THE ARMOURERS & BRASIERS GAUNTLET TRUST Charity Registration number.. 279204 REPORT AND ACCOUNTS 31 March 2023
The Armourer5 & Brasier5' Gauntlet Trust INDEX TO REPORT AND ACCOUNTS 31 March 2023 Pages Reference and administration information Trustees. pOrt Independent auditor's repryt Statement of linancial activities Balance sheet io Principal accounting policies li Notes to ihe accounts 14-19 Charitablè Grants Materials Science- Armourer5 & Brasiers. Rolls-Royce Scheme Armourers & Brasiers. AWE Scheme 20 21 Armourers & Brasier5' MPI Scheme 22 Towards Materials Science Other Charitable Grants 23-24 25-26
The Armourers & Brasiers, Gauntlet Trust Rèferencè and admlnlstratlon Informatlon Charity Registration Number 279204 Founder The Worshipful Company of Armourers & Brasiers Trustees Mr. EB Pitt (Chairmanl Mr. JR Ha Dr. R Bowdler Prof. E Ream Prof. W Bonfield Mr. M Goulette Secretary Mr. J Pughe-MorEan Chief ExecutNe M5. AM Clift Nature of Governing Instrument 1979 Declaration of Trust dated 21 November RegiSted OffLce Armourers. Hall 81 Coleman Street London EC2R 5BJ Auditor Haysmacintyre 10 Queen Street Place London EC4R IAG 8ankers C.Hoare &Co 37 Fleet Street London EC4P4DQ Fund Managers Rathbone Investment Management Limited 8 Fin5bury Circu5 London EC2M 7A
The Armourers & Brasiers, Gauntlet Trust TRUSTEES, REPORT Year to 31 March 2023 The trustees preseni their s1atutory report together with the accounts of The Armourers and Brasiers, Gauntlet frust I'the Trust, or'the charity'l for the year erhded 31 March 2023. The account5 have been prepared in accordance wtth the accounting policies set out on pages 10 to 12 of the attached accounts and comply with the charity's trust deed, applicable laws and Attounting and Reporting bv Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in èc¢ordan¢e with the Financial Reporting Standar(4 applicable in the UK and Republic of Ireland IFRS 1021. GOVERNANCE, STRUCTURE AND MANAGEMENT Govemènte The Armourers and Brasiers, Gaunilel Trust 15 8overned by a Declaration of Trust dated 21 November 1979. The Trust is registered under the Charities Act 2011 with Charity Registration Number 279204. The power to appoint trustee5 Is ve51ed in the Worshipful Company of Armoufers & Brasiers and is exercised by re501ution of the Court of Assistants of the Worshipful Company. When new trustees are app¢Trinted, they re introduced the work of the Trust and provided with the information they need to fulfil their role. The trustees who served durin8 the year are listed on pa8e l. The tru5tee5 meet ihree times annually to review the Trust's finances. to consider applications and to approve grants. Applicatson5 for grant5 should be made via the website Iwww.armovrefshall.co.uk/lunding-grantsl. The Chief Executive is responsible for the day-to-day administration of the Trust. Irustee5' responsibilities Statement The trusiees are responsible for piepaiing the tfUStees' repori and accounts in accordance with applicable law and United Kingdom Atcounting Standards Iuniied Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales requiies the trustees to prepare accounts for each finantial year which gave a true and fair view of the situation of the charity and of the income arbd expenditure ol the charity for that period. In preparing these accounts. the trustees are required to-. select suitable accounting policies and then apply them consistentlv. observe the methods arbd principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. make jvdgement5 and estimates that are reasonable and prudent. 51aie whether applicable United Kin8dom Accounting Standard5 have been followed. GOVERNANCE. STRUCTURE AND MANAGEMENT Icontinuedl Trustees. resp0nslbil1es statement Icontinuedl subject to any material departures disd05ed and explained in the accounts; and prepare the accounts on the 80in8concern basis Unless it is inappfopriale to presume that the chariiy will continue in operation.
