## 



||||Pages|
|---|---|---|---|
|Reference and administration||information||
|Trustees'<br>report|||2-6|
|Independent<br>auditor's|report||7-9|
|Statement offinancial|activities||10|
|Balance sheet||||
|Statement ofcash flows|||12|
|Principal accounting|policies||13-15|
|Notes to the accounts|||16-21|



|ts||||
|---|---|---|---|
||Charitable<br>Grants|||
||Material Science-|||
|A|Armourers<br>&Brasiers'|Rolls-Royce Scheme|22|
|B|Armourers<br>&Brasiers'|AWE Scheme|23|
|C|Armourers<br>&Brasiers'|MPI Scheme|24|
|D|Grants Towards<br>Materials Science||25|
|E|Other Charitable<br>Grants||26|





|Charity|Registration|Registration|Number|279204||||||
|---|---|---|---|---|---|---|---|---|---|
|Founder||||The Worshipful<br>Company||ofArmourers|||& Brasiers|
|Trustees||||E B Pitt (Chairman)||||||
|||||Colonel David Wynne|Davies||(Resigned||25June 2020)|
|||||MJ Goulette||||||
|||||NJ Davies||||||
|||||Prof. W Bonfield||||||
|||||Mr JRH Hale||||||
|||||Prof Emma Ream (Appointed|||25 June 2020)|||
|Secretary||||P Bateman||||||
|Chief Executive||||A M Clift||||||
|Nature of||Governing||||||||
|Instrument||||Declaration<br>ofTrust dated||21|November||1979|
|Registered||Office||Armourers'<br>Hall||||||
|||||81 Coleman Street||||||
|||||London EC2R 5BJ||||||
|Auditor||||Haysmacintyre<br>LLP||||||
|||||10Queen Street Place||||||
|||||London||||||
|||||EC4R 1AG||||||
|Bankers||||National<br>Westminster|Bank pic|||||
|||||94 Moorgate||||||
|||||London<br>EC2M 6XT||||||
|||||C Hoare 8 Co||||||
|||||37Fleet Street||||||
|||||London||||||
|Fund Managers||||Rathbone<br>Investment|Management|||Limited||
|||||8 Finsbury<br>Circus||||||
|||||London EC2M 7AZ||||||





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|||||Expendable||2021|202|
|---|---|---|---|---|---|---|---|
||||General|Endowment|Restricted|Total|TotI|
||||Fund|Fund|Funds|Funds|Func|
|||Notes||||||
|Income from:||||||||
|Donations<br>and||||||||
|gifts|||8,467|75,031|92,000|175,498|1,022,071|
|Investment||||||||
|income<br>Interest received|||190,770<br>427|||190,770<br>427|252,48(<br>2,47.'|
|Charitable||||||||
|activities|||||||8,00(|
|Total income|||199,664|75,031|92,0QQ|366695|1 285 025|
|Expenditure<br>on:||||||||
|Raising funds:||||29,746||29,746|26,024|
|Charitable||||||||
|activities|||329,943||928,900|1,258,843|374,087|
|Total Expenditure|||329943|29746|928 90Q|1 288589|400,111|
|Net Income before|gains|on||||||
|investments|||(130,279)|45,285|(836,900)|(921,894)|884,915|
|Net gains/(losses)|on|||||||
|investments||10||1,881,964||1 881 964|(1 000 99c|
|NET MOVEMENT <br>FUNDS|IN||«130279|I 927 249|~836900|9611070|~776,084|
|FUND BALANCES||||||||
|BROUGHT FORWARD|||297,907|7,296,513|857,000|8,451,420|8,567,504|
|FUND BALANCES|CARRIED|||||||
|FORWARD|||167628|9223 762|20 100|94114!IQ|8,451 4211|





|The Armourers<br>&B|rasiers' Gauntlet Trust||||
|---|---|---|---|---|
|BALANCE SHEET|||||
|Year to31March 2021|||||
||||2021|2020|
|||Notes|||
|FIXEDASSETS|||||
|Fixed asset investments||10|9,275,776|7,922,576|
|CURRENTASSETS|||||
|Stock|||8,243|9,603|
|Debtors|||50,684|61,494|
|Cash at bank and<br>in hand|||1411,555|524 345|
||||205,437|695,442|
|CREDITORS|||||
|Amounts<br>falling due within one year||12|(69,723)|(166,598)|
|NETCURRENTASSETS|||135,714|528,844|
|TOTAL NETASSETS|||9,411,490|8,451,420|
|FUNDS AND RESERVES|||||
|Expendable<br>endowment|fund|13|9,223,762|7,296,513|
|Restricted funds|||20,100|857,000|
|Unrestricted<br>funds|||||
|Designated|||19,331|150,000|
|fund|||||
|General|fund||148,297|147,907|
||||9,411,490|8,451,420|





