THEARMOURERS & BRASIERS GAUNTLETTRUST ChaTity Re8iStration number: 279204 REPORT ANDACCOUNts 31 March 2022
The Armourers & BrAsiers' Gauntlet Trust INDEX TO REPORT AND AccouKrs 31 March 2021 Pages Reference and administration information Trustees, report Independent audilorfs reF Statement of financial aclivilies 10 Balance sheet 11 Stal8menl of cash flows 12 Pr1r1pal accounting policies 1>15 Notes lo th8 accounts 16-21 Appendices lo the accounts Charitable Grants Material So'ence- Am)ourers & 8rasiers' Rolls-Royce Sthme Amiourers & Brasiers, AWE Schem8 Amiourers a Brasi8rs' MPI Scheme Grants Towards Materials Science Other Charitable Grants 22 23 24 25 27
The Arniourers & Brasiers, GAuntld Trust 31 Marcli 2022 Charity Registration Number 279204 Founder The WLYshipfvl Company of Armourers & 8rasi8rs Trusle8S E B Pitt {Chairman> Prof. W Bothld DT R Bowdler {Appointed 1 July 2021) NJ Davie5 MJ Goulette (Resigned- 1 July 2021) JRH Hale Prof Emma Ream Secretsry P Bateman Chief Execullve AMCIrft Nature of Goveming Instrument Dedaralron of Trust dated 21 November 1979 Reglstered Offl¢e Am)wrers' Hall 81 Coleman Street LorKlon EC2R 5BJ Auditor Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankèrs C H03re & Co 37 Fleet Street LorKlon Fund Managers Rathl)one Investment Management Limited 8 Finsbury Cirujs London EC2M 7A2
The Armourers & BrAsiers' Gauntlet Trust TRUSTEE5' REPOR T Year to 31 Mrtrcli 2022 The Iruslees present their statutw report together wilh the actnts of Armourers and Brasiers. Gaunuet Trust I'lhe Tru$l' or 'the charity'l for the erKled 31 March 2022. The accounts have been prepared in accordance th the a¢¢ountirKJ policies set out on pages 13 10 15 of the atlached accounts and o)mply wrth the Charity's trust deed, appliCae laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harib'es preparing their accounts in accordance with Ihe Finanrial Repyting SlarKlard alcable in the UK aThl Republic of Ireland IFRS 1021. GOVERNANCE. STRUCTURE AND MANAGEMEpir Gov•man The Armourers and Brasiers. Gauntlel Tw$t is governed by a Declaratson of Trust dated 21 November 1979. The Trust is registered under the CharitS Act 2011 wilh Charity Registration Number 279204. The power lo appoint Iruslees 1$ vested in the Worshipful Company of Arniourers & BrasSers and is exercise<i by resolution of the Court of Assistants of the Worshipful Company. When new trustees are appointed, they are given an inlrodu¢lion to the work of the Trust and provided with the infom)ation they need to fu11 their role. The trustees who served during the year are ltsted on page 1. The Iru$lee$ meet three lime5 annually to revw the Trust's finances. to conskler appllcalions and to approve grants. The Chief Executive is responsible for the day lo day administrab'on of the Trust. Oversight of grants in support of Materials Soence education and research is delegated to an expert $ub¢ommittee, the Materials Science Committee. chaired by a trustee who reports at the trustees, meetings. A significant proportion of grants are made on a rewrrent basis, and approved as part of annual budget approval. Applications lo those grant programmes for whth there is an open applution process shjId be made via the website {lw.8rrnOurérsba1I.Co.ukftUTrdirKj-granlS). Trust••s' r•sponslblSltl•s stst•m•nt Tho ttustees are responsible for preparing the trustees. report and accounts in aCCdanCe with applicable law and United Kingdom Ac(xJunling Slandards {Uniled Kingdom Generally Accepted Ac¢ounting Practi) Th8 law applicable to charities in EnglaThJ and Wales requires t trustees to prepare accounts foreach financial year whlch gave a true and fair vthv of the State of affairs of the charity and of the irthme and expenditure of the charity for that period. In preparing these accounts. the tru$lees are required lo: $ele¢t suitsble a¢¢ounting wli¢ios and then appty them consistenuy: • observe the methods and principles in Accounling and Reporting by Charities.. Sialemenl of Recommended Pra¢li¢e applicable to charities prepariro their accounts in accordance wfLh the Finanrial Reporti Stan¢Jard applicable in the UK and Republ of Iland IFRS 1021., • make judgements and eslimales Ihal are Sonable and prudent,. • slate whether appluble United lfjngdom Ac¢wnling Standard5 hav8 be8n folld. subject to any material departures disdosed and explained in the accounts.. aThJ prepare the a¢counls on the wng concem basis unless it is inappropriate to prUMe that the charity will continue in operatson. The trustees are responsible for keeping adequate a¢¢ountiw rerdS that are slfflen1 to show and explain the charty's transa¢lions and disdose wth reasonable accuracy. at any time. the finan¢ial position of the charity and enable them to ensure that the accounts comFdy 7Mth the Charities Act 2011, applicable Charity (Accounlg and Reports) Regulations and Ihe Provis)nS of the charity's trust deed. They a also responsible fc safeguardiThJ the assets of the ch8rty and hence for taking reasoftae Steps for the prevention and detection of fraud and other irregularities. The Arniourers & Brasiers, Gauntlet Tn4St
TRUSTEES, REPOR T Yeftr lo 31 Mftrcli 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT (¢ontinuod) K•y manag•m•nt Pornonn The key management personnel comprise the Trustees. Sretary lo the Trust and the Ch¢ef Executive. The remuneration of Ihe Chf Executive is detemiined by the Trustees. The Trustees a not remunerated bul may claim expenses. A charge is made from the Worshipful Company of Armourers and Brasiers to the Trust for some of the costs of the management and administration ofthe charity. Rl8k manag•m•nt The principal risks faced by the Trust lie in the perfomance of investments: the risk of ineffeclive grant making.. and the capacty of Ihe Trust to maintain the level of grant making in nltIon wrth ¢orporale partners. The trustees consider variabilty of investment relums on investments to constitute the charity's major financial ri8k. Th is mitigated by retaining expert investment managers and having a diversified investment portfolio. The inv¢$tm¢nt manager reports to the trustees in person on¢e a year bul 15 vailable for consultation aThJ suppli8S WTitten reports at ther requegt. The operational risk from ineffective grant making is mtbgated by.. o confirming the carftable stalus and other eligibilty criteria agreed by the trustees for the recipients of grants un(ler the small charities programme. o retaining truste85 of suffici8nl sknll and expertise to chair the Materials Sryence sub-committee and ensuring that the other mefflbers of the Materials Sence sub-committee together provide an appropriate raThJe and depth of knowledge of the UK Materials Science sector,. and o maintaining links al senity level with unr¥ersities. inskn'tution$ and military units through which proes and other grants are awarded. The risk of a reductKJn in th8 level of grant making in conjunction wrth our ¢orporale partners is miligaled by careful stewardship of those latIonShipS including annual impact reporting and nsullats'on about the joint programmes al me81ings and through other regular contact. The trustees seek opportunities lo extend their ntaCtS ttwougtrK)ut the UK Materials Science community. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POUCIES Objectives and activlti•s The Declaration of Trust establlshing the TTU$t directs that wth the consent of the Court of Assistants of the Worshipful Company of Armourers and Brasiers. the Trust shall support 811 of any institutions or purposes as the trustees shall from Ilme lo lime think fft. The charity meets these OblveS by making grants in acc>)rdance with the grant making policy below.