The Armourers & Braslers, Gauntlet Trust The trustees are responsible for keeping adequate accounting records that are sufficient to show and explèin the charity's transactions and di5c105e with reasonable accuracy, at any time. the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 applicable Charity (Accounts and Reports) ReÉulations and the provisions of the chariws trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sieps for the prevention and detection of fraud and other irre8ularitie5. Key mana8ement personnel The key management personnel comprise the Trustèes. Secretary to thè Trust and the Chkef Executive. Other than the Chiel Eyecutive the key management personnel received reimbursement of travel expenses from the charityto the value of £526.88. Acharge is made from the Worshipful Company of Armourers and Brasier5 to the Trust for the management and administration of the charity. Rlsk management The principal risks faced by the Trust lie in the performance of investment5- the risk of ineffective granl makin8,' and the capacity of the Trust to maintain the level of grant makin8 in conjunction with corporate partners. The trustees consider variability of investment returns on investments to Constitute the charity's major financial risk. This is mitigated by retainiThd expert investment managers and havlng a diversified investment portfolio. The investment mana8e¥ reports to the trustees in person once a year but is available for consultation and supplies written reports at their request. The operational risk from ineffective grant makin8 15 mitl8ated bv.. conf1m)i the charitable status and other eligibility criteria agreed by the trustees for the recipient5 of grant5 under the small charities program. retaining trustees of sufficient sk¥ll and expertise to chair our Materials Science sub- committee ènd ensurirbg that the other members of the Materials Sclence sub-committee together piovide an appropiiate range and depth of knowledge of the UK Materials Science 5ector,' and matntaining links at senior level with univer51tie5, institutions and military units through which prizes and other grants a awarded. The risk of a reduction in the level of grant mak¢n8 In corhiun¢tion with our corporate partners is mitigated by careful stewardship of those relationship5 including annual impact reporting and consultation about the joint programs at meeting5 and through other regular contact. The trustees seek opportunities to extend their contacts throu8hout the UK Materials Science community. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Objertives and artivities The Declaration of TrLtst establishing ihe Trust directs that with the consent of the Court of Asslstants of the Worshipful Company ol Armourers and Brasiers. the Tru51 shall 5UPPOrt all or any in5titution5 or purposes as the trustees shall from time to lime think fil. The charity meets these objectives by making grants in accordance with the grant makin8 policy below.
The Armourers & Brasiers. Gauntlet Trust Grant makin¥ polity The truslee5 make a large number of indiwdual small grants in support of education. materials science and general charitable purposes. Additionally. the Afmovrers & 8rasier5' Ro115-Royce, the Aimourers & Brasiers. AWE and the Armourers & Brasiers, Materials Processing Institute schemes are lun jointly with. Rolls-Royce plc, AWE and the Materials Pr¢xe55in8 Institute respectively to fund Siudents of materials science. The trustee5 practice is to dwide grants made from dividend income and individual donations a5 to two third5 to support Materia15 Science and one third in line with the tradrtional general charitable giving of the Trust. Full lists of the grants made can be found in apperhdices A to E. Investment policy The charity has a portfolio of investments with a market value as at 31 March 2023 of £9,003,99912022 £9,77LI.5541. Investment powers held by the trustees have been delegated to the fund manager. Rathbone Investment Managemènt Limtted. The trnstees monitor the performance of the fund manager against the objective of balance ol cawtal 8rowth and income with a medium level of risk. The Trustees have decided that for future years the Trust will draw down for expenditure each year a stable amount. taken Irom dividends and individuals. annual donations. of Some 3% of the capital value. from time to time. of the Invested Funds. This will enable the Trustees to plan expenditure based on a stBble inc(>me and will also allowihe fund managers. Rathbones. greatei fxility to invest to generate money forthe Trust to spend each year both from diwdend income capital growth. The trustees are satisfied that their invesimenl policy is being pursued as agreed. Publlc beneflt The truslee5 confirm that they h3vv complied wilh tlieir duty under Section 11 of the Charilies Act 2011. They have considered the public benefil guidance published by the Charily Commission believe that they have followed its guidance in this èrea. The trustees. report gives a description of the activities undertaken by the charity during the year in fuitherance of r(s charitable purposes. and the trustees are satisfied that all such activities provide a public benefit. ACHIEVEMENTS AND PERFORMANCE Rèview ol activities The objecttves, a5 set OLrt above. were achieved durin8 the current year. Char¢table payments of £236.913 12022- E291.3671.Grants of E14.750 were made a5 51andin8 award$12022- £22.3501. grants to small charities £18,Q)0 12022 - £54.(KX)I, from the Gauntlet Trust Subscripiion Supper £4.250 12022 £2,7301 and io Materials Science of £199.91312022- £212.2871. FINANCIAL REVIEW Results for the year A summary of the year's results can be found on page 10 ol the report and account5. During the year the trvstees received £99.75112022 - £74.3791 under gift aid from individuals. Investments produced income ctf £247,29312022 f200,8151 and interèst on cash deposlts and other Income of £3.784 12022- £3.3891 was receNed.
