 7,287
112,477 100,058

20. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
as restated
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 13,194 -


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

21. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23 31.12.22
as restated
£    £   
Within one year 2,450 2,450
Between one and five years 650 3,050
3,100 5,500

22. MOVEMENT IN FUNDS
Prior Net Transfers
year movement between At
At 1.1.23 adjustment in funds funds 31.12.23
£    £    £    £    £   
Unrestricted funds
General fund 4,314,172 (18,356 ) (107,440 ) - 4,188,376

Restricted funds
Fire Alarm Upgrades 12,022 - (6,010 ) - 6,012
WARGM Friends
Association

10,000

-

(4,559

)

-

5,441
Building L157 - National
Heritage Memorial Fund

-

-

(4,182

)

3,343

(839

)
Match Funding from
Foundation for L157
project


-


-


22,000


(3,343


)


18,657
22,022 - 7,249 - 29,271
TOTAL FUNDS 4,336,194 (18,356 ) (100,191 ) - 4,217,647

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 470,169 (577,609 ) (107,440 )

Restricted funds
Fire Alarm Upgrades - (6,010 ) (6,010 )
WARGM Friends Association - (4,559 ) (4,559 )
Building L157 - National Heritage
Memorial Fund

63,927

(68,109

)

(4,182

)
Match Funding from Foundation for
L157 project

22,000

-

22,000
85,927 (78,678 ) 7,249
TOTAL FUNDS 556,096 (656,287 ) (100,191 )


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 4,481,710 (185,894 ) 4,295,816

Restricted funds
Fire Alarm Upgrades 18,032 (6,010 ) 12,022
WARGM Friends Association - 10,000 10,000
18,032 3,990 22,022
TOTAL FUNDS 4,499,742 (181,904 ) 4,317,838

THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 478,990 (664,884 ) (185,894 )

Restricted funds
Fire Alarm Upgrades - (6,010 ) (6,010 )
WARGM Friends Association 10,000 - 10,000
10,000 (6,010 ) 3,990
TOTAL FUNDS 488,990 (670,894 ) (181,904 )

Nature and purpose of Restricted Funds

Fire Alarm Upgrades
New Fire Alarm System installed at Waltham site in December 2019.

WARGM Friends Association
A donation was received for £10,000 from Waltham Abbey Royal Gunpowder Mills Friends Association (Registered Charity 1115237) in June 2022, £6,000 specifically towards buying new or refurbished playground equipment and the balance of £4,000 to be approved by the trustees of the WARGM Friends Association when to be utilised on specific projects.

Building L157 - National Heritage Memorial Fund / Match funding from Foundation for L157 project
A grant for the repair and conservation of Building L157. The grant funded percentage is 95.03% with the balance match funded by the Waltham Abbey RGM Foundation. The match funded amount is being released in line with the installments received from NHMF.

Transfers between funds

Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where:-

(i) The activity of the restricted fund has come to an end and there is an unspent balance that is
not repayable to the funder(s), when the surplus is transferred to unrestricted funds; and

(ii) the restricted fund is in deficit and has either come to an end or there is no prospect of a
surplus in a later period, which the deficit is eliminated by transfer from unrestricted funds.

(iii) to transfer the value of tangible fixed assets from restricted to unrestricted funds when the
asset has been purchased from a restricted fund donation but is held for a general and not a
restricted purpose.



THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. CONTINGENT LIABILITIES

Various funders retain the right to claw back grants should the use of funds not be in accordance with the terms of the grant. In the opinion of the trustees no such liability exists at the year-end.

24. RELATED PARTY DISCLOSURES

The Charitable Company is related to The Waltham Abbey Royal Gunpowder Mills Charitable Foundation Limited, trustee of The Waltham Abbey Royal Gunpowder Mills Charitable Foundation ("the Foundation"), by virtue of a Management Agreement (for shared central services) and a Lease Agreement for the occupation of the Waltham Abbey site.

C M Pemberton and R Lawes are directors and trustees of both the Charitable Company and the Foundation.

The Charitable Company received donations from the Foundation of £323,175 (2022: £202,638) to support the development and management of the site and buildings at Waltham Abbey in accordance with the charitable objects of both the Charitable Company and the Foundation.

In addition, the Foundation made an expression of financial support to the Charitable Company, that is not binding on the Foundation. The commitment by the Foundation is an intention to spend and is not included in the financial statements as at 31 December 2023. The commitment at 31 December 2023 was £192,000 (2022: £178,079) to develop and manage the Waltham Abbey site, all payable within one year and £147,000 (2022: £111,000) to fund Capital / Other Projects (exceptional expenditure). Additional funding is applied for and approved for additional intended purposes throughout 2024 where no commitment existed at 31 December 2023.

A Joint Project Board ("JPB") was established during FY21 by both The Waltham Abbey Gunpowder Mills Charitable Foundation trustees and directors of The Waltham Abbey Royal Gunpowder Mills Company Limited to provide senior collective leadership and in particular a long term strategy and associated financing for the site as a whole.

Waltham Abbey Royal Gunpowder Mills Friends Association ("Friends Association") is a Registered Charity (No: 1115237) and both Dr G Hooper and L Stuart are trustees of that Charity, in addition to being directors and trustees of The Waltham Abbey Royal Gunpowder Mills Company Limited. During the year donations were received from the Friends Association totalling £4,123 (2022: £14,500).

25. POST BALANCE SHEET EVENTS

At the Board meeting of 4 December 2023 it was decided that there would be a merger between the The Waltham Abbey Royal Gunpowder Mills Charitable Foundation Limited and The Waltham Abbey Royal Gunpowder Mills Company Limited.

Under this model, the Waltham Abbey Royal Gunpowder Mills Charitable Foundation Ltd, the sole corporate trustee of the Foundation, would merge with the Operating Company. The Operating Company would be dissolved and its operational responsibilities taken on by the corporate trustee, with the Foundation holding the site and the Permanent Endowment.

The corporate trustee would adopt new Articles and be registered as a charity. It would also establish a trading subsidiary to enable it to carry out trading activity in the future.


THE WALTHAM ABBEY ROYAL GUNPOWDER
MILLS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

26. SHARE CAPITAL

The charitable company is limited by guarantee and has no share capital.

Under the terms of the Memorandum of Association the liability of each member is limited to £1 in the event of the winding up of the charitable company.

27. HERITAGE ASSETS

Any assets owned by the Charitable Company that are held for contribution towards the nation's cultural and educational benefit are recognised as heritage assets in the financial statements in accordance with Financial Reporting Standard 102 - Module 18 (Heritage Assets) and FRS 102 SORP, which requires such assets to be reported in the Statement of Financial Position, where information is available, at cost or value with initial recognition of donated heritage assets at their fair value where practical.

For assets that existed at 31 December 2023 the trustees are of the view that valuation information cannot be obtained at a cost that is commensurate with the benefits to users of the financial statements, so a valuation approach is not practical and the trustees have consequently adopted a non-recognition approach in accordance with the provisions of the Standard.