The Armourers & BrAsiers' Gauntlet Trust TRUSTEES, REPOR T YeAr to 31 Morcli 2022 ACTivrriES, SPECIFIC 08JECTives AND RELEVAKf POLICIES l¢ontinuod) Grant making poIi¢y Th8 trustees make a large number of indNhlual small grants in support of education. materials s¢Ce and general charitable purposes. Additionally, the Amiourer5 & 8rasiers' Rolls-Royce. the Armourers & 8rasiers' AWE and th8 Amiourefs & Brasiers. Materials Processing Insttiule $¢hemes are run jointly with Rolls-Royce Kdc, AWE and the Materials Processing Institute respectivdy to fund students of materials s(?en¢e. Full lists of the grants made can be four in appendi$ A lo E. Investment pollcy The charity has a portfolio of invo$tmenl$ wth a market value as at 31 March 2022 of £9,770,554 {2021 £9,275,776). Inveslmenl powers held by the Irugtees have been delewed to the ftjnd manager, Rathbone Investment Management Limited. The trustees monitor the perfmanCe of the fund manager against the objective of a balance of ¢apilal growth and income wilh a medium level of risk. The Trustees have decKled that for future years the Trust V•ill draw down fty expenditure each year a stable amount, Ilkely to be about 2.75% of the capitsl value together with the expending of members annual contributions & to a small extent reseThes. This wll enable the Trustees to plan expenditure based on a stable income and will also allow the fund managers, Rathbor, greater flexibility lo invest so as to generate money for the Trusl to spend each year both from divKlend income caprtal gmwth. The trustees are satisfied Ihal their investment policy is being pursued as agreed. Publlc bendft The trustees confirm that they have complied with their duty under Section 11 of the Charities Act 2011. They have considered the public benefft guidance published by the Charrty Commi$sK)n and beli8ve that they have followe¢Y ils guidance in this area. The truslees. report gives a description of the activities undertaken by th8 charity during the year in furtherance of ils charitable wrposes. and the trustees are satisfied that all such actNlties provid8 a wblic benefrt. R•V1 of actlvltl•s The objectives, as set out above. were achieved during the ojrrenl year. Gran1$ of £35,325 {2021 - £21,625 were made lo 7412021551 individual$ and ej) grants of £227.04212021 - £1,163,742) vme mad8 lo edu&qtion81 inslilulions, the remainder of grantsI£35.COl were paid to charitatle organisations. Another Unusual Yur Covid-19 conllnued to challenge our core t*neficiaries and partners: the UK'S Materials Science community from schools to universities and industy: and the Small Charitie$ sector. The trustees awarded COVMI Recovery Grants to key university partners to miiigate Ihe delays to research eXenced by doctoral studen15. As the educatlon sector resumed normal working the trustees were pleased to be able lo reintroduce the popular School Science Grant and Research Student Travel Grant programmes. To support the recovery from pandemi¢ disruption the trustees de¢ide(J to increase the number of n8w small charity partners for the ported year from four to six.
The Arniourers & BrAsiers' Gountlet Trust TRUSTEES, REPORT Year lo 31 March 2022 ACTIVITIES, SPECIFIC OBJECTIVES AMD RELEVANT POLICIES l¢ontinuodl Another Unusual Year leontlnued) Whllst investment income ¢ontinued to be unpredithblt, the trustees were able to maintain support in line with the Trust's objectives by drnwing on reserves. InvoStm•nt p•rformance The investment managers continued to invest in accordance wth the trustees, investment policy set out earfier in this report. Al the end of the year the charity's prfolio of fixed asset investments comprised 38.9%12021 44.9%) listed UK equities. 4.4% {2021- 4.9%) UK govemment stc*k and red interest securities. and 56.7% (2021- 50.3%) overseas equili8s, allemalNes and cash. The tru$lee$ are ¢oncemed the performar Lxrt are keeping the investment objectives of the fund. FINANCIAL REVIEW Rosults ft)r th• yoar A summary of the year's results can be found on page 10 of the report and a¢cwnts. During the year the trustees re¢ewed £74,37912021- £87,948) from irMINiduals including grft aid. Inveslmenls produced income of £200.815 (2021 - £19).770) and intet on ¢a$h deposits aThJ other income of £3.389 {2021 - £4271 was received. During the year £25.00012021- £25.000) was receNed from RoM$-Roy¢6 plc, £25,00012021 - £25,000). from AWE, and £30.000 {2021 - £30,C#JOI from the Materials Processing Inslitule. A further £29,500 of unrestricted funds have been applied to the wogrammes funded by these partners. Outside of the externally funded schemes, a total of £83,437 12021 - £45.6861 has been donated by the trust for the benefit of Students in materials science The total income for the yew was £361,583 (2021- £386,895} and the Irustees. in a¢¢tydarKe vith the object5 of the trust. have made grants of £291.367 (2021- £1,185,367). The 2021 fwjures included an ex¢eptlonal amount of, £1,000,000 awarded to Imperial Cdlege London towards the ueakn'on of The Armourers & Brasiers Chair in Materials Scienc6.
