THE AMC FINANaAL HARDSHIP FOVIIDATION Rezistered Charlty Number 1191625 TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTH PERIOD ENDING 31" DECEMBER 2023
CONTEl¥tS Legal and AdministratNe Information Trustees. Report Independent Examinerfs Report Statement of Financial Activities io Balance Sheet li Notes fonning part of the Financial Statements 12
THE AMC FINANCIAL HARDSHIP FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees: Name Role David Sher Chair Elizabeth Appleby Trustee Alison England Trustee Stephen Dempsey Trustee Nicholas Fellowes Twstee Date of Appointment 07.06.2023' 05.10.2020' 31.03.2022 05.10.2020 11.10.2023" 'David Sher was reappointed as a Trustee at the second annual general meeting of The AMC Financial Hardship Foundation having retired by rotation in accordance with the constitution of The AMC Financial Hardship Foundation. 'Elizabeth Appleby resigned as a Trustee in actordance wtth The AMC Financlal Hardship Foundation's constitution with effect from 11 October 2023. 'Nicholas Fellowes was appointed as a Trustee in attordance with The AMC Financial Hardship Foundation's constitution with effect from 11 October 2023. Save as stated above. all Trustees served throughout the period relevant to the Trustees, Report and Financial Statements enclosed and up to the date of approval of the same. Principal Office: Level 35. 110 Bishopsgate London EC2N 4AY The AMC Financial Hardship Foundation's principal Offi moved from 7th Floor. 55 Bi5hopsgate. London, EC2N 3AH on 18 September 2023. Independent Examlner: Moore Kingston Smith LLP Bankers: Uoyds Bank PLC Registered Charity Number. 1191625
ThE AMC ANAMOAL HARDSHIP FOUNDATION TRU5tEES' REPORT Introduction The AMC Financial Hardship Foundation (the .ndatIon.) was established on 5 October 2020 as a charitable incorporated organisation pursuant to Part 11 of the Charities Att 2011. The Foundation was entered on the Register of Charities of the Charity Commission for England and Wales on S October 2020 with registered charity number 1191625. The Trustees of the Foundation are pleased to present the report of the Trustees and the financial statements of the Foundation for the 12-month period ending 31 December 2023 (Ihe "Relevant Peri). Strucre, governance and management As a charitable incorporated organisation, the Foundation is governed by a constitution. The constitution of the Foundation has not been amended since establishment of the Foundation. Trustees of the Foundation may be appointed or removed by the memberl51 of the Foundation andlor by the Trustees of the Foundation in accordan with the Foundation's constitution. Save for Mr Fellowes. the current Trnstees of the Foundation were each appointed by the Foundation's sole member. Amalgarnated Metal Corporation PLC I"AMC'I. Nicholas Fellowes wa5 appointed by the Trustees of the Foundation. in accordance with its constitution. following the resignation of Elizabeth Appleby and the Foundation'5 member(s} will be invited to approve the appointment of Nicholas Fellowes a5 a Trustee at the annual general meeting of the Foundation to be held in 2024. The Foundation is governed by its Trustees, who meet quarterty to consider matters relating to the proper administration of the Fourbdation and ad hoc items of business requiring Trustee approval. In the event that the Trustee5 are required to consider business outside of these quarterly meetings le.g. due to receipt of a time-5en5itive grant application), the Trustees can also convene meetings on short notice or agree a course of action by means of written approval. It is not anticipated that any change to the constitution of the Trustee board will be implemented in the near term; accordin8ly, the Trustees have not adopted policies and procedures for the induction and trainin8 of Trustees. Each of the current Tru5tee5 was aware of the responsibilitie5 imposed on them as Trustees under applicable law and regulation at the time of their appointment and have cornplied with those responsibilities in the course of their activitie5 to date. The day-to-day administration of the Foundation is supported by AMC, the charivs sole member. which provides the charity with office space and IT infrastructure for that purpose. The provision of this support is govemed by a fomial written agreement between the Foundation and AMC which includes temis 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. Consistent with this wlicy. the key risk5 identifd by the Trustees relate to the improper payment of grants by the Foundation. the management of potential conflicts of interest and
the mismanagement of investments held by the Foundation. The charitrfs risk management policy provides the Trustees with guidance on how each of these risks should be managed and the Trustees have established specific conflict of interest. grant making and investment policies to ensure that eath of these major risks is appropriatety managed. Oblectlves and activities The object of the Foundation is the preventK)n or relief of povertyorfinancial hardship among employees and former employees, and the dependants and local Communities of employees and former employees. of AMC and its associated companies. through the provision ofgrants. During the Relevant Period. the Trustees have. in accordance with applKable legislatK)n. had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which such guidance is relevant. In this 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 guidan from the Charity Commission regarding. poverty charities. Consistent with the requirements for charities for the relief or prevention of poverty. the Foundation's principal actNities during the Relevant Period have focused on.. lil promotin8 awareness of the grant making purpose of the FOundatn to persons within the scope of the Foundation's charitable objectives,. {iil the making of grants where the Trustees consider this appropriate and consistent