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|||2021|2020|
|---|---|---|---|
|||Total funds|Total funds|
|||F|E|
|Cash flows from operating<br>activities (see note below)||||
|Net cash used in operating<br>activities||(1,197,796)|665,646|
|Cash flows from investing<br>activities||||
|Investment<br>income received||191,197|285,870|
|Purchase of investments||(2,486,002)|(1,571,613)|
|Proceeds from sale ofinvestments<br>(Increase)/decrease<br>in investment<br>cash||2,104,691<br>910075|1,682,340<br>~935,803|
|Net cash provided<br>by investing<br>activities||719,961|(539,206)|
|Change<br>in cash and cash equivalents<br>in year||(477,835)|126,440|
|Cash and cash equivalents<br>at the beginning|ofthe year|624 345|497905|
|Cash and cash equivalents<br>at the end ofthe|year|146510|624 345|
|Note: reconciliation<br>of net income to cash flows from operating||activities||
|||2021|2020|
|||Totalfunds|Total funds|
|Net income per the Statement of Financial Activities||960,070|(116,084)|
|Add: decrease<br>in stock / deduct increase<br>in stock||1,360|2,317|
|Add: investment<br>losses<br>/ deduct: investment|gains|(1,881,964)|1,000,999|
|Deduct: investment<br>income receivable||(191,197)|(254,955)|
|Deduct: increase<br>in debtors/add:<br>decrease<br>in <br>Add: increase<br>in creditors/<br>deduct: decrease|debtors<br>in creditors|10,810<br>~96875|(39,988)<br>73,357|
|Cash flows from operating<br>activities||~1,497,796|665646|





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|1|DONATIONS<br>AND|DONATIONS<br>AND|DONATIONS<br>AND|GIFTS|GIFTS||Expendable||2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||General|Endowment|Restricted|Total|
|||||||Fund|Fund|Funds|Funds|
||Tata Steel|pic||||||30,000|30,000|
||Morgan Advanced|||Materials||||25,000|25,000|
||The Materials<br>Processing||||Institute|||25,000|25,000|
||Donations|from|individuals|||917|75,031|12,000|87,948|
||Other donations|||||7,550|||7,550|
||2021 Total|funds||||8,467|75,031|92,000|175,498|
||PRIOR YEAR||||||Expendable||2020|
|||||||General|Endowment|Restricted|Total|
|||||||Fund|Fund|Funds|Funds|
||Tata Steel|pic||||||1,000|1,000|
||Morgan Advanced|||Materials||||||
||The Materials<br>Processing||||Institute|||30,000|30,000|
||Rolls-Royce pic|||||||25,000|25,000|
||AWE|||||||25,000|25,000|
||TWI|||||||10,000|10,000|
||Donations|from individuals|||||78,431||78,431|
||Other donations|||||2,640||850,000|852,640|
||2020 Total|funds||||2,640|78,431|941,000|1,022,071|
|2|Income from Investments|||||||||
|||||||||2021|2020|
|||||||||Unrestricted|Unrestricted|
|||||||||funds|funds|
|||||||||E||
||UK equities|||||||190,770|222,241|
||UK government||stock and|||||||
||fixed interest securities||||||||30,239|
||Interest on|Cash|Deposits|||||||
||and Other|Income||||||427|2 475|
|||||||||191 197|254,955|
|3.|Income from Charitable||||Activities|||||
|||||||||2021|2020|
|||||||||Unrestricted|Unrestricted|
|||||||||funds|funds|
||||||||||F|
||Armourers|8 Brasiers'||||||||
||Cambridge|Forum|||||||8 ODO|



## 

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|Armourers|8 Brasiers'|
|---|---|
|Cambridge|Forum|