The Armourers & Brasiers, Gauntlet Trust Dvring the year £25,00012022 - £25.c((Jl was received from Rolls-Royce plc. £25.0{2022 £25,000> from AWE and £30.00012022 £30,(KJOI from the Materials Processin8 In5titule. The total income for the year was £435,64812022 £361,583) and the trustees. in accordance with the objetts of the trust. have Fnade grants of £236.91312022 £291,367). RÈservÈs pditv The chaflty is operated as a grant giving charity and the trustees, policy is to seek to distribute the income arising each financial year. The trustees are of the opinion that the current level of unrestricted general fund provides sufficient flexibility as a reserve to tover temporary shortfalls in income, Flnandal posltlon The balance sheet shows total funds of £9.213.44312022 £9.854.9841 comprising expendable endowment funds of £8.911,10512022 - £9,670.1851, restricted funds of £12.85012022 - £8501 and unrestricted general funds Ifree reservesl of £289.488 12022 - £183.9491. The tru5tee5 consider that ihis level of free resetves matches the parameters Set out in the charity's reserves policy above and they. therefore, consider free reserves to be adequate bLrt not excessive. FUTURE PLANS The trustees do not anticipate any significant changes to the charity or its attivities overthe next two to five vears. 11 is their irbtention to meet the following objectives.. To monitor the investment performance so that. if at all possible. it achievès the criteria set by them so that ihere are sufficient funds to meet their grant giving policie5. To continLte to make grants at a similar level. Approved by the trustees on ILtL C, Trustee
The Armourers & Brasiers. Gauntlet Trust INDEPENDENf AUDOR.5 REPORT 31 March 2023 Opinion We have audited the linancial statements of The Amiourers & Brasiers Gauntlet Trust lor the year ended 31 arch 2023 which comprise the Statement olFinancial Actiwties. the Balance Sheet. Cash Flow Statement. and note5 to the financial statement5. including a 5umm3ry of significant accountifig policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting StondtsrLI opplicoble in the UK ond Republffc of Ireloftd (United Kingdom In our opinion, the fin3n¢ial statements-. Bive a true and fair view of the state of the charitable companV5 affairs as at 31 MaTch 2023 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Geneially Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been placed as auditor under settion 144 of the Charities Act 2011 and report in accordance with ihe act and rebevant regulations made of having effect thereunder. We conducted our audit in accordance with Internaiional Standards on Audiling IUKI IISAS IUKII and applicAble law. Our responsibilities under those standards are further descritKd In the Auditor's responsibilities for the audii of the financial statements sectio of our report. We are indepcndoiit ol ihecharity in accordance with the ethical requirements that are relevant to our audit of the linancial 5tatemeiits in the UK. Including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance these fequiienEnts. We believe that the audit eviderbce we have obtained is sufficient and apFyopri3te to prowde a basis for ouropnion. Contluslons rèlating to golng tontem. In auditing the financial statements. we have concluded that the Trustees. use of the Boin8 toncern basis of accounting in the preparation of the finanoal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condition5 that. individually or collertivety, may cast significant doubt on the charity's ability to continve a5 a going concern loi a period of at least tWee fflonihs from when the financial Statements are authorized for Issue. Our responsibilities and the responsibilities of the Trustees with respect to 80in8 concern are described in the relevant sections of this report. Other information The Truslee5 are re5wn5ible for the other Information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financi31 statement5 doe5 not cover the other information and. except to the extent otherwise expliotly stated in our report, we do not express any form of assurance conclusion thereon.
The Armourers & Brasiers, Gauntlet Trust In connection with our audit of the financial statements. Oltr responsibility is to lead the other information and, in doing so, ton5ider whether the other information is materialty inconsistent with the financial statements. or our knowledge obtained in the audit or olherwise appears to be materially misstated. If we identify such material inconsisterh¢ies or apparent material misstatements. we are required to determine whether there 15 a material misstaiement in the financial statements or a material misstatement ol the other information. If, based on the work we have performed. we conclude that there 15 material mis5tatemenl 91 this information, we are required to report that fact. We have nothing to report in this ¥egard. Matters on whlch we are required to report by exception. We have nothing io report in respect of the following matters In relation to which the Charities IActounts and Reports) Regulations 20[ require us to report to you if. in our opinion.. adequate accounting records have not been kept by the charity- or Suff icient accounting Tecords have not been kept,. or the charity financial statements are not in agreement with the accounting records and returns.. or • we have not received all ihe information and explanation5 we require for our audit. Responslbllltles of Tnlee5 for the finarKlal statements A5 explained more ful thè Trustee's responsibilities statement sèt Olrt on page 2, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the Trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erfor. In preparing the financial statements. the Trustees are sponSible for assessing the charitqs ability to continue a5 a going concern, di5closin& as applicable. mètters related to 80ing concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic alternalive but to do. Audltorfs re5ponsibllltles for the audit of the fina1?1 statements Our objectives are to obtain reasonable assvrance about whetherthe financial statements as a whole are free from material mi55tatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a material misstatefflent when il exists. Mi55tatements 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 deci5ion5 of u5er5 on the ba515 of these financial statements. Irregularities, including fraud. are instan$ of non-compliance with laws and gUlations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities. including fraud. The extent to which our procedufes are capable of detecting irregtslarities including fraud is detailed below. Based on our understanding of the charity and the environment in which It operates, we identified that the principal risks of non.compliance wtth law5 and regulations related to the regulatory framework applicable to registered charities. and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such a5 Charities Act 2011 and other factors such a5 taxation.
