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 

9 



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