2022-12-31-accounts

THE AMC FINANCIAL HARDSHIP FOUNDATION Registered Charlty Number: 1191625 TRUSTEES, REPORT ANO UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTH PERIOD ENDING 31- DECEMBER2022

CONTENTS Page Legal and Administratlve Information Report of the TrLSStees Independent Examinerfs Report Statement of Financial Activities io Balance Sheet li Notes formlng part of the Flnanclal Ststements 12

THE AMC FINANCIAL HARDSHIP FOUNDATION LEGAL AND ADMINisfRATIVE INFORMATION Trustees: Name Role David Sher Chair Elizabeth Appleby Trustee Alison England Trustee Stephen Dempsey Trustee Date of Appolntment 05.10.2020 05.10.2020 31.03.2022 05.10.2020 Alison England was reappointed as a Trustee at the first annual general meeting of The AMC Financial Hardshlp Foundation having retired by rotation in accordance with the constitutlon of The AMC Flnanclal Hardship Foundation. AIITrustees serned throughout the period rèlevant to the Trustees. Report and Financial Ststements enclosed and up to the date of approval of the same. Principal Office: 7th Floor. 55 Bishopsgate London EC2N 3AH Independent Examlner: Moore Kingston Smith LLP Bankers: Lloyds Bank PLC Re8iStered Charity Number. 1191625

THE AMC HNANaAL HARDSHIP FOUNDATION TRUSTEES. REPORT Introdurtlon The AMC Financial Hardship Foundation (the "Foundation"I was established on 5 Ortober 2020 as a charitable incorporated organisatlon pursuant to Part 11 of the Charities Act 2011. The Foundatlon was entered on the Register of Charities of the Charity Commission for England and Wales on 5, October 2020 wlth reglstered charity number 1191625. The Trustees of the Foundation are pleased to present the report of the Trustees and the financi31 statements of the Foundation for the 12.month period ending 31° December 2022 Ithe "Relevant Perlod"). Structure. 8ovemance and management As a charitable incorporated organlsatlon, the Foundatlon is governed by a constitution. The constitutlon of the Foundation has not been amended slnce establlshment of the Foundation. Trustees of the Foundation may be appointed or removed by the memberlsl of the Foundation andlor by the Trustees of the Foundation in accordance with the Foundation's constitution. The current Trustees of the Foundation We￿ each appointed by the Foundation's sole member, Amalgamated Metal Corporation PLC I"AMVI. Followlng e5tabli5hment of the Foundation. no further appointment5 or remova15 were made in the Relevant Period. The Foundation Is governed by its Trustees, who meet quarterly to tonsider matters relating to the proper admlnlstration of the Foundation and ad hoc item5 of bLtsiness requiring Trustee approval. In the event that the Trustee5 are required to consider bLF5ine55 Outside of these quarterly meetings le.g. due to receipt of a timevsensitive grant application), the Trustees can also convene meetings on short notice or agree a Course of action by means of wr¢tten approval. It is not antitipated that any change to the constitution of the Trustee board will be implemented in the near term; accordingly. the Trustees have not adopted policies and procedures for the indurtion and trainin8 of Trustees. Each of the currentTrustees was aware of the responsibilities imposed on them as Trustees under applicable law and regulation at the time of their appoSntment and have complled wlth those responsibilltie5 In the course of their actlvitles to date. The day-to-day administration of the Foundation is supported by AMC, the ¢harlWs sole member, which provides the charity with office space and IT infrastructure for that purpose. The provislon of this support is governed by a formal written agreement between the Foundation and AMC which includes term5 safeguarding the independent governance of the charity. The Trustees have considered relevant risks to the proper operation of the Foundation and adopted a risk management policy to facilitate the identification and management of those risks. Con51Stent with this policy. the key risks identified by the Trustees relate to the Improper payment of grants by the Foundatlon. the management of potential conflicts of interest and the mismanagement of investfflents held by the Foundation. The CharIt￿S risk management policy provides the Trustee5 Wlth guidance on how each of these risks should be managed and