The Armourers & 8ra5iers' Gauntlet Tr4 We evaluèted management's incentives and opportunities for fraudulent manipulation of the finantial statement5 lincluding thè risk of override of controls) and determined that the principal risk was related to manual accounting journals. Audbt procedures perfomied by the enBa8ement team Included.. DiscussK)ns with mana8ement including consideration of known or suspected instances of non- compliance with laws and regulation and fraud. Evaluating managements contids deSne to prevent and detect irre8ularities,' and Identrfying and testing contro15, in particularjournal entrie5 Posted with unusual account combinations postinÈs by unusual users or with Ltnusual description Because of the inherent lirnitation5 of an audit, there 15 3 risk that we will noi detett all irregularities. includin8 those leading to a material misstatement in the financial statements or non-compliancè with regulation. This risk increases the MO that compliance with a law or reeulation is removed from the event5 and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due lo fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission. or miuepresentation. A further description of our responsibilities for the avdit of the financial statement5 15 located on the Financial Reporting Council's website ai= www.frc.org_uklaudito¥sresponsibilities. This description form5 part of our auditor's report. Usè of our report This report is made solety to the charitV5 trustees. as a body. in accordance with section 144 of the Charities Act 2011 an(J regulations made under section 154 01 ihat Act. Our audit work has been undertaken so that we mighi stale to the charity's trustees those niatlers we are required to state to them in an Auditor's report and for no other purpose. To the fullest exteni permitted by law. we do not accept or assume responsibility to anyone other than the charity's truslees as a body for our audit work, for thi5 report, or for the opinions we have formed. IL _a- LLR Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R IAG t1 Dnbr2D25 Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 20C6
The Armourers & Brasiers, Gauntlet Trust STATEMENT OF FINANCIAL AcfiviTIES Year to 31 March 2023 Expendable Endowment 2023 2022 General Restricted Total Total Fund Fund Funds Funds Funds Notes Income from.. Donations and gifts Investment income 77.571 104,LXKJ 181,571 154,379 204,204 3.000 251.077 251,077 Charitable activities 3,01 Total In¢ome 331,648 104.000 435.648 361.583 Expenditure on.. Raising lunds.. Charitable activities 24,245 24.245 318,109 36.276 226,109 92.000 364,512 Total Expendlture 226,109 24,245 92.000 342.354 41XJ.788 Net Income before gains on investment5 105.539 124,2451 12,OC(J 93,294 139,2051 Nel Ilossesl gains on investment5 io 1734.8351 1734.8351 482.699 NET MOVEMENT IN FUNDS 105.539 1759.0801 12.000 {641.5411 443,494 FUND BALANCES BROUGHT FORWARD 183,949 9,670,185 850 9.854.984 9.411,490 FVND BALANCES CARRIED FORWARO 289,488 8,911,105 12.850 9.213,443 9.854.984 All recognized gains and losses are included in the above statement of financial activitie5. Al of the charity activities derived from continuing operations duiinÉ the above two finan¢ial periods.
