THE ARMOURERS & 8RASIERS GAUNTLET TRUST Charity Registration Number.. 279204 REPORT AND ACCOUNTS 31 March 2025 Cover Page 1 The Arnlourers & Braslers. Gauntlet Trust INDEX TO REPORT AND ACWUTrIts 31 Marth 2025 Pages Relerence and administration informatlon Trustees, report Independent auditor's report 8-10 Statement of finandal actlvitles li Balance sheet 12 Ca5hflow statement 13 Printipal attountlng pollcles 14-16 Notes to the accounts 17-19 Appendlces to the accounts Charitable Grants Materials SCien￿- A Arfflourers & Bra%ers' Rolls-Royce Scheme 8 ArmOUre￿ & Brasiers. AWE Scheme C Armourers & Bra￿ers. MPI Scheme D Towards Materials Science E Other Charitable Grants 19 20 21 22-23 24-25 Index Page 2 The Armourers & Brasiers. Gauntlet Trurt DEtAIiS 31 Marth 2025 Charity Registration Number 279204 Feunder The Worshipful Companyfjf knxourers & Brasier5 Trustee5 Mrs N Davie5 Ichairman, Appoirsted 27.06.20241 Or G Andrews Mr C Honnwll IAppointÈd 27.06.2024 Mr J Charfeild-Robert5 (Appoirted 26.06.20251 Prof W Bonfield Mr M Goulette Resigned Trwtees Mr E Pitt IRe5igned ChairrDan 27.06.20241 Prof Emma Ream 1fte￿gned 26.06.20251 Dr R Bowdler (Resigned 27.06.20241 Secretary Mrj Pu8h&Morgan Chief Executive Ms AM aift Nature of Governing Instrument De￿ara￿on of Trust d*ed 21 November 1979 Re8i5tered Office Armourer5' H311 81 Cokman Street London EC2R 5BJ Auditor HaysMacLLP 10 Queen Street Place London EC4R IAG Bankers CHoirÈ & Co. 37 Fleet SIr￿t London EC4P 4DQ Fund Mana8ers Rèthbone Investment Management umited 8 Flnsbury Clrcus London f C2M 7AZ Cazen04E Capital l London Wèll Place London EC2Y SAU Wa¥erton Investsnem Management Ltd IWIMI 16 8abmae5 Street London SWIY 6AH Detail Pago 3 The Armourers & Brasiers. GauntletTrust TRUSTEES, REPORT Yearto 31 March 2025 The trustees present thelr statutory ￿port together with the accounts of The AmoU￿r$ and 8raslers' Gauntlet Trust I'the Trusv or'the chariv) for the yearended 31 March 2025. The accounts have been prepared in a￿ordanCe with the accounting wlicies set OLrt on pages 14 to 16 of the attached accounts ènd compty wlth the charlvs trust deed, applicable laws anij Accounting Reporting by Chèrltles.. Statement of Rewmmended Practice applicableto charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. GOVERNANCE. STRucfuRE AND MANAGEMENT Govtrnan and other income of £205,OCQ12024- £6801 was received from bequests. Durin8 the year income was received frorn continued partnership 5chEtnes,. Rolls-Royce £25.00012024 - £25.OOJI. AWE £30.00012024- £25,OLKII and the Materials Processing Institute £30,OQ)12024- E30,CIJOI. Thetotal incomEfor the year was £685.32212024- £394,165). ReseNes pollcy The charity is a grant-glving organlsation and the trustees. policy Is to dSstribute income arising in each financial year in line with the charity's objettive5. The trustee5 have Set a tar8et level of unrestricted cash reserves of £3C(I,C4JO. This level ha5 been determined to r￿p￿sent approx1rn3tely oneyeaI5 planned charitable 8ivin8, and is considered approprlate to.. Er*surethe continuity of gr3nt-makin8 activilies in the evenr of any remporary shortfall or delay in income, Prowde financial stabllity and operational flexibility, and Protert the charity aBainst unforeseen ftnanclal pressures. As at 31st March 2025 the charity held unrestrlcted Cash reserve5 of £311,03712024- £242,113), which exceeds the target level by É11.037. The trustees coThsider thi5 5rnall surplus ro be prudent and appropriate in the context of expected future income anil expendlture. The excess will be v5ed in line with the charitlls 8rant-making objectives durln8 the forthcomin8 fiThan£ial year, and the ￿SeThe$ posltlon will continue to be reviewed annually to en5ufE ali8nment Wth the pollcy. The trustees are 5at15fied that the current level ol reserves provldes sufficlent flnanclal resilience without holdinB