with the Foundation's tharitable objectrves- and liiil the prudent management of the Foundation'5 financial resource5 Wlth a view to maintaining the Foundation's grant-making capability over the medium-to-long term. Taking these categories of activities in turn. specific action5 the Foundation took during the year included: Promotion of awareness of the Foundation was undertaken in a variety of ways. Of particular note.. lil the Foundation made its first grant to a non-UK based member of the AMC community. which helped expand awareness of the Foundation overseas,. and lill the Foundation. with the support of AMC. organised a "Christmas Dav event at AMC'S London offices to raise awareness and funds from members of the UK AMC communitv. The making of a number of grants across the yeor of varying sizes and Structures. including, as alluded to above, a grant to an overseas beneficiary for the first time. The successful making of grants overseas and of differing strudures is an endorsement of the risk management policies and procedures the Foundation has in place and gives the Trustees confidence that they have the tools necessary to allow them to be flexible in structuring grants to achieve the best outcome for beneficiaries. The continued management of the Foundation's investments in accordance with the Foundation's investment policies, taking into account the need to maintain an appropriate level of liquidity. an appropriatety diversified investment portfolio and an appropriate balance between risk and retum. The Trustees have maintained the Foundation's existing grant making policy to allow the efficient and appropriate consideration of grant applications. In summary, the grant making policy is intended to ensure that all grants.. lil fall within the scope of the Foundation'5 charitable objectives- lill are appropriate in light of the resources available to the Foundation
and the need for the Foundation to be able to support those in need across the AMC community peatedlY and sustainably over time.. and liiil are proportionate both in quantum and structure to address the financial hardship faced by the relevant beneficiary. All 8rant decisions made by the Twstees duri the period relevant to this report were made in accordance with this policy. The Trustees would like to thank all those across the AMC community who have contributed to the Foundation's success by Spreading awareness of the Foundation, encouraging applicants to connect with the Foundation and. in some case5, a55iSting those in need with making grant applications or doing so on their behalf. For the Foundation to continue to serve the AMC community. this support Is invaluable and the Trustees hope thi5 will corntinue long into the future. Achlevements and perf0mnCe The Trustees are pleased to report on another su¢tessful year for the Foundation. building on the work undertaken during 2022. In 2023. the Trustees sought to achieve the following key objectives: Continuing to manage the Foundation's investments in a prudent way to safeguard the medium-to-long-term capabilities of the Foundation. Furthering awareness of the Foundation amongst the AMC community. Finding further opportunities to proVe financial support to members of the AMC community consistent with the Foundation's tharitable objectives. Regarding management of the Foundation's investments. the Trustees continued to manage the Foundation's diversified portfolio consistent with the investment policy adopted in the previousyear. The Trustee5 reviewed investment performan iteratNetythroughout the year and. where they considered it appropriate. adjusted holding5 to reflect changes in the investmeni environment facing the Foundation. Consistent with this approach. the Trustees elected to invest cash held in excess of the Foundation's minimum liquidity requirements in certain corporate bond funds during the Relevant Period. The Trustees are pleased to report that the Foundation's investments have perfomied Satisfactorily and in line with expectations during the Relevant Period. Many of the pressures felt by members of the AMC communtty in 2022 continued to be relevant in the Relevant Period and the Trustees remained. therefore, proactive in responding to requests for financial assistance across the community. In the Relevant Period, this approach led to the Foundation makin8 3 number of grants to a55iSt benefitiaries with exceptional costs that had the potential to Cause financial hardship or poverty in the UK and, for the first time. overseas {in this instance. Australial. Each of these grants raised differing risks for the Foundation and these were dealt with in accordan with the Foundation's risk management policie5 and procedures. The Trustees are pleased to report that all grants made by the Foundation were made without issue and in a timety manner. During the Relevant Period. the Trustees a19). with the support of AMC, organised a charity event at AMC'S London premises for the purposes of fundraising and raising awareness of the Foundation's work. The event. which Included a charity raffle and various "challenges. for