The Arniourers & Brasiers, GAuntlet Trust TRUSTEES, REPOR T Year to 31 March 2022 Reserves pollcy The TnJstees' policy is to distribute all investment dividend and partnership ir)Me, and lo distribute members, annual donations insofar as dividend incom6 does not cover budgeted expenditure for th8 year. Otherdonalions are accumulated and added lo invested funds. The Irustees are of Ihe oplnlon Ihat the current level of unrestricted reserves provides sufficient Ilexibllity to cover temporary shortfalls In income due lo liming drfferertts in incom8 flows. Financial posttlon The balance shget she)ws total funds of £9,854,984 {2021 - £9,411,490) comprlsiThJ expendablÈ èn(lowment funds of £9,670,185 {2021 - £9,223,782), restricted funds of £85012021- £20.1001 and unrestricted funds (free reserves) of £183.949 12021 £167.6281. The trustees consider that this level of free reserves matches the parameters set out in the charity's reserves policy alN)ve and they, therefore. consider free roserves to be 18quate bul not excessNe. FLrruRE PLANS The trustees do not anticipate ary slgnfficanl changes to the charity or rts activities over the next kn to fwe years.11 is their intention to meet the following objecty'ves: To monitor the investment performance so that rf al all posslble, It achieves the ryiteria set by them so that Ihere are suffiaent funds to meet their grant giving policies. To continue lo make grant8 at a similar level. To maintain regular contscl with donors and beneficiaries to support Informed decision-making and 8trategy development for the charity. To conllnue to make grants In1Sne wllh Income. Approved by the Iruslees on 10 November 2022 Trustee tsQb Pirr
The Arniourers & Brasiers, Gauntlet Trust INDEPENDENT AUDITOR'S REPORT YeAr to 31 Morch 2022 Oplnlon We have audi18d the financia Stalements of The Armourers and Brasi8rs' Gauntlet Trust for the year ended 31 March 2022 which comprise the statement of financial activities. the balance sheet. the cash flow sL8tement and the notes to the finawal slalemenls, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is appIe law and United King¢Jom Accounting Standards. induding Financial Reportiro Stsndard 102 The Fin8nci81 Reping St8nd8rd applicable in the UK and Republic of Ireland (United KirrfJdom Generaly Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair vi8w of the stste of th8 chwitls affairs as at 31 Mar¢h 2022 and of the ¢harity's net movemenl in funds for the year then ended. have been property prepared in accordance th United Kingdom G8nerally Accepted Accounting Practice.. and have been ppared in a¢¢tydance the wu¥emenls of the Charities Act 2011. B¥sl$ for oplnlon We have been appointed as auditor under se¢lion 144 of the Charities Act 2011 and rewrt in accordance with the A¢1 and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Inlemational Standards on Audtting IUKI IISAS {UKI) a1 appliCae law. Our responsibilities under those stsndards are further described in the Audrtor's ponsIbIlItIeS for the audrt of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard, and we heve fulfilled our other ethical responsibilities in accordance vthh these requirements. We bdieve that the audit evidence we have obtained 1$ sufficient and appropriate to provide a basis for our opinion. Con¢luslon$ rolatlng to golng ¢on¢•m In 8udilirvJ the financial slalemenls. V•* have conduded that the Trustee's use of the going cortern basls of a¢¢ountlng in the preparation of thefinan¢ial Statements 1$ appropriate. Based on the work we hav8 performed. we have not identrfieé any material unCertaintS relating to events or ¢ondition$ that, individually or collectively, may cast significant doubl on the charity's ability to continue a5 a going concern for a period of al least e1Ve months from when the financial statements are aUtrriSed for i$$ue. Our responsibilities arKS the responsibilrties of the Trustee With respect to 90ing concern are desCrIt in the relevant sections of this report. Other Infornatlon The Trustee is responsible for other informatn. other information comprises the informatlon included in the Trustee's Annual Report. Our opIn)n on the financral ststements does not Ver the other information and, except lo the extent otherwise expliuuy stated in our report. we do not express any fom) of assurance conclusion Ihereon. In connection our audit of the finarKial stalemenls, ow responsibilty is to read the other informatlon and, in dolng so. consider whether t other infomiatK)n is materially inconsistent wth the financial slalemenls or our knoYAedge obtsined in the audit or otherwise appears lo be materialty misst81ed. If we idenlrfy such material inconsistencies or apparent material misstatements. we are wuired to determine whether there is a material misslatemenl in the financial statements or a material misslatemenl of the other information. If. based on the work we have perfom)ed. we ¢on¢lude that there is a malerkql misstaternenl of thi5 Other irrformalion. we are re]ulred to report that fact. We have nothing to report in this regard.