the Trustee5 have estsblished specific conflict of interes¢ grant making and investment policies to ensure that each of these major risks is appropriately managed. Ollectiv￿ and artl¥llles The objert of the Foundation is the prevention orrelief of poverty orfinancial hardship among employees and fomier employees, and the dependants and local communities of employees and former employees, of AMC and Its assoclated companles, through the provlslon of grants. During the Relevant Period. the Trustees have, in accordance with applicable legislation. had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which such guidance Is relevant. In thSs regard. the Trustees note that the purpose of the Foundation is the prevention or relief of financial hardship and the Trustees have, therefore, had particular regard to the legal requirements applicable to, and the guidance from the Charity Commission regardin& poverty charities. Consistent wlth the requirements for Charities for the relief or preventlon of poverty, the Fotsndation's princlpal actlvitles during the Relevant Period have focused on: lil promotlng awareness of the grant making purpose of the Foundation to persons within the scope of the Foundation's charitable objertives- lill establishing processes to ensure the timely processing and appropriate consideration of grant applications,. and liiil the maklng of grants where the Trustees consSder thls approprlate and conslstent wlth the Foundatlon's Charltable objectives. Taking these categories of activities in turn, specific actlons the Foundation ha5 taken during the year included.. The establishment of an "EnefEV Support Fund" with the aim of providing moderately sized grants to a wide range of beneficiaries to relieve and prevent financial hardship or poverty associated with rising energy Costs durlngthe fourth quarter of 2022 in the United Kingdom. Engaglng with applicants in relatlon to multlple applications received durlng the year and, where appropriate, maklng grants to relevant beneficiaries. The Trustees have Implemented a grant maklng pollcy to allow the efflcient and appropriate consideration of grant applications. In summaryi the grant making policy is Intended to ensure that all grants.. lil fall within the scope of the Foundation's charitable objectives; lill are appropriate in li8ht of the resources avallable to the Foundatlon and the need for the Foun(iatlon to be able to support those in need across the AMC community repeatedly and sustainably over time; and liiil are proportionate both in quantum and structure to address the financial hardship faced by the relevant beneficiary. All grant decisions made by the Trustees during the period relevant to this report were made in accordance with this poli￿. The Trustees would like to thank all those across the AMC community who have contributed to the Foundation's Suc￿sS by spreading awareness of the Foundation, encouraging applicants to connect with the Foundation and, in some cases. assisting those in need with making grant applications or doing 50 on their behalf. For the Foundation to continue to seNe the AMC communlty, thls support Is Invaluable and the Trustees hope this will continue long into the future.

Achievements and perforMa￿e The Trustee5 are pleased to report on another successful year for the Foundatlon, building on the work undertaken during its first-year post*stablishment. In 2022, the Trustees sought to achieve the following key objectives: Consolidation of the Foundation's medium-to-long term funding base through: lil the completion of the donation process commenced in 2021 during which The AMC Staff Welfare Fund evidenced an intention to make a further 5izeable donation of investment assets to the Foundation- and lill the management of the Foundation's investments to create a portfolio consistent with the Foundation's investment policy. Furthering awareness of the Foundation amongst the AMC community. Flndlng further opportunltles to provlde flnandal support to members of the AMC community consistent with the Foundation's charitable objectives. With regards to the consolidation of the Foundation's funding base. the Trustees are pleased to ￿nfirM thatthe furtherslgnifitant donatlon of investment assets byThe AMC Staff Welfare Fund antlcipated Irb 2021 was completed during the year. wlth the Foundatlon's investment portfolio subsequently restructured to provide a stable source of funding for the Foundation over the medium-to-long term. Notwithstanding some of the challenges faced during the Relevant Period on a macro-economic scale, the Trustees are confident that, following the work undertsken during the year. the Foundation now has an appropriately diversified. liquid investment portfollo which will not only generate revenue for the Foundation but. through rowth over tlme. provide the Foundatiorb With a robLFSt fundlng platform for the future. The Relevant Period was a challenging time for many across the AMC community, with global events such as the war in Ukraine creating significant cost pressures unavoidable to many. While. In the UK. the government introduced measL¢res to attempt to mitigate the worst effects of escalating energy prices and wlder inflationary pressures, the Trustees consldered it likely that some within the AMC community would nevertheless be exposed to financial hardship or poverty and that the Foundation was in a unique position to help. To that end, the Trustees established an "Energy Support Fund" during the fourth quarter of the year, with the aim of providing members of the AMC communlty facSng financSal hardship or poverty due to rising energy Costs with grants of up to £500 in advance of the Christmas period. The Foundation received over a dozen applications for support from the "Energy Support Fund", wlth over £5.000 ultimately being paid to beneficiaries in grants as a consequence. The Trustees tonsider the 5Utcess of the "Energy Support Fund" to have been slgnificant contrlbutor to the Foundation achieving its awareness and grant-making goals during the Relevant Period and that this experience will inform targeted grant-making campaigns by the Foundation in future. The Trustees would like to thank all those who contributed to the succe55 of the "Energy Support Fund" by spreading awareness of its availability and those who applied, or helped others apply, for grants.