back funds unnecessarily from charitable use. Financial poshlon The balance sheet 5how5 total funds of £10,090.975120Z4 - £10,W7.4691 cornpri5in8 expendable endowment fvnds of £9,356.57812024- £9.675,1711. restricted funds of £220,OCiI12024 - £0) and unrestricted general fund5 IfTee reserves) of £514,39712024- £332,298). The truttees consider that thi5 level of free reserves matches the parameters set out in the chariVs reserves policy above and thevt therefore, considerfree reserves to be adequate but not excessive. Truslees, Report Page 6 TRUSTeES' RepoRT- Continued Year to 31 Mar£h 2025 FUTURE PLAN5 The trustee5 do not anticipate any 5T8nificant change5 tothe charity or it5 activities over the next two to five years. It is their intention to meet the followln8 objectlves.. Tts monitor the investment performance 50 that if at all possible. it achieves the criteria set by them $0 that the￿ are sufficient funds to rneet their grant giving policie5. To continue to rn3ke grants at a similar level. )proved by the Twstees on Mrs Nicola Davles- Chalrman. Trustee$, Report Pagè 7 The Armourers & Brasiers. Gauntlet Trust INDEPENDENT AuD￿OR.5 REPORT 31 March 2025 Opinlon We have audlted the financial statements of The Amourer5 & Brasier5' Gauntlet TtU5t for the year ended 31 March 2025 which cornprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Staternent, and notes to the financial statements, including a summary of si8n1f￿a￿t accountin8 policles. The fSnancial reporting frarnework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, Includln8 Flnancial Reporting Standard 102 The FlnoKlolReportinq Stsndord opplitoble in the UK ondRepublic of Irelond (United KinKdorn. In our opinion. the financial statements.- 8ive a true and fair view OF the state of the charity's affair5 as at 31 Marth 2025 and of the net movernent In funds, indudlng the charlry's Income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountln8 Practice.. and have been prepared in accordance wlth the requirements of the Charities Acr 2011. Basls foroplnlon We have been placed as auditor under sertion 144 of the Charitie5 Act 2011 and report in accordance wtth the au and relevant regulations made or having effect thereunder. We conducteij our audit in accordance with Intemational Standards on Auditing IUKI {ISAs IUKII and applicable law. Our respon5ibilitie5 under those standards are further described in the Auditor'5 responsibilttie5 for the audit of the financial st*ements sectlon of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audlt of the financlal statements in the UK, including the FRC5 Ethiral Standard, and h8ve fulfilled our other ethical responslbi1Sties in accordance with these reovi rements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion. Concluslons r•¢atlng io golng Concern. Ill auditin8 the finanaal sraternents, we have concluded that the frustees, usè of the 80in8 C4)ncern bas%$ of accountln8 In the prepèration of the financial statements Is approprlate. Based on the work we have perfomed. we have not identified any material uncenalnties re13ting to events or condltSons that, individually or eollectlvely. may cast significant doubt on the charity's ability to continue as a going eoncem for period of at least twelve months from when the financial statements are authorized for issue. Our responsibilities and the responsibilities of the Trusiees wlth respect to golng concem are described in the relevant 5ettion5 L)1 thi5 report. Other Informatlon The Trustees are responsible for the other inforfflation. The other informatron comprises the information included in the Trustees, Annual Report. Our oplnion on the financlal statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any fom olasSUran￿ conclusion thereon. In conn￿10￿ with our audit of the financial statements. our responsibility 15 to read the other