The Arniourers & Brasiers, Gauntltt Trust INDEPENDEAuDIToR's REPORT YeNr 10 31 Mdrcli 2022 Matt•rs on whl¢h w• ar• r•qulr•d to r•port by •xuption We have nothing lo report in respect of the followng matters in relation to whKh the Chti8$ {A¢counls and Reports) Regulations 2008 Ul us to report lo you rf. in our opinion.. adequate accounting re¢ord3 have not been kept by the charity; or sufficient accounting records have not been kepl. or the charity financial statements are not in agreement vAth the ¥¢<Junting records and turns,. or we have r#)t 1ved all the infomialA?n and explanats'ons wa requTr for our audit. Responsibiliti of Trust00 for th• finclaI stat•m•nts As explained more fully in Ihe Tru$tee'$ responsibilities statement set out on pagg 2, the TTUStee is responsible for the preparalion of the financial statements a1 for being satisfted that they give a true and fair view. and for such internal Control as the Trustee determine necessary to enable the preparation of financial statements that a fe from material misstatement. whethtr due to fraud or wor. In Fyeparing the financial statements. the Trustee is responsib for assessing the charity's ability lo continue as a going ¢x)ncern. disclosing. as applicable. matters related to going con¢wn and using the going concern basis of accounting unless the Trustee either intend to Ihiuhlale the charity or to cease operalKins. or have no re1$11¢ amemalfve but lo do so. Audltor's re8ponslbiliti•s for the audit of the financlal slat•menls Our objectives are to obtain reasonable assurance aL)ut whether th8 financial statements as a whole are free from malerial mis$talemenl. whellv due to fraud or error. and to issue an auditor'$ repcrt that includgs our opinbn. ReaSonat8 assurance is a high level of assurance bul is rt a guarantee that an au¢Jil conducted in accordan with ISAS {UKI will aws delect a material mi$staleTnent when il exi31$. Misstatem6nls can arise from fraud or error and are considered material rf. individually or in the aggregate, they ¢ould reasonably be expecled to inffluence the economic decisions of users taken on the basts of these financk31 statements. Irregularfties. including fraud. are instances of nonrycompliance with lawg and regulations. We design procedures in line with our responsibilities. outlined above. to delect material misstatements in respect of irregularities. in¢luding fraud. The extent to whi¢h our pro¢edure$ are Capable of detecting irregularities. including fraud is detailed below- Based on our understanding of the charity and the envtrormnent in which it operates. we idenlrfied that the prlncipal risks of non-compliance with laws and regulations related to the regulatory framework applicable lo registed charities, and we considered the extent to which rn•compli0nCe might have a material effect on the financial stalemenls. We also considered those laws and regulations that have a direct impact on the eparalion of tl financial slalements as the Charities Act 2011 and other factcKs such as taxation. We evaluated management's incentN8S and Opportunit for fraudulent manipul81ion of the financial statements (including th8 risk of OVerre of conlrolsl and deteTmined that the principal risks were relatsd lo manual accounting journals. Audit procedures performed by the engagement team included.. Disr#Jssions wth management Iruding Considerat of known or SuSpted InStare5 of non- compliance with laws and regulalion and fraud.. Evaluating management's controls deswJned to prevent and delecl irregularits,. and Idenlrfying and testing journals. in particulariournal entries posted with unusual account combinations. postings by unusual users or wlh unusual d8scriptions.
The Annourers & BrASltrs' Gauntlet Trust INDEPENDENT AUDITOR'S REPOR T (coiitiniied) YeAr to 31 March 2022 AudIt09 r•sponslbllltl•s for th• audlt of tho flnandal $tat•m•nts {ntInU•d) Because of the inherent limitatiorts ol an audit, thert is a risk that we will not dete¢t all Irwularities, including those leading to a material misstatement in the financial staternents or nonomplIanCe wilh regulation. This risk increases the more that compliance with a law or regulatwjn is removed from the events and transactions reflected in the financral 5talemenls. as we will be less likety lo become aware of InStaS of non-compliance. The risk is also greater regarding irregularities 0CjrrIThj due to fraud rather than ernx. as fraud involves intentional concealment. forgery, collusion, omission or misrepresenlatK)n. A further description of our responsibilities for the audit of the financial statements is Iated on the Flnanclal Reporting Council's website al.. .fr¢.(.ukJaudlt0r5reSponSibIllts. This description forms part of our audrtor's report. Use of our report This report is made solely lo the charity's trustee. as a bcrfty. in accordance with section 144 of the Charilw A¢1 2011 and regulations made urKl8r section 154 of that Act. Our audit work has been undertaken so that we might slate lo the charity's Iruslee those matters we are required to stale to them in an Auditor's report and for no other purpose. To the fullest extent permrtted by law, we do not accept or assume responsibilrty lo anyone other than the charity's trustees as a body for our audit work, for this report. or for the opinions we have formed. H8ysmacintyre LLP Slalutory Auditors 10 Queen Street Place London EC4R 1AG Date: 14 December 2022 Haysmacintyre LLP is eligible to act as an auditor in terms of sectron 1212 of the Companies Act 2W6