## 

|NOT|ES TO THE|ACCOUNTS||||||||
|---|---|---|---|---|---|---|---|---|---|
|Year|to31March|2021||||||||
|4.|Expenditure<br>on raising funds|||||||||
|||||||||2021|2020|
|||||||||Expendable|Expendable|
|||||||||endowment|endowment|
|||||||||fund|fund|
|||||||||E|E|
||Investment|management||fees||||29746|25024|
|5.|Expenditure<br>on Charitable|||Activities||||||
||||||||||2021|
||||||||Unrestricted|Restricted|Total|
||||||||Funds|Funds|Funds|
||Grants payable (note 6)||||||256,467|928,900|1,185,367|
||Armourers|&Brasiers'||||||||
||Cambridge|Forum||||||||
||Support Costs (note 7)||||||73476||73476|
||2021 Total|Funds|||||3211943|928900|1 258 843|
||PRIOR YEAR 2020|||||||||
||||||||Unrestricted|Restricted|2020|
||||||||Funds|Funds|Total|
||||||||||Funds|
||Grants payable (note 6)||||||195,477|91,000|286,477|
||Arrnourers|& Brasiers'||||||||
||Cambridge|Forum|||||8,000||8,000|
||Support Costs (note 7)||||||79,610||79,610|
||2020 Total|Funds|||||283,087|91,000|374,087|
|6|Grants Payable|||||||||
|||||||||2021|2020|
|||||||||Total|Total|
|||||||||Funds|Funds|
||||||||||E|
||Armourers|8 Brasiers' Tata||Steel|Scheme||||15,073|
||Armourers|&Brasiers' Rolls-Royce Scheme||||||15,750|36,000|
||Armourers|&Brasiers' Materials|||Processing||Institute Scheme|33,000|34,320|
||Armourers|& Brasiers' AWE Scheme||||||21,150|30,000|
||Armourers|&Brasiers' TWI||Scheme|||||12,000|
||Charitable|grants towards|materials|||science||47,686|101,159|
||Other charitable<br>grants|||||||67,781|57,925|
||Imperial College London —Armourers|||||and|Brasiers Chair in Materials|||
||Science|||||||1 000 QQ0||
||Further details are provided|||in appendices|||A-G|1 185367|286,477|





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|Fixed|asset investme|nts<br>held at 31 March comprised<br>th|e following:||
|---|---|---|---|---|
||||2021|2020|
|Listed|investments||||
||Fixed Interest Securities||451,433|507,994|
||Investment|Companies|788,667|960,936|
||UK Equities||4,168,128|2,881,897|
||Overseas|Equities|3 726 55D|2 52D 127|
||||9 134226|6 87D 954|



## 

|11|DEBTORS||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||Tax recoverable|on investment|income||594|1,920|
||Investment<br>income receivable||||33,659|19,276|
||Other debtors and prepayments||||16431<br>5D684|46 298<br>61494|
|12|CREDITORS||||||
||||||2021|2020|
|||||||E|
||Worshipful<br>Company<br>ofArmourers|||&Brasiers||84,569|
||Accruals and Deferred income||||24,350|48,175|
||Grant Creditors||||44,250|24,000|
||Other Creditors||||1 123|9854|
||||||69723|166598|



## 



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|||||||||As At|
|---|---|---|---|---|---|---|---|---|
||||||At 1 April|||31 March|
||||||2020|Income|Expendituref|2021f|
|Materials<br>Processing||Institute||Scheme||30,000|(30,000)||
|Rolls-Royce Scheme|||||7,000|25,000|(15,750)|16,250|
|AWE Scheme||||||25,000|(21,150)|3,850|
|TWI Scheme|||||||||
|The Peter 8 Nicki Mason|||Fund|||12,000|(12,000)||
|The Worshipful<br>and Brasiers|Company||ofArmourer||850,000||~850,000||
||||||857 0110|92 IIDD|~928 900|20 100|
|Prior year 2020|||||||||
|||||||||As At|
||||||At 1 April|||31 March|
||||||2019|Income|Expendituref|2020|
|Tata Steel Scheme||||||1,000|(1,000)||
|Materials<br>Processing||Institute||Scheme||30,000|(30,000)||
|Rolls-Royce Scheme|||||7,000|25,000|(25,000)|7,000|
|AWE Scheme||||||25,000|(25,000)||
|TWI Scheme||||||10,000|(10,000)||
|The Worshipful|Company||ofArmourer||||||
|and Brasiers||||||850000||850,000|
||||||7000|941 000|~91000|857 DDII|



