Lincolnshire Police said the discovery was made after a planned warrant was carried out earlier.
The force said there was no wider risk to the public, but asked people to avoid the area.
Police thanked the team at the village hall for “offering up the space without hesitation”.
In a statement, they said: “This is true community spirit, and we’re really grateful for how swiftly they gave us access to the building.”
Shortly after 21:00 BST, police said residents were being allowed back to their homes and thanked them for their “efforts, understanding and patience”.
The force said a controlled explosion would be carried out near Faldingworth to dispose of the materials discovered at the property.
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