For the Foundation, the ultimate barometer for success will be whether it is able to provide support to those facing financlal hardship in a manner consistent wlth Its charitable objectlvities. In this regard, the Trustees are pleased to report that 18 applications for grants were received durSng the Relevant Period (whether through the "Energy Support Fund" or otherwise), with over£8,000 of grantsupport provided to beneficiaries. The Trustees consider that this shows a continued role for the Foundation in supporting the AMC community and look forward to the continued fulfilment of this role in the year ahead. FSnanclal revlew Consistent with the Foundation's investment policy and prlnclpal source of funds Isee below). the Foundation aims to ensure thatthe majority of its funds are held as investments. However, to ensure that the Foundatlon Ss ableto settle expenses and to make grants in a timely fashion, the Foundation aims to maintain at least £IO,(KIO In Ilquid funds at all times with such funds to be held in an account in the name of the Foundation and accessible only with the consent of two Trustees of the charity. The principal sources of funds for the Foundatlon are donatlons and returns on investments. During the Relevant Period. the Foundatlon recelved a sizable donation of investment assets,. coupled with the Foundation's existing investments, these are expected to form the basls of the Foundation's funding over the medium-to-long term. The Trustees have adopted an Investment pollcy, whlch looks to ensure that the Foundation'5 investments achieve long-term growth in the Foundatlon's assets and an appropriate balan between risk and return, taking into account costs associated with investment5 held, the Trustees, investment expertlse and experience and the value of the Foundation's assets from time to time. Given its size and the support provided by AMC las described abovel. the Foundation has not incurred, and the Trustees do not expect the Foundation in future to incur. 5i8nificant non- grant related expenditure in the course of its day-to-day operations. Accordingly. the key source of expenditure forthe Foundation duringthe Relevant Period was the making of grants in fulfilment of the Foundatlon's charitable objectives. Declaratlon of Trustee Interest5 None of the Trustees are members of the Foundation nor have any interest in the assets of the Foundatlon. Each of the Trustees is also an employee or offlcer of AMC, the Found8tion's sole member, and the Trustees have adopted governance procedures, Includ5ng a conflicts of interest policy. to ensure the proper administration and governance of the Foundation on an independent basis. Potential conflicts of interest are assessed at each meeting of the Trustees. No conflicts of interest were identified during the Relevant Period that were materlal to the operation and actlvltles of the Foundation during that time. Statement of Tru5tees' Responsibilities The Trustees are responsible for preparing the Trvstees. Report and the financial statements In accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.) The laws applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year whith glve a true and fair view of the state of the affairs of

the Foundation and of the incoming resources and application of resources of the Foundation for that perlod. In preparing these financlal statements, the Trustees are requlred to.. select Suitable accountin8 policies and then apply them,. make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the flnanclal statements on the going concern basis unless it is inapproprlate to presume that the charity will continue in busine55. The Trustees are responslble for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Foundation's constitution. They are also responsible for safeguarding the assets of the Foundatlon and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularitie5. Approved by the Trustees on 2023 and slgned on thelr behalf by: Davld Sher Chalr of the Trustees Date: 26 A 2023

THE AMC FINANCIAL HARDSHIP FOUNDATION INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE AMC FINANCIAL HARDSHIP FOUNDATION

I report to the trustees on my examination of the accounts of The AMC Financial Hardship Foundation for the period ended 31 December 2022 which are set out on pages [•] to [•]. 10 to 15

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“ the Act ”).