## 

## 

|ANALYSIS OF NET|ASSETS BETWEE|N FUNDS||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Expendable|Total|
|||Fundsf|Funds|Endowment|2021|
|Fund balances at 31|March 2021 are|||||
|represented<br>by:||||||
|Fixed asset investments||31,914|20,100|9,223,762|9,275,776|
|Current assets||205,437|||205,437|
|Creditors: amounts|falling due|||||
|within one year||(69,723)|||(69,723)|
|Total net assets||167,628|20,100|9,223,762|9,411,490|





## 

|ANALYSIS OF NET <br>PRIOR YEAR 2020|ASSETS BETWEE|N FUNDS (Continue|d)|||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Expendable|Total|
|||Funds|Funds|Endowment|2020|
||||Z|||
|Fund balances at 31|March 2020 are|||||
|represented<br>by:||||||
|Fixed asset investments||457,505|857,000|6,608,071|7,922,576|
|Current assets||7,000||688,442|695,442|
|Creditors: amounts|falling due|||||
|within one year||(166,598)|||(166,598)|
|Total net assets||297 9117|857 QQQ|7298513|8451 425|



## 



|EDUCATION||||||2021f|2021f|
|---|---|---|---|---|---|---|---|
|School Level:||||||||
|Royal Armouries|schools'|project||||1 000|1,000|
|Undergraduate<br>Level:||||||||
|First year university<br>prizes||(2 at f250)||||||
|Birmingham||||||750||
|Cambridge<br>(Not|awarded|2020/21)||||||
|Imperial<br>College,|London|||||500||
|Manchester||||||500||
|Oxford (Not awarded 2020/21)||||||||
|Swansea||||||500||
||||||||2,250|
|University<br>of Sheffield|Industrial|Training||Project||||
|||||||7 000|7,500|
|Research Student<br>Level;||||||||
|Conference<br>and|placement|travel|grants|||||
|Armourers<br>& Brasiers' Cambridge||||Forum||1 000||
||||||||1,000|
|Post-Doctoral<br>Level:||||||||
|Armourers'<br>Rolls-Royce Fellowship||||||4,000|4,000|
|Sub-totai: amount charge to restricted|||fund in 2021||||15,750|
|Transferred<br>to Covid Recovery||Fund to||be spent|in 2021/22|||
|Rolls-Royce Funds||||||9,250||
|A&B Funds||||||11,000||
||||||||20,250|
||||||||36,000|





## 

|EDUCATION||||||2021f|2021f|
|---|---|---|---|---|---|---|---|
|School Level:||||||||
|Schools Outreach||||||3,000||
|Teacher's CPD||||||2,000||
||||||||5,000|
|Undergraduate<br>Level:||||||||
|Cambridge 1"Class Degrees||||||500||
|On site Summer Placements<br>&Summer Placement|||||Support|4,000||
|Metallurgy<br>awards/bursaries||||||400||
|Undergraduate<br>Bursaries||(3xE1,000)||||3,000||
|Oxford Summer<br>Metallurgy||Tour||||2,000||
||||||||9,900|
|Research Student<br>Level:||||||||
|Conference<br>travel grants||||||||
|Armourers<br>& Brasiers' Cambridge|||Forum|||1,000||
|Recognising<br>excellence|awards|||||250||
|University<br>of Cambridge|Student||Opportunity|Fund|(DMSM)|5,000||
||||||||6,250|
|Sub-total: amount charge to restricted|||fund in 2021||||21,150|
|Transferred<br>to Covid Recovery||Fund to be spent||in 2021/22||||
|Conference<br>travel grants||||||8,850||
|AWE Contribution||3,850|||||8,850|
|ABBContribution||5000||||||
|||8,850||||||
||||||||30 000|





|EDUCATION||||2021|2021|
|---|---|---|---|---|---|
|Research Student|Level:|||||
|Millman<br>Scholarship||||16,000||
|Post graduate|research|symposium||15,400||
|Symposium<br>Prizes||||600||
||||||32,000|
|Research Community||||||
|Armourers<br>&|Brasiers'|Cambridge|Forum 2022||1,000|
||||||33,000|