The Armourers & Brasiers, Gauntlet Trust BALANCE SHEET Year ¢0 31 March 2023 2023 2022 Notes FIXED ASSETS Fixed asset Investments io 9,003,999 9,770,554 CURRENT ASSETS Stock Debtors C8sh at bank and in hand 13,308 89.623 145,509 248.440 10.516 59.913 88,979 159,408 li CREDITORS Amounts falling due within one vear 12 138,9961 174,9781 NET CURRENT A55ETS 209,444 84.430 TOTAL NET ASSETS 9.213.443 9,854,984 FUNDS AND RESERVES Expendable endowment fund Restricted funds Unrestitcted funds 13 8.911,105 12.850 9,670,185 850 General fund 289.488 183,949 9,213,443 9,854.984 The accompanylng notes form part of the financial statements Approved and authori5ed for issue by the Trustees on nd signed on their behalf by.. Trustee io
The Armourers & Brasiers, Gauntlet Trust NOTES TO THE ACCOUNTS 31 March 2023 The principal accounting policies adopted. judgements and key source5 of estimation uncertainty in the preparation of the accounts are13id out below. Basis of preparation These accounts have been prepared forthe year to 31 March 2023. The accounts have been prepared under the historical cost convention with items recognized at cost or transaction value unless Otherwise stated in the relevant accountin8 policies below or the notes to these accounts. The accounts have been Prepared in accordance with Accountin8 and ReportinB by Charities". Statement of Rètommernded Practice applicable to tharitie5 preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ISORPI, Section IA of the Finantial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charitie5 Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling aftd are rounded to the nearest pound. Critltal accountlng estlmates ènd areas of Judgèment Preparation of the accounts may require the trustees and management to make significant judgements and estimates. There are no items in the accounts where such judgements and estimates have been made. Assessment of going toncern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval tsf these accounts. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may tast significant doubt on the ability of the charity to continue as a Boing concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regard to the next accounting period. Ihe year ending 31 March 2024. the most 518nific3nt 3rea5 that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment market5 Isee the investment policy and the risk management sections of the trustees, report for more informationl. Income reco8nitlon Income is recogni2ed in the period in whith the charity ha5 entitlement to the income, the amounl of income can be measured reliably. and it is probable that the income will be received. Income comprises donations and gifts, investment income and income from charitable activities. Donations are reco8niied when the charity ha5 confirmation of both the amount and settlement date. In the li
The Armourers & Brasiers, Gauntlet Trust event of donations pledged but noi received. the amount is accrued lor where tkke receipt is considerèd probable. In the event that a donation is subjert to conditions that require a level of performance before the charity is entitled to the funds. the income 15 deferred and not recognized until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fullilled in the reportin8 period. Dividends are recognized once the dividend has been dedared and notification has been received of the dividend due. Interest on funds held on deposit is induded when reivate and the amount can be measured reliably by the charity., this Is normally upon notification of the inierest paid or payable by the bank. Income from charitable artivities con515ts of income rèceived from the Armourers and Brasiers, Cambridge Forum. The income is recognized when receNable and the amount can be mea5UTed reliably by the charity,. this s normally in the period the event takes place. Expendlture reco8nltlon Liabilitie5 are recognized as expendituie as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probablÈ that 3 transfer of economic benefits will be required in settlemènt and the amount of ihe OlEatiOn can be measured reliablv. AU expenditure is accountecl for on an accrual'5 basis. Expenditure comprises direct costs and support costs. All expenses. including support costs. are allocated or apportioned to the applicable expenth.ture heèdines. The cla55ification between activities is as Idlows". Expenditure on raising funds comprises fees paid to investment managers in connection with the management ol the charily's lisied investments. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision ol it5 ch3ritable actiwties. Such costs incltsdÈ ch3rit3ble 8rants, the costs of the Armourers and Brasiers, Cambridge Forltrm and support and 8overn3nce costs. Grants payable are induded in the statement of fi.nancial activities when approved and when the intended recipient has either received the funds or been informed ol the dec*sion to wnake the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not beert informed or must fulfil performan conditions before the Brant is released are not accrued for but are disclosed as financial commitments in the note5 to the acctruntS. Support costs represent indirect charitable expenditure. In order to carry OLrt the primary purposes of the charity it is necessary to provide svpport in the form of personnel development, financial Pfocedures. provi5ioll of office seryices and equipment an(1 a suitable working environment. Suppoit cost5 a150 include governance c05t5 involvtng the public accountability of the charity lincludin8 audit costs) and costs in respect to its compliance wth regulation and good practice. All expenditure 15 Stated inclusive of irrecoverableVAT. Flxed asset Investments Listed Investments are a form of basic finanoal instrument and are initially recognized ai their trans3ttion 12
The Armourers & Brasiers, Gauntlet Tru value and subsequently measured èt their fair value as at the balancè sheet date using the closing quoted market pri. The charity does not acquire put options. derivatives. or other complex financial inslruments. Reali2ed gains lor lossesl on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purch35e value if acquired subsequent to the first day of the finantial year. Unrealized gains and losses are calculated as the difference between the lair value at the year end and their carrying value at that date. Realized and unrealized investment gains lor losses) are combined in the statement of financial activities and are credited lor debited) in the year in which they arise. Stocks Sttscks are stated at the lower of cost and nei realitable value. Debtors Debtors are recognized at their settlement amount. le55 any PTOVTsion for non-recc>verability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Creditors and provisions Creditors and provisions are recogniied when there is an obligation at the balance sheet date a5 3 result of a past event. it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognized at the amount the charity anlicipates it. Fund's structure Expendable endovdmentlund Endowment funds comprise monies which must be held as capiial. Where the tfU5tees have a power of discretion to convert endowed capital into income, the fund 15 known as an expendable endowment. Income arising from the expendable endowment is applied for general chariiable purposes. Restrfcted funds The restricted funds relate to funds which have been received and iheir use restricted to a specific purpose or grants 6nd donation5 subject lo donor-imp05ed conditions. General fund The general fund, being uniestricted funds. represents those monies which are freely available for application towards achieving any charitable purpose that falls within the objects ol the charitv. 13
The Armourers & Brasiers, Gauntlet Trust NOTES TO THE ACCOUNTS 31 March 2023 DONATIONS AND GIFTS Expendable Endowment Fund 2023 Total Funds 2022 Total Funds General Fund Restricted Funds The Materials Processing Instttvte Ro115-Royce pl AWE 30.IXIO 25.U)O 25.(N)O 30.( 25.(K)) 25.Ct(J 30,C 25,C 25.(K(I Donation5 from individuals Other donations 2023 Total funds 75.751 1.820 24,(KKI 99.751 1.820 74,379 77,571 104,OLW) 181.571 154.379 "A restricted donation of £24.0(KJ was paid into the Peief & Nicki Mason Fund Prior Year Expendable Endowment Funtl 2022 Total Fund5 General Fund Restricted Fund5 The Materials Processing In5tittJte Ro115-Royce plc AWE Donations Irom ndiwduals 2022 Total funds 30,LKX) 25,(MX) 25,( 30.0 25.000 25.0(X) 62.379 62,379 12.¢XKI 92,000 74,379 154,379 Income from Inve5tmentS 2023 2022 UK equties UK government Stock and fixed interest 5eCUrities Interest on Cash Deposit5 ènd Other Income 169,370 200.815 77.923 3.784 3,389 251.077 204.204 14
The Armourers & Brasiers, Gauntlet Trust Income from CharitaW¢ Artivit 2023 2022 Armourers & Bra5ieTs' Cambridge Forum 3.OC() 3.000 3,000 3.000 4 Expendlture on ralslng fund5 2023 Expendable Endowment Fund 2022 Expendablè Endowment Fund Investment Management Fees 24,245 36,276 5 Empenditure on Charitable Artlvitles Unrestrirtèd Funds Restrirted Funds 2023 Total Funds 2022 Total Funds Grants payable (note 61 Armourers & Brasiers. Cambridge Forum Support Costs (note 71 2023 Total Funds 144,913 92.0 236,913 291,367 3,000 81.196 226,109 81.196 318.109 92.000 364,512 Prlor year 2022 Unrestrlcted Funds Restricted Funds 2022 Total Funds Grants payable (note 61 Armoyrers & 8rasiers' Cambridge Forum Support Costs Inote 71 2022 Total Funds I.11? 111.250 291.367 3,000 70.145 253 262 70.145 364,512 111.250 15