I report in respect of my examination of the CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:

• (1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or

• (2) the accounts do not accord with those records; or

• (3) the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Neil Finlayson FCCA, For and on behalf of Moore Kingston Smith LLP Chartered Accountants

9 Appold Street London EC2A 2AP

Date: 31/05/2023

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THE AMC HNAhlCIAL HARDSHIP FOUNDATION STATEMENT OF FINANCIAL AcrivmES FOR THE PERIOD ENDING ON 31" DECEMBER 2021 Notes Llnr95trlrtqd Fund5 Unre5trlct•d Funds 2022 2021 In￿me from: C#$h donations 13000 Investment donation5 109,939 IS5￿40 lThve5trnent Incorne 5,625 816 Trtal In￿Me. 115,$64 168A56 ExPend￿￿re on: Charltable activltles 18.9201 15,0711 Goverrsarsce costs 13.5841 12,5001 Total eKpendSthre: IIZ,5041 17,57ZI Galns1(L0$5esl on Irw•stments Realised 997 Unvealised 16,9481 10.724 Netlnt0Ml￿ resourttsforth¢y•r 97.109 172008 al/nc• brouthtforwawd at ljanuary 172,008 B￿an(£￿TI*d lorwrnd at 31 Dec•mb•r 269,117 172J The statement of financial artivities includes all gains and losses recognised in the ￿levant period. All of the above amounts relate to continuing activities. The notes on pages 12 to 15 form part of these financial statements. io

THE AMC FINANCIAL HARDSHIP FOUNDATION BALANCE SHEET AS AT 31" DECEMBER 2022 Nvt•5 2022 2021 FW •5f•ts: Quoted Investments 156.696 165.763 156,696 165.763 CurMnta559t%' Cash at bank and IN hand 9,343 8.995 Capltal A¢count l(KS,078 115N21 8.995 cr￿11¢¥$. Amountsfalllng dde withln onÈyÈar 2.750 2.750 N￿(￿rre￿ assets4 6,245 Total nrtass¢ts: 269.117 172,Tr18 FurKI5: Unrestrirted fund5 269.117 In.008 Total funds 169.117 172,QO8 Approved by the Trustees on 2( 2023 and signed on their behalf by.. Daviil Sher Chair of the Trustees Stephen Dempsey Trustee li

THE AMC FINANaAL HARDSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDING ON 31 DECEMBER 2022 Accountlng Pollcles Charity Informatlon The AMC Financial Hardship Foundation (the "Foundatlon") is a charitable incorporated organisation pursuant to Part 11 of the Charities Act 2011. The principal office of the Foundation is 7, Floor, 55 Bishopsgate. London, EC2N 3AH. 84sls of Preparatlon The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and RepLtblic of Ireland IFRS 1021. The Foundation is a public benefit entity for the purposes of FRS 102 and a registered charity and therefore has also prepared Its financial statements in accordance with Statement of Recommended Practice applltable to charltles preparlng thelr accounts in atcordance with the Flnanclal ReportSng Standard in the UK and Republic of Ireland (The FRS 102 Charities SORPI and the Charitie5 Act 2011. The Foundatlon Is a public beneflt entlty for the purposes of FAS 102. The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest pound. The principal accounting policie5 of the Foundation. which are applied consistently, are set out below. References to the "2022" period In these flnanclal statements Include the perlod from land Includln81 I" January 2022 to land including) 31st December 2022. Referen￿5 to the "2021" period in these financial statements, being the comparative period for the purposes of these financial statements, include the period from land including) 5 October 2020 (being the date of establishment of the Foundation) to land including) 31. December 2021. Golng Concern The financial statements have been prepared on a going concern basis. The Trustees have assessed whether the use of the Eoing concern b351S 15 appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of the flnanclal statements. In particular. the Trustees have considered the Foundation's forecasts and projections and have taken account of pressures on investment incorne In light of market volatility in the United Kingdom and other relevant markets. including as a consequence of the ongoing war in Ukraine. The Foundation holds significant reserve5 and has liquid assets in the form of investments which are readily available to convert into cash if required. Furthermore, the principal source of expense for the Foundation has been, and the Trustees expect will continue to be. financial outlay through the making of 12