## 

|EDUCATION||||||||2021|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||E||
|School Level:||||||||||
|6th Form Materials<br>Prizes||||||||1,450||
|SATRO - the problem||solving challenge||||||1,000||
|IOM3 Magic of Materials||||Summer School||||||
|Royal Armouries|materials||||project|||1,000||
|University<br>school|links|||||||3000|6,450|
|Undergraduate<br>Level:||||||||||
|Industrial<br>experience||awards and travel||||||9,000||
|Sheffield<br>Hallam<br>4x 600|University||||forensic engineerin||g scholarships|2,400||
|Swansea<br>University<br>entry||||sponsorship||2 x500||1,000||
|Summer<br>Placement||Support||||||1,925||
|University<br>Medals 8,Awards||For|Excellence:|||||||
|Aston||||||||250||
|Bath||||||||250||
|Birmingham||||||||250||
|Cambridge<br>x2||||||||500||
|Cranfield<br>x 2||||||||300||
|Imperial College|London|||x|3|||375||
|Lancaster||||||||250||
|Loughborough<br>x|2|||||||500||
|Manchester<br>Materials||Science Centre||||||250||
|Nottingham||||||||250||
|Oxford||||||||250||
|Queen<br>Mary University|||London|||||250||
|Royal College of|Art|||||||500||
|Sheffield||||||||250||
|Sheffield<br>Hallam||||||||250||
|Southampton||||||||250||
|Swansea||||||||250||
|University<br>College London||||||||250||
|Alumni<br>Evening<br>Prize||||||||34||
|Medals (23@F25each)||||||||575|20,359|
|Research Student<br>Level:||||||||||
|Oxford bursary||||||||2 QQ0|2,000|
|Post Doctoral Level:||||||||||
|Cambridge<br>post-doctoral||awards||||||||
|Distinguished<br>visiting|Fellow|||Scheme||||2 000|2,500|





## 

|Professional<br>Institutions:|||||||
|---|---|---|---|---|---|---|
|Institute of Materials|-Young persons'|||lecture competition|900||
|Livery schools<br>link|||||125||
|Royal Society Medal|&|Award|||2,505||
|Robert Perrin Medal|||||847|4,377|
|Cutlers'<br>Company,<br>Hallamshire:|||||||
|Sheffield scheme|awards||||||
|Thr Peter & Nicki Mason Fund lrestricted)|||||||
|Summer placements|||||10,000||
|Other activities|||||2,000|12,000|
|Sub-total: amount charge|to|expenditure|in|2020-21||47,686|
|Transfer to Covid Recovery||Fund||||10,331|
|||||||58,017|





|AWARDS &GRANTS||||2021|2021|
|---|---|---|---|---|---|
|COMMUNITY<br>&ARMED FORCES||||||
|Prizes||||||
|Medals||||||
|Royal Navy||||||
|- Britannia Royal Naval||College||||
|- Faslane<br>Flotilla||||||
|-Armourers||||250||
|-Armoury||||250||
|-Junior Weapon<br>Engineering|||Officer|250||
|Royal Air Force<br>- RAF Cosford Engineer Officer||||||
|-6Squadron||||250||
|REME - Artificer Weapons Course||||||
|Royal Army Chaplains||Department||250||
|Royal Armourerd<br>Corps (Binoculars 2019&2020)||||1 814||
||||||3,064|
|Cost of medals||||||
|Grants||||||
|First Aid Nursing<br>Yeomanry||||500||
|VC &GC Association||||500||
|Alexander<br>Forsyth award<br>& medal||||550||
|Royal British Legion||||500||
|Sheriffs' &Recorder's||Fund||500|2,550|
|CHILDREN, YOUTH & EDUCATION||||||
|Cadet units||||2,000||
|The Ulysses Trust||||2 000|4,000|
|MEDICAL & HEALTH||||||
|The Richard House Hospice||||2,000|2,000|
|THE ARTS||||||
|Guildhall<br>School ofMusic & Drama - Brass Prize||||1,000||
|West Dean College -|Armour||Studentship|1 000|2,000|
|CHRISTIAN MISSION||||||
|StMargaret<br>Lothbury||||1,000||
|St Paul's Cathedral||||500||
|United Guilds service|||||1,500|
|GAUNTLET TRUST SUPPER||||4,250||
|LORD MAYOR'S APPEAL||||2 000||
||||||6280|
|OCCASIONAL<br>GRANTS|||||21,364|
|St Cuthbert's<br>Centre||||12,500||
|City Bridge Trust||||30,000||
|Livery Kitchens<br>Initiative||||3,000||
|St Margaret<br>Lothbury<br>retiring|collection|||917|46,417|
|TOTAL OTHER CHARITABLE||GRANTS|||67781|