The Armourers & Brasiers, GauntSet Trust NOTES TO THE ACCOUNTS 31 March 2023 6 Grants Payable 2023 2022 Armourers & 8rasiers' Rolls-Royce Scheme Ire5tricled £25.OCiII Armovrer5 & B¥asiers' Materials Pro$51n8 Institute Scheme Irestricted £30,000) Armourers & Brasier5' AWE Scheme (restricted £25.{4)1 Charitable grants toward5 matenals science Irestricted £24.(KKI The Peter & Nicki Mason Fund) Other chalilable grants 36.550 32,910 55,4C(J 34,5(X) 28,950 38,850 101,503 37.(M)O 83,537 79.080 236.913 291.367 7 Support Costs 2023 2022 Administration tharge from the Worshipful Company ol Armourers & 8rasie¥s Staff Costs Office expenses Auditor5 Remuneration for Audit Services 11.905 55.693 4.838 13,856 51.945 2.448 8.760 81,196 1,896 70,145 8 Staff Costs arKI remuneration of trustees and key management personMI The charity employed I member of staff from 1st April 202312022-11 Total staff costs were.. gross pay £43.718. employers national insurance £5,195, pensions £4.743 and life insurance £342. No trustee recewed any remuneration or reimbursed expertses in respect of their services as a trustee during the year12022-nill. 9 TAXATION The Afmourers and Brasier5' Gauntlet Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from it5 charitable ctivities as they fall within the exemptions availablè to registered charities. 16
The Armourers & Brasiers, Gauntlet Trust 10 FIXED ASSET INVESTMENTS Movements in fixed asset investments during the year were as follows.. 2023 2022 Market value at l April 2022 Addition5 at cost Disp¢sal proceeds Net gainslllossesl in the year 9.613.283 3,043.599 13,266.2081 1734.8351 9.134,229 4.616,417 I4.620,(2) 482.699 Market value at 31 March 2023 Cash held by investment managers 8.655,839 348,160 9,613,283 157.271 9.003,999 9.770.554 Cost of fixeil asset investments at 31 March 2023 7.428.551 7,654,304 All listed investments were dealt on a recogni5ed Stock exchange. At 31 March 2023 the portfolio contained no individually material holdings 11 DEBTORS 2023 2022 Tax recoverable on investment income Investment income receivable Other debtor5 and prepayments 82 89,541 82 59,831 89,623 59,913 12 CREDITORS 2023 2022 Worshipful Company of Armourers & Brasiers Accruals and Oeferred income Grant Creditors Other Creditor5 13,693 23.486 1.816 38,996 30,668 43,118 1,192 74,978 17
The Armourers & 8rasiers' Gauntlet Trust NOTES TO THE ACCOUNTS 31 March 2023 13 EXPENDABLE ENDOWMENT FUNDS The expendable endowment fund comprises donations to the charity to be held a5 capital, includin8 any resultant reali5ed or unrealrsed movement on investments. Atl Aprll 2022 At31 March 2023 14 Restrfcted Funds Income Expenditure Materials Processing Institute Scheme Rolls-Royce Scheme AWE Scheme The Peter & Nicki Ma50n Fund 30.(MK) 25.0 25.OLK) 130,0001 125,0001 125,0001 850 850 24.000 104,000 112.OODI 192,0001 12,000 12.850 850 Prior year 2022 Atl April 2021 At31 Marth Income Expendlture 2022 Materials Processing Institute Scheme Rolls-Royce Scheme AWE Scheme The Peter & Nicki Mason Fund 30.(i10 25.(£ 25.(K 130.0001 140,4001 128,8501 16.250 3.850 850 12.( 92. 112.0001 1111.2501 20,1(X) 850 The restricted funds from corporate rtnerS are for 8rants and awards whith meet the requirements of the relevant schemes. 18
The Armourers & Brasiers, Gauntlet Trust NOTES TO THE ACCOUNTS 31 March 2023 ANALYSIS OF NET ASSETS BETWEEN 15 FUNDS General Fund Rtstrirted Endowment Funds Fund Total 2023 Fund balance5 at 31 March 2023 are represented by.. Fixed asset investments Current assets Creditors.. amounts fallin8 due within one vear 80.064 248.440 12.850 8.911,085 9,CM)3.999 248,440 138,9961 138,9961 Total net assets 289.508 12,850 8.911,085 9,213,443 16. RELATED PARTY TRANSACTIONS The trustees are members of The Worshipful Company of Armourer5 & Brasiers, therefore the Worshipful Company is considered to be a related party. Transaction5 Wlth the Worshipful Company are disclosed in the appropriate notes to the account. Donations from tru5tee5 during the year totalled £4,23012022- £4.2251 IGT Committee Member5 2022-231. 19