infom)ation and, in doin8 SO. consider whether the other information is materially inconslsient wlth the flnanclal statements. or our knowled8e obtained sn the audit or otherwise appears to be rnaterially misstated, rf we Identlfy such material incgnsistencie5 Qr apparent material misstatements, we are ￿quIred to determine whether there is a material mlsstatement In the financial statements or a materSal rnisstatement of the other information. If, based on the work we have performed, we conclude that there is material mlsstatement of thls Infoimation, we are required to report that fact. We have nothln8to report in thls regard. Matter5 on whlch we are requlred to report by exception. We have nothing to rewrt in respect of the following matters in relation to which the Charriies (Accounts and Reports) Regulatlons 2008 ￿quire us t? report to you if, in ouropinion.. adequate accounting records have not been kept by the charlty: or sufflclent accounting TKords have not been kept., or the charity financial statements are not in agreement with the accguntin8 records and retums- or we have not received all the information and eyplanatlons we require for our audit. Audito¢s Report Page B The Armourers & 8raslers' Gauntlet Trust IIIDEPENDENT AUDITOR'S REPORT. Contlnued Respomlbll￿les of Twsteesfor the financlal statements As explained more fully in the Trusree's responsibilities statement set out on page 4, the Trustees are responsible for the preparatlon of the financial 5t3tements and for being sat15fied that they give a twe and falr view, and for Such internal control as the Trustees determine is ￿e¢￿Sary to enable the preparation of financial statements that arefree from material misstatement, whether dueto fraud or error. In preparing the financial statements, the Trustees are responsible for assessin8 the charity's ability to continue as a goln8 concern. disclosin8, a5 applicable, matters related to EOin8 concern an(1 using the going concern basls of accounting unless the Trustees either intend to liquidate the chaiity oi to cease operations, or have no realistic alternatlve but to do. Audltoe5 re5ponsibilitle5 for the audlt of thefinanclal statemeffits Our objettives are to obtain reasonable assurance abovt whether the financial statements as a whole are free from rnaterial misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our oplnion. Reasonable assuran￿ is a hi8h level of assurante but is not a guarantee that an audit conducted in accordance wlth ISAS IUKI wlll alway5 detert a material mis5ratement when it exists. MisllatemÈnts can arise from fraud or error and are considered material if, individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users on the basis of th￿e financial statements. Irregularities, includin8 fraud. a￿ instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreeularities includinE fraud is detailed below. Based on our understanding of the charity and the ￿VironMent in whith It operates, we identified that the principal risks of non-compliance with laws and regulations related to the reBulatory framework applicable to re8i5tered charities. and we considered the extent to which non-complian￿ mi8ht 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 financlal statement5 such as Charitie5 Act 2011 and otherfartors such as raxation. We evaluated management's Incentives and opportuniries for fraudulent manipulation of the financial statements Ilncluding the rlsk of override of controls) and detem)Ined that the principal risk was related to manual accounti nglournals. Audit procedures perforrned by the engagement team included.. Dlscussions with management including consideration of known or suspected instances of non-coM￿lance with laws. regulation. and fraud,. Evaluating rnanagernents controls designed to prevent and detert irregularities.. Identifyin8 and testing controls, in ￿rtiCUlar joumal entrie5 Posted with unusual accoynt cornbinatiolls F¥JStin8S by unusual users or with unusual descriptions., Inspectin8 correspondence with re8ulators and tax authorities.. and Challen8in8 assumptions and jud8ernents rnade by rnanagernenl in their critical accounting estimates. BetaU5e of the inherent limitation5 of an audit. there 15 a risk that we wll not detect all irregularitie5, including those leadin8 to a material misstatement in the flnanclal statements or non-compliance with regulation. ThSs risk increases the more that compliance with a law or regulation is removed from the events and transactSons refleued in the financial statements, è5 we will be less likely to become aware of instances of non-compliance. The rfsk Is also greater regarding irre8ularities occurrin8 due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, OrnIS5ion, or misrepresentation. A further descrSptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or8.uklauditorsresponsibilities. This descriptron forms part of our auditor's report. Auditors Report Page 9 The Armourers & Brasier5' Gauntlet Trust INDEPENDENT AUDITOR'5 REPORT- Contlnued Use of our report This ￿port is made solely to the charity's trustees, as a bo(ly, In accordance wlth $￿tIOn 144 of ihe Ctharitie5 Act 2011 and regulation5 made under section 154 of that Act. Our audit work has been undertaken so that we might state to thecharity's trustees those matter we are required to state to them in an Audr¢or's reporr and for no other purpose. Tothefulle5t extent perrnitted by law, we do not accept or assume responsibility to anyone other thèn the charlty's trustees as a body for our audit work, for rhis report, orfor the opinions we have formed. Lu Hay5M3c LLP Statutory Auditors 10 Que￿ Street Place London EC4R IAG Date= 15 January 2026 Auditors Report Page 10 The Armourers & Brasiers, Gauntlet Trust STATEMEKfoF FINANCIAi AcrwmES ve•r to 31 March ZOZ5 E¥pendable Endowmeirt Fund 2024 Total Fund5 GEnerg1 Fund Re5tvkted Funds Total Fund5 Nrrtes Income from.. Oonèliots and ¥tH. In¥e5tment income Chatitable actiVit￿S BQ157 285.165 317J>y) 397,157 28S.165 IEJ),994 230.171 3,OOD Total lrfomE 369.322 317 Expenditure on.. Raising funds.. Ch￿table actniifies 3%583 35.583 Z83.ZZJ 33,361 364,204 J8&123 97,1 Total Expenditure 186.123 35.583 97.1110 318.806 397 565 Net Ir￿me/(eXpenditUreI beforegalns on Investrnents 182.(P>9 S.5831 22ffjt 366516 13,4011 Net Ilossesl 8ains on investments io 128a.oio) 1283.OlQl 797,427 Ef MOVEMENT IN FUNDS 318,$93 220,tyJO ¥3.506 794,026 FUND eALANCES 8Roufjirr FORWARD 331298 9,675,171 IOAKIFA69 9,213.443 FUND BALANCES CARRIED FORWARD 514397 935&578 uo.wo 10.090,975 10.007.469 All recognised gain5 and bssesare induded in the above statementof fiTh8nual artThfitJek All of the tharivsacfivltles derived from cMtinuin80￿[atl0nsdUIin8the abuvetwo financiBI periods. The notes on pages 17to 19 fomi part of these11nancLg1 statemefi¢$. SOFA25 Pag811 The Armourers & Braslers. Gauntlet Trust BALANCE SHEEr 31 Marrh 2025 ZOZ5 2024 Note5 FUED ASSETS Fi*ed asset Inve5tment5 io *723,489 9 757 855 CURRENT ASSETS Stttk Deb￿r$ Cash at bankand In hand 41,2fy) 52.823 13,037 83,307 242 113 338.457 li 405,( REPITQR5 Amounts fallinu duE wf£hinoneyear Iz 7.5741 188A431 ET CURRENT ASSETS 249 614 TOTAL NET ASSU5 lo￿90.975 10 007.469 FUNDS AND RESERVE5 Expendable endowment fund Re5trfcted funds Unrestrl¢Ted fvnd5 De5i8nated hjmd General fund 13 14 9.356.578 O.L 9.675.171 514.397 332,298 I0￿Yo.975 10.007,469 Approved by the Tw5teeson Mrs N[e￿a0•Y*S, Chaimian. The note5 on pa8e5 17 to 191orm part ofthesefinaTh¢lal statements. 