The Arniourers & BrAsiers' Gauntlet Trust STA TEMENT OF FJNANCIAL AcrivfTIES Yeor to 31 Morcli 2022 Expendable Endowment Fund 2022 Total Funds 202 TotÉ Fund. Gener81 Fund R&strKted Funds Notes Income from: Donations and 62,379 92.OCKI 154,379 175.498 Investment income Interest received Charitable activbties 204,204 190.770 427 3.IXIO 3,000 Total Income 366.695 Expenditure on.. Raising funds: Charitable activities 36,276 36.276 29.746 253.262 111,250 364,512 1.258.843 Totsl Expendilure 253.262 111,250 400.788 1.288.589 Net In¢ome tseff gains on investnJenl$ 16.321 (36.276> 119.250) 139,2051 (921.894 Net gairtsl(lossesl on investments 10 482.699 482.699 1.881,964 NETIAOVEMENT IN FUNDS 16.321 960 070 FUND BALANCES 8ROUGHT FOR WARD 167,628 9,223.762 20,11KI 9,411,490 8,451,420 FUND BALANCES CARRIED FORWARD 183.949 9.670.185 850 9,854,984 9,411.490 All recognised gains and losses are included in the above statement of financial actNities. All of the charlty's actNities derived from contlnulng operatio)n5 during the above two financial periods. The accompanying notes fomi part of the financial statements. io
The Armourers & Brasias, Gauntlet Trust BALANCE SHEET Year to 31 M4rch 2022 2022 2021 Notes FIXED ASSETS Fixed asset investments 10 g,TTO,554 9.275.776 CURRENT ASSETS Stock Debtors Cash at bank and in hand 10.517 59,913 88.979 159.409 8,243 50,685 146,509 205,437 CREDITORS Amounts falling (lue wthin on8 year 12 (74.979) 169,723) NET CURRENT ASSETS 84.430 135,714 TOTAL NET ASSETS 9.854,984 9,411.490 FUNDS AND RESERVES Expendable endowment fvnd Restricted fvnds Unrestricted funds Designated fuNY General fund 13 9.670.185 850 9.223.762 20.100 19.331 183,949 148.297 9,854,984 9.411.490 The accompanying notes fomi part of the financial statements. Approved and authorised for issue by the tru9tees on 10 November 2022 and signed on their behalf by= Trust88 AÉb ?iTT li
The Arniourers & Brqsiers, Gauntlet Trust STA TEMEMf OF CASHFLOWS 2022 Total funds 2021 Total fvnds Cash fl¢)Ws from operating actNi1 (see note below) Net ¢a$h used in operatir¥J adivit {249.654) 11.197,7961 Cash flows from investing aclNities Investment income received Purchase of investments Proceeds from sale of investments (IreaSeYdecrease in investment cash 204.204 14,616,417) 4,620,062 191.197 12.486,0021 2.104.691 910,075 Net cash provKYed by investing act$ 192,123 719.961 Change in cash and cash equlvalents in year (57.531) 1477.8351 Cash and cash equivalents at the beginning of the year 624 345 Cash and cash equivalents at the end of Iho year 146,510 Note.. reconciliation of net inc(Nne to cash flows from OFrating activities 2022 Total funds 2021 Total funds Nel irthme per the Ststement of Financial Activities 443.494 960,070 Deduct ITrease in stock l ajd.. decrease in $tfKk Deduct.. investmenl gains Deduct.. investment income receNab (2.2741 1482.6991 {204,2041 1,360 (1.881.964} (191.197} Deduct.. increase in debtorsladd.. decrease in debtors Add.. increase in creditors I dedurt.. deeaSe in credrtors (9.2281 5,256 10.810 96.875 Cash flow8 from operatlng lI¥tIeS 249,654 1.197.796 No re¢on¢iliion of net dobt has been provided as th8 clwity has no borrvwirKJs. The accompanying notes form part of the financial statements. 12
The Arniourers & BrAsieis' Gauntlet Trust NOTES To THE ACCOUNTS Year lo 31 Mnrcli 2022 The PNncipal accounting policies adopted. judgements and key sour¢es of estimath uncertainly in the preparation of the accounts are lamj out below. Basls of preparatlon These accounts have been prepared for the year lo 31 Mar¢h 2022. The accounts have been prepared under the hislorical cost conventK)n wlh items reci>Jnised at cosl or transaction value unless olherwse ststed in the relevant ac¢ounting polKies bdow or the notes lo these accounts. The a¢¢ounts havo been prepared in acc(xdance Tmth Accounting arKI Reporting by Charftles.. Statement of Recommended Practice apFAicable lo Charities preparing their accwnts in accordartt with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 (SORPI. Section 1A of the Financial Reporting Standard appltyble in the UK and Republ of Iretand IFRS 102) and the Charities Act 2011. The ¢harity Constitutes a public benefft entity as deffined by FRS 102. Th8 accounts are presented in sleding and are rounded lo the nearest povrby. Crsti¢al a¢¢ounting estimates and areas of judgement Preparation of the accounts may require Ihe trustees aThJ managemenl to make significant judgements and eslimales. There are no items in the accounts where su¢h judgements arHI estimates have boon made. Assessm•nt of golng ¢on¢•rn The Iruslees have assessed whether the use of going concern assumption is appropriate in preparing these accounts. The tru$te05 have rnade this assessment in respect lo a period of one year from the dale of approval of these accwnts. The trustees of the charity have conduded that there are Th) material uertaInties related lo events or¢ondilion$ that may cast signrficanl doubt on the ability of the charity to continue as a going ¢on¢ern. The trustees are of the opinion that the charrty wll have Slrfficient resources lo meet its liabilities as they fall due. Wllh ward to the next accounllng period. the year erK1ing 31 March 2022, the most slgnrficant area$ that affect the carying value of the assets held by the charty are the level of investment relum and the performance of the investment markets (see the investment polty and the risk management sections of the trustees. report for more information). Income recognltlon Income Is recognised in the peri(xJ in whth the chanty has entillemenl to the income. the amount of in¢ome can b6 measured reliably ar it is probable that the irKome wll be received. Income comprises donations and grfts. investment inctime arKI irtome Irom charitable activrties. 13