The Armourers & Brasiers, Gauntlet Trust CHARITABLE GRANTS ARMOURERS & BRASIERS, ROLLS-ROYCE SCHEME Year 10 31 March 2023 EDUCATION Sch(K)l Level.. Primary schts)Is' equipment 8rant5 Secondary schods. equipment gran15 Salters, chemistry camp Royal Armouries schoo15' projètt 4.000 4,000 800 i.(K)O 9.800 Undergraduate Level.. First year uThversity prizes University of Birmingham University of Cambridge Imperial Colle8e, London University of Manchester University of Oxford Swansea UnNersbty 12 at £2501 5CQ soo 500 500 250 500 Industrial experience awards 17 Jt £l,(K)01 7,5 10.250 Research Student Level= Conference and placement travel @ranis 11,5CK) 11,500 P()st Doctoral Level: Armourers and Brasiers. Cambridge Fofvm Armoureys. Rolls-Royce Fellowship iooo 4,000 5,000 Funds available Rtslls- Royce 22123 A&B GT 22123 25.000 11.550 20
The Armourers & Brasiers, Gauntlet Trust CHARITABLE GRANTS ARMOURERS& BRASIERS'AWE SCHEME Year to 31 March 2023 EDUCATION School Level.. Materials recruiting at universities Schools Outreach Teacher's CPD 3.000 2.000 2,000 7,000 Undergraduate Level.. Industrial expeTience awards Meiallurgy awardslbursaries Academic Priies- 900 9,900 Research Student Level.. Conference travel grant5 Research Student Prize5 2 x 250 Armourers & Brasiers. Cambridge Forum 9.700 1.350 i.ooo 12,050 Post Doctoral Level Funds Available Conference travel grants AWE Contribution 22n3 A&B Contribution 22123 25.cilo 3.950 28,950 21
The Armourers & Brasiers, Gauntlet Trust CHARITABLE GFLANTS ARMOURERS & BRASIERS, MATERIALS PROCESSING INSTITUTE SCHEME Year 10 31 March 2023 EDUCATION Research Student Level.. Millman kholarship Post graduate research SyTnposium 16.115 15,795 31.910 Research Community Armourers & Brasiers, Cambridge FonJm i.wo 1.000 32.910 22
The Armourers & Brasiers, Gauntlet Trust CHARITABLE GRANTS TOWAROS MATERIALS SCIENCE Year to 31 March 2023 School Level.. Primary schools science programme Secondary schools science programme SATRO. Problem solving challenge Salters. Festivals tsf Chemistry Royal Armouries materials project (Fort Nelson) Armourers Ambassador ChallenÈe University school links 4,300 15.900 1.000 4,200 1.000 2,500 3.O¢XI 31,900 Urbdergraduate Level.. 6C Sheffield Hallam Universrty forenslc engineering scholarships Ilst & final year onlvl Industrial Experience Awards Swansea Univèrsity, entry 5pon50rship Imax per annuml 1.200 20.050 1.000 22,250 University Medals & Awards for Excellence Aston University University ol Bath University of 8irmingham University of CambridEe12 @ £250 plus one med311 Cranfield Unwer51ty14 y 1501 Imperial College. London Lancaster University University of knverpool Loughborough University12 @ £250 plus 2 medals) University of Manchester University of Nottingham University of Oxlord Queen Mary University of London Royal College of Art University of Sheffield Sheffield Hallam University University of Southampton University of Strathclyde Swansea Unwersltv University College, London 250 250 250 SC 1.250 250 250 SC#) 250 250 250 250 sc() 250 250 250 250 250 250 6,800 23
The Armourer5 & Brasiers, Gauntlet Trust RESEARCH STUDENT LEVEL Oxford bursary P05t graduate conferences and placements DMSM Covid Recovery Grant 15,155 17,155 POST C)OCTORAL LEVEL Cambrid8e fellowship Imarchl 2.500 2.5 PROFESSIONAL INSTITUTIONS Institute ol Materièls-young Persons. lecturè competition16 regional prizes of £150 each) Livery schools link Royal SocietylRAEn8 Award lakernate vearsl Prize money. Tnedal. engraving & admin charBe. Jnl £450 for medal. Institute of Materials Robert Perrin Medal1792 +551 91XJ 3,672 827 5,398 CUTLERS. COMPANY. HALLAMSHIRE Sheffield Scheme Awards 3,5tJ) 3,500 THE MASON FLIND Stjmmer placemenls Other activities 10,0 2,000 12,(XlO Funded Gauntlet Trust Peter & Nikki Mason 77,503 24,0(M) 101.503 24
The Armourers & Bra5iers' Gauntlet Trust OTHER CHARITABLE GRANTS Year to 31 March 2023 COMMUNITYIARMED FORCES Prizes Royal Navy Armourer5 prize - Junsor Weapon Engineer Officer prize 250 250 Armv Royal Armoured Corps.13 courses. 3 troop leader statuettes) 750 1,250 Military Reserves First Aid Nursing Yeomanry Inns ol Court & City Yeomanry Military Charities VC & GC Association Royal British Legion Sheriffs, & Recorder's Fund 500 500 500 500 2,000 CHILDREN/YouTHIEDUCATION The Ulysse5 Trust Army Cadet units Iwhipps Crossl 4.tK)o MEDICALIHEALTH Hospice (Richard House) 2,CilO 2,000 ARTS/ARMS/ARMOUR Guildhall School of Music & Drama Brass prize Fanfare Prize West Dean College- Armour studentship 2,000 CHRISTIAN MISSION St Margaret Loihbury St Paul's Cathedral United Guilds Service I,ocK) 5rxJ 1,500 GAUNTLET TRUST SUBSCRIPTION SUPPER LORD MAYOR'SAPPEAL 4,250 2.0 6.250 25
The Armourers & Brasiers, Gauntlet Trusl OCCASIONAL GRANTS Yes 0dOOrS Stuart Low Trust DEC Turkey-syria Appeal Contingenry (Christmas donations to Whitechapel Mission £2.500 and St Cuthbert'5 Centre £2.5) 5,000 18,1Y)O 37.1XJO 26