88IBr￿ Sh8et 25 Pago 12 The AmY￿rets & Biaslers, GaUnt￿t Tru CaSHFiOWSTATEMENT 31 Mavth 1025 2015 2024 sMIMfrom*JPtr•tln#¥ctivltle515ee bEbwl 1476.0241 366￿39) 5hflow5 from In￿st1n81tt￿ltieS.. Dmdendsand interestfrom investments Proceeds from Sale of i￿veStr￿ents Purchaseof Investmen Movement In Investments(ash other in¥estmertt movements 285,165 14,4U3.545 114,005,938) 137 824 230.171 2,571.001 12.759,9021 421373 Net cath Iw in¥estlngactiVit￿S 544,948 462,643 Change in cash and cath equwalents ID the year 68,924 96.604 Cash and c35h equiwdlent5al the beBinnin8 of theyear 242,113 145,509 Cash •rtdt*h equiv•lerts •ttheend ofthe year 20 1024 Ner income fortheyear Ipersratement of financial acti￿lieS> 74,501 794.026 Oividends ind interest Irom investment5 Galns on In¥estMènts Ilncreasel Idetre3se In rtock Iln¢rEa5el/derrea5e in debtors Inuease I Idecreasel In credltors 1285.1651 1216,4121 128.1641 3D,484 151,2681 1230,17II 1986,3291 271 6,317 49,847 Nercash used in operatlw artivltles 476.024 1366.039 of c¥sh and ¢ash •qufval•nts 2025 2024 Cash at bank and in hathy 3UX)37 242,113 AnatysSsof thanEes In netdebt As•t OVD4Iz024 C•$hfflows Asat ai/o¥z025 Cash at bank and in hand 242,113 31L037 The notes on pa8e5 17 to 19fomi part of these financial statements. Cashfi¢ Page 12 The Armourer5 & Brasiers, Gauntlet Trust PRINCIPAL ACCOUNnNG POUCIES 31 March Z025 The principal accounting ptslicies adopted, lud8ements and key sources of estimation uncertainty ifi the preparation of the accounts are laid out below. Gèneral irrformation The Armourers & Brasier5 Gauntlet Trustthadty Is reg1ste￿d in England and Wales. Chairty ￿listratIOn number.. 279204. The charity is governed by the Trust Deed since 21 Novernber 1979. Ba￿5 of preparatlon These accounts have been prepared forthe year to 31 March 2025. The accounis have been prepared under the historical cost convention with iterns recognised ai cost or transattion value unless otherwlse stated In the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reportin8 by Charlties.. Statement of Recommended Practlee appllcable to charities preparing their accounts in accordance with the Financia5 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021150RPI, SECtion IA of the Financial Reportin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in UK pound sleding and are rounded tothe nearest pound. critiul a¢countin8 estim•te$ and areas of judgement Preparation of the accounts may require the trustees and managementto make slgnlficant judgernents and estimates. There are no Iterns in the accounts where such jud8ernents and estimates have been rnade. A￿essMent of golnKconc¢m The tTUStees have assessed whether the use of the going concern assumptlon is appropriate in preparin£ these accouThts. The trustees have made this 8ssessment in respectto a perfod of one year frorn the date of apprDval of these accounts. The tru5tee5 of the charity have concluded that there are no materlal uncertainties related to event5 or conditions that rnav cast significant doubt on the ability of the charity to continue a5 a going concern. The tru5tee5 ale of the opinion thot the charity will have sufficient resources to meet its liabilities as they fall due. With regard to the next accounting period, the year ending 31 March 2026, the m05t 5iqnificant areas that affecr the carrying value of the assets hdd by the charity are the level uf inve5tfflent retum and the perfomiance ol the investment markets jsee the investment policy and the rlsk manaRement sections of the truslEes' reoort for rn0￿ infomiationl. Income ￿¢•&nItIon Income is recognised in the period in which the charity has entltlement to the Income. the amount of income can be rnea5ured reliably and it 15 probable that the income wll be received. Income Compris￿ donations and gifts. investment income and income from charrtable activities. Oonation5 are recognised when the charity has confimiatlon of both the amount and settlement date. In the event ol donations pledged but not received. the amount 15 acirued for where the receipt 15 considered probable. In the event that