The Arniourets & Brosiers, Gauntlet Tntst NOTES TO THEACCOUNTS Year to 31 Marcli 2022 Donations are recognised when the charlty has confirmation of both the amount and setttemenl date. In Ihe event of donations pledged but not re¢eNed, the amount is accrued forwhere the receipt is considered probable. In the event that a donation is subject to conditR)ns that requir6 a level of Fwformance before the charity Is entitled to the funds. the income is deferred and not recogni8ed until either those conditions ar8 fully met. or the fulfilmenl of those conditions is wholly within the ¢ontrd of ts charity and it is probablg that Ih05e conditions 11 be fulfilled in the reporting perrod. Dividends are recognised once the divKleThJ has been declwed and notifliOn has been receNed of the dlvidend due. Interest on funds held on deposit is induded when receivable and the amount ¢an be measured reliably by the charity., Ihi$ is normally upon noirfKalion of the interesl paid or payable by the bank. Income from charitable activthes ¢on$i$ts of income recetved from the Armourers and Brasiers. Cambridge Forum. The income is recognised when receivable and the amount can be measured relpbly by the charity,. this Is normally in the period the event takes place. Expendlture recognltlon Liabilits'es are recognlsed as expenditure as soon as there is a legal or ConstntIy8 obligalion committing the charity lo make a payment to a third paty. it 1$ probable that a transfer of e¢onomi¢ benefrts wll be required in settlement and the amount of the obligalK)n can be measured relialjy. All expenditur8 is accounted for on an acwals basis. Expendf(ure comprises dlrecl costs and support costs. All expenses, induding supFx)rt costs. are allocated or apportione(I lo the appluble expenditure headings. The dassffja1I0n between acttvthes is as follows: Expenditure on raising funds o)mprises fees paid to investment managers In connection with the managemenl of the charity's listed investmenls. Expenditure on charitable activit indudes all ¢05ts assoryated vith furtherirKJ the charitable purposes of the charity through the provision of its char[tal¢ activities. Such costs include L*arilable grants, the costs of the Armourers and Brasiers. Cambridge Fcrfum and SUPFQrt arKI govemance costs. Grants payable are included in the statement of financial aclNities whgn approved and when the intended recipient has either receNed the funds or been informed of the decision to make the grant and has satisfied all performan conditions. Grants approved bul not paid at the end of the financial year are accrued. Grants where the beneflary has not been informed or has to fulfil perfomiance o)rrflrtions before the grant 1$ released are not accrued for bul are disclosed as financial ¢ommitmenls in the notes lo the accounts. Support costs represent indirect charitable expenditure. In order lo carry oul the primary purposes of th8 charity il is necessary to provide support in the form of personnel development. financial procedures. provision of offi'ce services and equipment and a suitabl8 working environment. Support costs also include govemance costs involving the public accwntabilty of the charity linduding audit costs) and cosls In ressxcl to ils compliance with Trgulalion and good practice. All expenditure is slated incluslve of irrecoverable VAT. 14
The Armourers & Brasiers, Gauntlet Trust NOTES TO THE ACCOUNTS Yeor to 31 Marcli 2022 Flxed asset Investments Llsted investments are 8 fcm of bas finanryal irvstrumenl and we initially recognised at their tran$a¢lion value and subsequently measured at their fair value as at the balance sheel dale using the c105ing quoted market prl¢e. The charity does not acquire put options. derNatNes or other complex financial instruments. Reall$ed gains (or lo$se$l on investrnenl assets are calculated as the drfferen¢e betsveen disposal prcKeeds and their opening carwng value or their pur¢ha$e value rf acquired subsequent to the first day of the financial year. Unr8alised gains and losses are calculated as the drffence belween the fair value al the year end and their carrwng value al that date. Reali5ed and unrealise(J investmenl gains (or lossesl are combined in the statement of financial actNili8s and are credrted (c debited) in the year in whth Ih8y are. Sto¢k• Stocks are stated al the lower of cost and net alIsable value. D•btors Debtors are recognised at their sdUement amount,18ss any provision for non-recoverability. Prepayments are valued al the amount ppaId. They have been discounted to the rKesent value of the fvture cash Trceipt where such discounting is materw41. Crodltors and provlslo Creditors and provisions are recognised when ther6 is an obligatK)n at the balance sheet date as a sU11 of a past event, il is probable Ihal a transfer of economi¢ benefit will be required in settlement. and the amount of ths settleTnenl ¢an be estimated rdiably. CredrLors aThJ provisions are re¢ognised at the amount the charity anticlpates il will pay lo settle the debl. Fund8 ¥lructur• Exp8nd8ble endowment lund Endowment funds comprise monres which must be held as capital. Wh¥e the trustees have a power of discretion to convert endowed capital into ino)me. the fund is known as an expendable endowment. In¢ome arising from the expendab18 endowment is applied for general chaiiiable wrposes. RestrKted funds The reslricled funds relate lo funds which have been I1ved and Iheir use ffjstricted to a spectfic purpose, or grants 8nd donations $ubje¢t to donor imposed conditiws. Gener81 fund The general fund, being unrestricted funds. represents those monies which are fredy available for application toward5 achieving any charitable purpose that falls within the objects of tho charity. 15
The Amourers & Brasiers, Gauntlet Trust NOTES TO THE ACCOUNTS Year lo 31 Marcli 2022 DONATIONS AND GIFTS 2022 Total Funds General Fund G8ner81 Fund Restricted Funds Materials Pro¢oswng Institute Rolls-R¢>yce pl AWE Donations from individuals Other donations 2022 Total funds 30.000 25.000 25.000 12.000 30.000 25,000 25.000 74.379 62,379 62,379 92.000 154,379 PRIOR YEAR 2021 Total Funds Gener81 Fund Endowm&nt Fund RestrKted Funds Materials Processing Institute Rolls-Royce AWE Donations from individuals Other donations 2021 Total funds 30,000 25.000 25.000 12.000 30,000 25,000 25,000 87,948 917 75.031 8,467 75.031 92.000 175,498 2 Income from Invvtmonts 2022 UnTrslricted funds 2021 unrestrted funds Investment ptfolic) Interest 200,815 190,770 427 191 197 3. Income from Charltablè Actlvities 2022 Unrestn¢ted fvnds 2021 un$triC18d funds Armourers & Brasiers, Cambridge F(uffl 16
