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
RegiSte￿d 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. resp0nslbil1￿es 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 f￿xi￿lity 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 AUD￿OR.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 tWe￿e 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 Tn￿lee5 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 fina￿1?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 deS￿ne￿ 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 D￿nb￿r2D25
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
3,0￿1
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 re￿ivat￿e 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 O￿lEatiOn 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 0￿dOOrS
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