a donation is subject to conditlons that require a level of performance before the charity is entitled to the funds. the income Is deferred arbd not recognised Ljntil either those conditions are fully met, or the fulfllmem of those condltlon5 Is wholly wtthin the control of ihe £haritr and it is probable that those conditions will be fulfilled in the reportlnR perlod. Oividends are recggnised once the dividend has been de(la￿d and notrfication has been Teceived of the dividend due. Intefe5t on funds held on deposlt Is Included when receivable and the amount be measured reliably by the charity4 thi5 Is normally upon notification of the interest pald or payable bythe bank. Income from charitable activities consists of income recelved from the Armourers and Brasiers. Cambrldge Forum. The income is recognised when ￿e1vable and the amount can be rne35ured reliably by the charftyi this Is normally in the period the event take5 place. Policies Page 14 PRINCIPAL ACCOUNTING POLICIES. Continued 31 March 2025 Empendliyre re¢o8nltSon Liabilities are reco8ni5ed as expenditure as soon as there is a legal or constructive obligatlon commlttlng the chadty to make a payment to a thlrd party, it is probable that a transfer of economlc benefits wlll be ￿qUIred in settlement and the amount of the obligation be measured rellablv. l expenditure is accounted for on an accrua15 basis. Expendiiure comprises dirett costs and support costs. All expen5e5, Including support costs. are allocated or apportioned to the applicable expendlture headings. The classification betvdeen artivitie5 15 as follows.. a. Expenditure on raising funds tomprises fees paid to investment rnanagers in tonnÈttion with the management of the charitls listed investments. Expenditu￿ on charitsble activities includes all costs associated with furthering the charitable purposes of the charty through the provision of its charitable activities. Such costs include charitable grants. the costs of the the Armourers and Brasiers, C4rnbridge Foium and support and governance r05ts. c. Grant5 payable are included in the 5taternent of financial activitie5 when approved and when the intended ￿cIpIent has either r￿e¢￿ed the funds or been informed of the decision to make the grant and has satlsfied all performance conditions. Grants approved bLrt not paid at the end of the linancisl year are accrued. Grants where the beneficiary has not been Snformed or has to fulfll Performan￿ condltSons before the grant Is released are not accrued for but are disc105ed as financial commltments in the notes to the accounts. d. Support Costs represent indirect charitable expenditure. In order to carry out the prirnary purposes of the charity it is necessary to provlde support In the form of personnel development. flnanclal procedures, provision ol office services and equlpment and a suitable worklng envlronment. Support costs also include £overnance c05t5 involving the public accountability of the charity (including audit cost51 and costs in respect to its compliance with regulation and good practice. All expenditure is staled inclusive of irrecoverable VAT. Fixtd asset invÈstmÈrts Usted investments are a form of baslc financlal Instrument and are Initlally recognised at their transaction value and subsequently me8SLJred at their fair value as at the balance sheet date usingthe closing quoted market price. The charity doe5 not acquire put options, derivatives or other complex financial instruments. Reali5ed galns lor Ios5e51 on investment assets are £alculated a5 the dlfference between disposal proceeds and theSr opening carrying value ortheir purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the dlfferentÈ between the fair value at the year end and their carryin8 value at that date. Realised and unrealised investment 8ains lor Ios5e51 are combined in the statement ol linancial activities