The Annourers & BrAsiers' Gauntlet Tn45t NOTES TO THE ACCOUNTS Yertr lo 31 Mftrcli 2022 Expendllure on ral$lng funds 2022 Expendable endowment fund 2021 Expendable endowment fund Investment Margement fees S. Expondlture on Charltabl¢ Actlvltl•8 2022 Total Funds Unrestricted Funds Reslricled Funds Grants payable {nole 6) Armourers & 8rasiers' Cambridge Forum Support Costs (note 7) 180.117 111,250 291,367 3.000 70.145 3,000 2022 Total Funds 111.250 364.512 PRIOR YEAR 2021 Unrestricted Funds Restricted Funds 2021 Total Funds Grants payable Inole 6) Armourers & Brasiers, Cambridge Forum Support Costs (nole 71 256,467 928,900 1,185,367 2021 Totsl Funds 1258 843 6 Grarrt$ Payabl• 2022 Total Funds 2021 Total Funds Armourers & Brasiers, Rolls-Royce Scheme Armourers & Brasiers, Malerkgls Processing Inslitute Sclwne Armourers & Brasiers. AWE Scheme Charitable grants towards materials science Other charitable grants Imperial College London - Arm¢JJrers and Brasiers Chair in Materials Science 55.400 y.soo 38.850 83.537 79,080 15.750 33.000 21.150 47.686 67.781 1000 000 Further detail$ are provNle(l in appendices A-G 291367 1 185 367 17
The Armourers & Brasiers. Gauntlet Tntst NOTES TO THE ACCOUNTS Yet7r to 31 March 2022 6 Grants Payabl• (contlnu•d) The ¢harily makes grants in accordance with its grant making policy set out in Ihe Iruslees, report. The grants made by the charity in the year are listed in appendices A lo G attached lo these accounts. During the year 7412021- 551 grants lotalling £35.325 (2021 - £21.625) were paid lo individuals. Grants to 60 educational institutions lolalling £227.04212021 £1.163.742) & the remainder of grants were paid lo charitable organisations. £30.000 was paid lo 10 small Charittes and £5,000 lo the DEC Ukraine Appeal. 7 Support Costs 2022 Total Funds 2021 Total Fund8 Administration charge from the Worshipful Company of MOuT8rS & Brdsiers Staff Costs Olfice expenses Auditors Remuneration for Audit Services 13.856 51.945 2,447 13.759 50,605 2.512 6,600 Staff Co8t8 and r•mun•ratk•n of trustees and k•y management personnol Th& charlty employed one member of Staff (2021- one). Total staff costs were.. gross pay £41.04512021 - £39.4051 employer's national insurarKe £4.507 {2021 - £4,257). pensions £5,938 (2021- £5.8211 and Ilfe insurance £456 (2021- £1,122). No trustee received any remuneration or reimiwrstrj expenses respect of their serVS as a Iruslee during the year (2021 - £nil>. • TAXATION The Armourers and Bra$rs' Gaunuel Trust is a registered charity and, therefore. is not liable lo income tax or corporation tax on income or gains derlved from its charitaNe aclivsls as they fall within the exemptions available to registered Charits. 10 FIXED ASSET INVESTMENTS Movements Sn fixed as$el investments during the year were as follows: 2022 2021 Market value al 1 April 2021 Additions al cost Disposal proceeds Nel gainsl{lossesl in the year 9.134.229 4.616,417 14,620,062) 482.699 6,870,954 2,486,002 12.104,6911 1881964 Market Value al 31 March 2022 Cash held by investrnenl manaws 9,613,283 157271 9 770 554 9,134.229 9 275 776 Cost of fixed asset investments at 31 Marth 2022 7811 575 6.648 532 18
The Armoura¥ & BrAsiers' Gauntlet Trnst NOTES TO THE ACCOUNTS Yeor to 31 Morch 2022 10 FIXED ASSET INVESTMEKrs (coKriNUED) Flxed asset investrnenls held at 31 (mprised f01bwTrJ.. 2022 2021 Listed investments Fixed Interesl Securit Investment Companies UK Equities Overseas Eque$ 432.112 1.119,490 3.796.667 4.265 CN)9 9.613 278 451,433 788,667 4,167,579 3.726,550 9,134,229 All listed investments were dealt on a rentsed Stock exthange. 11 DEBTORS 2022 2021 Tax recOVerae on investment income Investment income receivable Other deblofs and prepayments 82 59.831 33,659 16,432 12 CREDITORS 2022 2021 Worshipful Company of Armourers & Brasiers Accruals and Deferred income Grar¢l Creditors Other Creditors 30.668 43.118 1.192 74.978 24.3SO 44,250 1.123 69.723 13 EXPENDABLE ENDOWMENT FUNDS The expendable endowment fund Comprises donatB)ns to the charity lo be held initially as capital, including any resultant realised ¢y unrgali5ed movement on investments. Subsequently, the Trustees are empowered lo expend the capital bul unders no oblvJalion lo do so. 19
The Armourers & Brosiers, Gauntlet Trust NOTES TO THE ACCOUNTS Year lo 31 Mftrch 2022 14. Restrfctsd Fund$ AsAt 31 March 2022 At 1 Ayil 2021 I)me Expendltu Malerk41s Processing Institute Scheme Ro115-Royce Scheme AWE Scheme The PeleT & Nicki Mason Fund 30.000 25.000 25.000 {30.0001 {40,4001 (28,850) 16,250 3,850 850 111,250 850 Prloi y•ar 2021 AsAt 31 March 2021 At 1 April 2020 Income Expendrlu Malerrals Processing Institute Scheme Rolls-Royce Scheme AWE Scheme The Peter & Nicki Mason Fund The Worshipful Company of Armourer and Brasiers 30,000 25,000 25.000 12.000 130.OL)O) 115.750) {21.150) {12.CM)O) 7.000 16.250 3.850 850.000 850.000 857.OLX) 92,000 928.900 20.100 The restricted funds from ccwrate partners for grants and awards which meet the requirements of the relevant schemes. The reslricled grant from the Worshipful Compary of Amiourers and BrasrS is lo fund a chair in materfal science al a leading university. 15. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS Unstricted Funds Restricted Funds Expendable Endowment Total 2022 Fund balances at 31 March 2022 are represented by.. Fixed asset investments Current assets Credilor5.' amounts falling due thin one year 100.369 158.5Sg 9.670.185 9,770.554 850 (74.979) 174.979) Totsl net assets 850 9670 185 20
The Armourers & Brasiers, GAuntlet Tntst NOTES TO THE ACCOUWS YcNr to 31 Marcli 2022 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS {Contlnu•d) PRIOR YEAR 2021 Unrestricted FuThJs ReStrted Funds Expendabie Endowment Total 2021 Fur¥J balances a131 March 2021 are represented by: Frxed asset investments Current assets Creditors.. amlwnts falling due within one year 31.914 205.437 20.100 9,223.762 9,275.776 205.437 169.723) 169,723) Total net assets 167.628 9 223 762 9.411490 16. RELATED PARTY TRANSACTIONS The Iruslees are members of The Worshipful Company of Amiourers & Brasiers. therefo tFkg Wofshipful Company is considered to be a rdaled paty. Transaclh)ns with the Worshipful Company are disclosed in the appropriate notes to the aoJ)unls. Donalions from trustees during the year totalled £4.225 {2021- £4,050). 21