grants. The Trustees have full dlscretion, wlthln the Foundatlon's constitutlonal rules and those imposed by law. as to whether to make a grant and on what terms. and therefore remain able to ensure that Such expenditure is appropriately controlled in a prudent manner. In light of the above, anil after making enquiries, the Trustees have concluded that there is reasorbable expectation that the Foundation has adequate resources to continue In operational existence for the foreseeable future. For this reason, the Trustees adopt the going oncern basis in preparing the financial statements. Intome Income 15 recognised in the Statement of Financial Activities when it becomes receivable, and the entitlement, measurement and probability principles are met. Expendlture All expenditure 15 included on an accruals basis and is recogni5ed when there is a legal or tonstructlve obllgation for payment to be made. Resources expended are allocated to the particular activity where the cost relates directly to that activity. Grants payable are accrued when approved by the Trustees. Fund attounting Unrestricted funds are those which are available for the general PL¢rposes of the Foundatlon at the discretion of the Trustees. As at 31" December 2022. the Foundation had no restricted funds. Critical accounting estimates and areas of judgement In the vlew of the Trustees In applying the accounting policies adopted. no judgements were required that have a si8nificant effect on the amounts recognised in the financial statements. nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Investments Investments are stated in the balance sheet at closing market value on 31, December 2022. Any gain or105s on revaluation since receipt of the investments IS taken to the Statement of Flnanclal Actlvltles. Exemptions The Foundatlon has taken advantage of the exemptions avallable to It and has Th)t prepared a cashflow statement. Investment Donatlons Investment donations during the period conslsted of listed investments lonlyl. Investment donations are stated in the Statement of Financial Activities at their market value at the time of donation. Charltable actlvltles Expenditure on charitable activities by the Foundation during the period related 501ely to the making of grants as follows: 13

2022 Number 2021 Numbgr Grants to IndNiduals 13 8,920 5,072 Grants to Organisations. Grants returned 13 8.920 5.072 * Payments made to organisations as part of grants made to individuals are incorporated in "Grants to Indlvldual< above. Governance costs Governance costs Incurred durlng the period consist of fees payable to the Independent Examiner in relation to these financial statements. The Fourbd3tion's obligatlon to pay these fees is reflected in the accruals noted irb the financial statements. Investments 2022 2021 Market value as at I january 165,763 Additions 54,046 155,040 Less disposè15 156.1651 Net unrealised gains I Ilosse51 16.9481 10,724 Market value as at 31 December 156,696 165.764 Analysis of investments: Llsted equities 100,333 101,829 Other listed investment5 56.363 63,935 156,696 165,764 14

Crtdltors: amounts due within one year 2022 2021 Aceruals 3,000 2,750 3,OlJO 2,750 Trustees No Trustee received any remuneration during the period save for one reimbursement of £75.CKI In respert of costs incurred on behalf of the Foundatlon by a Trustee when obtainlng an LEI code for the Foundation. The LEI code is required to allow the Foundation to manage its investment a55ets. Related Party Transartlons There were no related party transactions that require disclosure in the period under review. Taxatlon As a charityi The AMC Financial Hardship Foundation is exempt on income and gains falling within section 466-493 of the Corporation Tax Act 2010 to the extent that these are derived from its charitable activities. io. Capital commitments As at 31" December 2022, the Foundation has no capital commitments not provided for in the flnancSal statements. 15