and are credited lor debitedl in the vear in which thev arise. Stocks Stock5 are stated at the lower of c05t and net reali5able value. Debto Debtors are recognlsed at thelr settlement amount, less any provlslon for non-recoverabi16ty. Prepayments are valued at the amount wepaid. They have been dlscounted to the present value of the future cash receipt where such discountin8 15 material. Policies Page 15 PRINCIPALACCOUNTING POLICIES- Continued 31 Marth 2025 Credltors and pro¥islons is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditor5 and provi510ns are ￿¢0￿nIsed at the amount the tharity anticipates it will pay to settle the Cash at bank and In hand Cash 45 held in a current account and a deposlt account held with C.Hoare & Co. The cash reserve should not fall bekjw £S00,(K)O. Cash 15 also hdd with the Fund Managers wlth no reserve. Financial InstNments The Charity only has financial asset5 and financial liabilities of a kind that qualify as basic financial instwments. Baslc financial instruments are initially ￿(08n1$ed at transartion value and subsequently measured at their Settlement value. FUND STRUCTURE Expendable endowmefitfvnd Endowment funds comprise monie5 which must be held as capftal. Where the trustees have a power of discfetion to convert endowed capital into income. the fund 15 known as an expendable endowment. Income aTrsing frorn the expendable endowrnent Is applied for 8eneral charitable purposes. Restricted funds The restricted funds relate to funds which have been reteived and thelr use restrlcted to a speclfic purpose. or grants and donations subjert to donor imposed conditions. General fund The 8eneral fund, being unrestricted fund5, vepresents those monies which are freely available for application towards achievlng any charltable purpose that falls within the objects Of the charity. Policies Page 16 The Armourws & Bra$le￿. Gauntlet Trust IJOTESTOTHE ACCOUNT5 31 Marth Z025 rM)NATK)NSANO GIFrs EApemdab 2024 Total Funds Total Fur Fund The Matthals Processlnl Instltute RollkRDycÈ plc AWE DrJnarinry%frttm Indiwduals Otherdonations 2025 Totsl funds 30.f¥JD 25,(th) SO.￿￿ 75.314 Z5,QOO 30.000 31,CMJD 75.157 107.157 105W) 397.157 317.OCrfI 16Q994 Restrfcted donation5werefecefved from the Pe*r & Nlcki Mas¢n Fund £I2,￿O(lo24-£1l,￿p,froM a Member ofthe Company E20,MO 12024- £013ndfrcththe Robert Perrfn bequest £2(KJ.WO12024-£01. IDroThe fvom In¥e5kneM5 O￿lde￿¢S reiEivable Intere5L le￿1vab 21ll5 179,111 IQ6, I￿,165 2D24 147,218 82,953 230.171 InK*5tment Income, in ￿th flnandal yezrs. wasto unrestrittedfunds. 2DZ5 2024 Armouren & 8ra5ier5'Carnbridge Fuurn 3,OOD In¥esknent Ineome, in Lkjth fitsaniil >*ars. wa5to uTrre5tricfedfundk Expe￿d[l￿e [￿rI]sIngfUn 2025 2024 Invesment Management Fees 33.361 EXrKnd1r￿re Dn r3151n8funds. in bothfinanckal years, was from iheexpendaWeenLbwment fiJnd5. Expe￿￿11u￿O￿(￿4l[1ob￿Actr￿￿1 Ufftre5trlcted Restricted Fwnds 2025 Total 2024 Grants payablelnote 61 PPDrt Costslnote 71 2025 Totsi Fund5 161.329 24A94 186.223 97X*JD 24329 24,SY 277,710 B6.494 364.20¢ 97,1 Siarts PayaL 2025 2024 Aimtsurers & Bra5iEf5' RollfrAllyce SchEtne - rE5tiioed £25,W12024- E2S,0001 AimtsurÈrs & Bla51ers' Mater5a& PiacE551n¥ InstiturE SthetnE- re51ritted £30,IXX) I2024- £30,000) Arfflouret5 & BTasier5' AWE Schetne- restri￿ed £30.00012024- £30.OWI CharitablE 8F3lltsiw4ard5 materlal$sclence- restriLted M?50n Fund £12.CN)012024. £12.￿) OtherchariiaL4egrants 36.0￿} ,122 36.6SO a2,gLo 35.OCK) 125.850 47,3UO 277.710 87.030 66.177 258.319 The tharityrnBkes 8rants In accordan￿ wllh It58r4ni rnAkln6 pollry￿ ow In theirustee5' report. The 8ran15 made tythechèrlty Intheyear are ILsted In appendI￿sAi0 E attathedto theseaccounts. Paae 17 The Armwyers & Brasiers, GauntletTrust NoTEST0T￿ ACCOUNTS JIMarth 202S Suppjrtcosrs 202$ 2024 Admin151r6t1pn thai8È from ihÈWorshlpftJl Companyof Armouren & 8ra51et5 Staft CiKf5 Oftltr Expense5 AuditQ15 Retnuneration forAudilSewke5 15cell3new5lGenÈ¢al Expenses Iwriteollofunldentlfied histsricaccrualsl 33,473 32,$81 5,111 12.wj 13.469 58,347 5,028 9,650 Z48Y4 86.494 Stalfcojts wernynerJtknoftru5¢qe¥ keymowement perno￿￿e1 ThetharttyempbY¢d I memberof stgff from 15tApri12025 IID24- 11. Tatal 5tsff costswere". 