TheArmourers & BnIerS, Gauntlet Tnt endix A CHARITABLE GRAr5 ARMOURERS & BRASIERS, ROLLS ROYCE SCHEME Yeor to 31 Mrtrcli 2022 EDUCATION 2022 2022 School Level: Primary s¢hools' equipment grants Secondary schcM)Is' equipment grants Salters. chemistry camp Royal Armoufies s¢hools' project 4,000 4,000 9.800 Un¢Jergraduale Level.. First year university prizes (2 at £250) University of Birmingham University of Cambridge Imperial College, London University of Manchester University of Oxford Swansea UnNersity 5CKI 500 250 500 Industrial experience aw¥ds 10,250 Research Student Level.. Conference and placement travd grants Covid recovery fund 11.350 30,350 Posl-Doctoral Level-. Armourers and 8ra$iers' Cambridge Forum Armourers. Rolls-Roy¢e Fdl¢)wship 1.000 4.000 5.CM)O Total Of the above totsl £44.CXJO was funded by restricted fund and the balance by unrestricted funds. 22
Th¢ Arniourers & BrAsiers' Gauntlet Tn45t endix B CHARITABLE GRANTS ARMOURERS & BRASIERS, AWE SCHEME Yeor to 31 March 2022 EDUCATION 2022 2022 School Level: Schools Outreach ty Universities of Oxf¢xd & Cambridge arKI Imperial College 7,000 Undergraduate Level: Industrial experience awwds Manchester Unrversily Project General undergraduate SUPIM)rt Metallurgy awardsltrmjrsaries Academic Prize5-, 3,000 5.500 1.000 5,000 15,400 Resgarch Studenl Level.. Conference travel grants Resear¢h Student Prizes 2 x 250 Special project for centenary of UnNersity of Cambridge DMSM Armourers & Brasiers, Cambrwjge Forvm COVID Re¢overy Fund 6.100 500 1.000 8,850 16.450 £38.850 Of the above totsl £28,850 was funded by restricted fund and the balance by unrestrlrted funds. 23
The Arniourers & Brasiers, Gauntlet Tnlst endix C CHARITABLE GRANTS ARMOURERS & BRASIERS, MA TERIALS PROCESSING INSTITLTfE SCHEME Year to 31 Morch 2022 EDUCATION 2022 2022 Research Sludenl Level". Millman Scholarships & summer placements Post graduate research symposium & Prizes 18,159 33,5) Research Community Armourers & Brasiers. Cambridge Forum 2023 1,000 Of the above total £30.CLIO was funded by restrirted fund and the balance by unrestricted funds. 24
The Annourers & Brasiers, Gauntlet Trust endix D CHARITABLE GRANTS CHARtTABLE GIUN75 TOWARDSMA TERIAL SCIENCE Yertr to 31 March 2022 EDUCATION 2022 2022 School Level: Primary schools saence programme Secondary schools Scien programme Sixth Form Material Prizes SATRO. Problem sofving chdlen98 Salters, Festivals of Chemistry ROY Armouries materra15 project (Fort Ndson} Amiourers Ambassa(lor Challenge Universty school links 3.000 12,000 1,700 1.000 4.200 1.000 2.500 4.000 29,4¢XJ Undergraduate Level.. Undergraduate Summer Pl8ments & Experience (GT admlnistered) SheffEld Hallam UnNersty forensic eIneerIng scholafships11st & final year only) Industrial Exper1ere Awards Swansea Universty, enty spons(Kship (Max per annum) 2,3tM) 1,200 19.000 22.500 UnNersity Medals & Awards for EXcellee Aston Universty UnNersty of Bath University of Birmingham Universty of C8mbridge12 @ £250 plus one medal) Cranfield Universty14 x 150) Imperial College. London Loughborough Univetsty {2 University of Manch8sler University of Nottingham University of 0x1rd Queen Mary UnNersity of London Royal College of Art Universty of sheffld Sheffield Hallam UnNersity University of Southampton UnNersity of Stralwe Swansea University UnNersity College. LMdon Medals.127 x £34) 250 250 250 500 1.000 500 250 250 250 250 500 250 250 250 soo 250 250 675 £250 uS 2 medals> 7,275 25
The Arniourers & Brasiers, Gauntlet Trust ndlx D CHARITABLE GL4NTS CHARITABLE GRAN75 TOIVARDSA£4 TERIAL SCIENCE (CONTINUED) RESEARCH STUDENT LEVEL Oxford bursary P031 graduate conferences and aments 1.100 3,100 POST DOCTORAL LEVEL Cambridge fellowship (March) Distinguished visiting Fellow Grant re Mary Rose Trust 2.500 1,300 5,300 PROFESSIONAL INSTITUTIONS Institute of Materials -young Persons. leciure ompetition {6 regional prizes of £150 each) Armourers & BrasrS Royal Academy of Engineering Prize {prize money, medal arvj adminislralion charge) Institute of Materials Robert Pefrin Medal 2500 562 3,962 THE MASON FUND Summer placements 01kr acliwlies 10.000 Of the above total £12.CW was funded by the Mason restricted fund and the balance by unrestricted funds. 26
The Arniourtrs & BrAsiers' Gauntlet Trust IXE CHARITABLE GRANTS OTHER A WARDS & GRANTS Year to 31 MNrcli 2022 AWARDS & GRANTS COMMUNITY & ARMED FORCES 2022 2022 Prizes Royal Navy - Armourers wvze - Armoury prvze - Junior Weapon Engineeriro Officer Britannia Royal Naval College Army Royal Eiectrical & Mechanical EThJineers. Artrf Weapons Course x 212020 and 2021 wzes) Royal Arnred Corps. (3 courses. 3x binoculars) 250 250 250 250 Royal Fce 8 Squadron Cost of medals1£25 x 7} 250 175 1,925 Milita Reserves First Aid NursirvJ Yeomanry 500 Milita CharitS VC & GC Association Royal BTrtish Legion 500 500 Communil Alexander Forsyth 8ward & medal Sheriffs. & Recorderfs Fund 2,550 CHILDRENtYOUTHIEDUCATION The Ulysses Tnjsl Livery Schools Link Army Cadet units (Whipps Cross) 2.000 125 4,125 MEDICALIHEALTH Hospice (Richard House) 2,000 ARTSIARMSIARMOUR Fanfare Prrie West Dean College- Arrrur Stentship 250 1.250 The Arniourers & Brasiers, Gauntlet Trust endix E CHARITABLE GRANTS OTHER A WARDS & GRAKfs (CONUEDJ Yertr to 31 MArch 2022 2022 2022 27
CHRISTIAN MISSION Si Margaret L0thry Sl Paul's Calhedral 1.000 1.500 GAUNTLET TRUST SUBSCRIPTION SUPPER LORD MAYOR'S APPEAL 2.730 4.000 6.730 OCCASIONAL GRANTS Scarabeus Aerial Theatre The Compassionate Friends The Rodolfus Foundation The Spitz Charitable Trust Teddy's Wish Changing Tunes DEC Ukraine Appeal 9.000 9.000 9.000 9.000 9.000 9,000 TOTAL OThER CHARifABLE GRANTS O¢¢asional grants to small Charities are for three years. They are booked in the audited accounts in the financial year the grant Is made. In practice the Trust paid out, in 202112022. 10 grants of £3,000 each to ten charitie5. totalling £30,CW. 28