6rosspay£25.91012024- £45.9751, empl(wer$ r￿¢Tha1 Insuiance £2.384 IZ024-ES,156I, pEn51on5 £3,81912024- £6,7661 and Ilfe Insurènce £47512024- f4501 No tWStee Tecelvedany iemunÈr3tiDfiiirreimbursÈd4xpenses th respettof fhESrseThi￿S￿S 3 ttU5teE TAKAMON The ArmwieT5 and BtssiÈfs' GauntlotTrnSt Is a reostered charftyand, theFeforE.15 liabletD Income CorP)rat￿n tax Dn IDfQtne or83l￿der]￿d frorn charltable athfvhie5astheyfall ￿thIn the exemptions availableto wistered tharities. io FIXEDASSET l•mlE51MENTS M￿erne￿ts In a55et InVe￿￿ents duiln8theb*ar wÈie a5 follow5.. 2025 2024 Mathet ￿￿e•l t l•ril 2024 Addltlon5atCD51 Dlsposal proceeds Adjustment Netyin511ltwe51 in theyear g.U1167 14m5.938 114A03.$451 1243,9221 216 411 8,655.839 1,759.9U2 I2571.￿1) I188,￿2) MarkelWd￿e4t 31 March 2025 Cath held by inyestment [nI￿agerS 9,Z17,050 9.642.167 115.688 9.757.855 9,723.4 C05t Df a55Et1fr￿strnent51t 31 Marth 2025 9 217 050 At31 Marth 20ts the portFolv)tontained no Ind￿d￿all¥m3teridl holdints, DEBTORS io 20241 Tax recoYerdbIe￿ ill¥E5tment income Investmentlncomefecdwdble Other dèbtorsand prepawnents 82 70,324 12,900 83,306 36.930 .811 52.124 OiEDITOAS 2024 Accrtsalsand Deferred Income 6TaAtiredi¢¢rs othercredlto ZZJD ,820 7,775 827 37 ThETe mtr4ement ¢0 deferred In£orne forthe year. P•¥ 18 The Armourers & 8ra5lers' fj•untletTru 140TESTOTHEACCOIJNTS 31 Marth 2¢25 ij EXPENtJABLE ENLXXVMENTFVNDS The expendaPAeendowmEntfund compri5e5 donatlon5 tothe charityiobe hebj asc2pitsL including any resultant reali5ed orunreafised mtr•ement on inve5trnents. At IAprfl 2014 At JI M•rch Ihtome EKp¢nttitv Materials proce￿￿1 Insdtutè Stheme Rolls-Ro¥ce Sthemè AWESchErne The Peter & Nlcki M450n Fund Donatlon from a MémtsÈr ofthÈcomparty rhe Robert pernts 6equest ao,000 Z5,0 30.orK> 12. 20.ofyj iJowoi 12S,0001 130.(￿) 114cw} 20.OLII 317 ThÈ rE5tricted fropD corporate partnersare for8rant53nd awards wthith meet rht requlrEmEnts of the relevant 5themes. Oonatlon Irom è Member Df the CompAny- In IlnÈ w￿h thE tErrnsof rheEiftand in ￿ntInUingdIS0￿ss*OTh wltbthed4northe funds Will be￿pended In on theTrustS ￿411 Charf(ie5 Prograrnme ano In part on its pr￿raMme$ in SLIP￿rt &Materlals St￿￿[￿ On projÈttstobe deiErmined. ThÈ RoberrpeTrin Bequest- In linewtth the wAshes ol the latÉ Robèrt Perrin, thi5 fund ￿11 be eApendedthrou8hthÈ Trust's prv8rarnrn251ffl supportd Materkls StlÈncèon proièctsto bè dÈt*rthined. 15 ANALYSL5 OF N￿A$sEr$8£1W￿El4 FUNDS EApendalAe (￿er•I Re5tr*ted Fund# Total 2025 Fund balancesat 3L Marth 2025 are Tepie5pnted by.. FixÈd ass￿ InvÈrtThents Current •55ets Creditor5'. amounts falliniduewithin DnE ye4r T￿￿1 nei a552ts 146.911 lo5￿0 37.5741 514J97 uo,o ,3S6578 9.723All9 40s.oro) 137,574 10,090,975 220.0 9.356.5711 Expendable Endowment Fund PAk)R YEORAIYALY5150FNET ASSFfs BFVWEEN FUNDS GÈnèrnl Fund Totsl 2024 Fu￿$ Fund balances at 31 Marth 2024 ait represented ty.. Fixed asset Ill¥È5tmènts CurrÈrtassÈts CrEdit015.' amC4Jntsfallinsdue wtthln one yeai Total net assÉts 81S84 338.457 88.843 332,298 9,675,171 9.757.855 338.457 967S.171 10.W7469 RELATED PARTY TPANSACTK)NS Thetrusree$ are members of The Worshipful CthnpaThyof ArmOu￿r$&8r$s1È￿s are ow51dered to be a rel￿￿ party. Tr3n5a£tiODS Wlth the wO￿kipfUl Company are disclosed intheappropriaie note5 10 the account5. Thwewereno othertransattions with any rel4rEd ￿rtieS£0110I4-£0j aoJthere are no balances Outstahdlnz wirh an¥rekted ￿rtIeS t the Balante She￿ latès ÉO12024- EDI. Ovnatlon5frorn iru5rew dunnB theyearrotalled £3,89512024-É6,4101. Pau8 19