membersoftheAMCtommunityto participate in. ralsedover£2,cf0rthe Foundation, with these donations coming from members of the AMC community individually and also from AMC itself. The Trustees consider the event to have been a successful first fundraising and awareness event that will prove a valuable experien for the purposes of organi5ing similar events in future. For the Foundation, the ultimate barometer for success will be whether it is able to provide support to those focing financial hardship in a manner consistent with its charitable objectivities. In this regard. the Tru5tee5 are pleased to reF)Ort that 8 applications for grant5 were received during the Relevant Period. with over £7.c of grant support provided to beneficiaries. The Twstees consider that this Shov a continued role for the Foundation in wpporting the AMC community and look forward to the continued fUlIment of this role in the year ahead. Hnandal review Consistent with the Foundation's investment poliry and principal source of funds (see below), the Foundation aimsto ensure that the majority of its fundsare held as investments. However. to ensure that the Foundation is able to settle expenses and to make grants in a timely fashion. the Foundation aims to maintain at least £I0,c in liquid funds at all times with such funds to be held in an account in the name of the Foundation and accessible onty with the consent of two Trustees of the charity. The principal Sources of funds for the Foundation are donations and returns on investments. Durin8 the Relevant Period. the Foundation receNed over £2.CW from fundraising arttvities amongst the AMC community as described above. The Foundation's existing investments. currently fomi. and are expected to continue to form. the basis of the Foundation's funding over the medium-to-long term, with ad hoc donations supplementing this funding. The Trustees have adopted an investment policy, which looks to ensure that the Foundation's investments achieve long-term growth in the Foundation's assets and an appropriate balance between risk and return. taking into account Costs associated with investment5 held, the Trustees. investment expertise and experien and the value of the Foundation'5 assets from time to time. Given its Size and the support provided by AMC las described above), the Foundation has not incurred. and the Tru5tee5 do not expert the Foundation in future to incur, significant non- grant related expenditure in the course of its day-to-day operations. Accordingly. the key source of expenditure for the Foundation during the Relevant Period was the making of grants in fulfilment of the Foundation's charitable objectNes. Declaration of Trustee interests None of the Trustees are members of the Foundation nor have any interest in the assets of the Foundation. Each of the Trustees is also an employee or officer of AMC, the Foundation's sole member. or an affiliate of AMC. and the Trustee5 have adopted governance procedures. including a conflicts of interest policy. to ensure the proper administration and govemance of the Foundation on an independent basis. Potential conflicts of interest are assessed at each meeting of ihe Trustees. No conflicts of interest were identified during the Relevant Period that were material to the operation and actwities of the Foundation during that time.
Statement of Trustees, RespOlbilItIeS The Trustees are responsible for preparing the Trusteeg Report and the financial statements in accordance with applicable law and United Kin8dom Accounting Standards (United Kingdom Generalty Accepted Accountlllg Practice.) The laws applicable to charities in England & Wa5 qUireS the Trustees to prepare financial statements for each financial year which gNe a true and fair view of the state of the affairs of the Foundation and of the incoming resources and application of resour$ of the Foundation for that period. In preparing these financial statements, the Tntee5 are required to: select suitable accounting polittes 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 financial statements on the going toncem basis unless it ts inappn)priate to presume that the charity will continue in business. The Trustees are festM)Dsible for keeping proper accounting records that disclose with reasonable accuracy at aDY tirne the financial kw)sition of the Foundation and enable them to ensure that the financial ststements Comply with the Charities Act 2011. the Charit$ (Accounts ond Reports) Re8ulations 2CI)8 and the provisions of the Foundation's constitution. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 23 May 2024 and slgned on their behalf by: Davld Sher Chalr of the Trustees Date: 23 Aprll 2024
THE AMC FINANaAL HARDSHIP FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AMC FINANaAL HARDSHIP FOUNDATION I report to the trustees on my examination of the accounts of The AMC Financial Hardship Foundation for the period ended 31 DeCemr 2023 which are set out on pages 10 to 16. Responsibilities and b3515 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 Art 20111.the Acfl. I report in respect of my eXaMinatn 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 145lSllbl of the Act. Independent Examlnerfs Staternent I have completed my examinaiion. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe- accounting records were not kept ID respect of the CIO as required by section 130 of the Act- or 121 the accounts do not accord with those records- or 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) Regulation5 2CM)8 other than any requirement that the accounts give a 'true and fair view which i* not a matter considered a5 part of an independent examination. I have no concerns and have come across no other matter5 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. N,- k• LLP Adam Fullerton {FCA DCHA). For and on behalf of Moore Kin8Ston Smith LLP Chartered Accountants 6, Floor 9 Appold Street London EC2A 2AP Date= 29 April 2024
THE AMC FINANaAL HARDSHIP FOUNDATION STATEMENT OF HNANaAL ACTIVITIES FOR THE PERIOD ENDING ON 31 DECEMBER 2023 Urrntrkled Unr•strkted Fund5 2022 Cash tknnatbns &213 Investment th)nations 109,939 In¥esb7)eM Income 7? 5.567 Interest income Tot SKoTh?: 16A67 115.564 tharttable attivltles 17.2811 18.9201 Govemance cos 14.2821 13.5841 T<>tal exptn¢Ntyr: IiL5631 112.5041 Gatn51lL(w•sl tyi in¥esth Reall$ed 997 Un¥ealssed 13351 16.9481 In¢omlnq resourresfor tht y 97.1(V3 Re¢on¢Mlatlon of fvnd&' 269,117 172,008 8•lKe ¢wled forward at 31 December 28737Z 269.117 The Statement of financial artivities includes all gains and losses recognised in the relevant period. All of the above amounts relate to continuing activities. The notes on pages 12 to 16 form part of these financial ststements. io
THE AMC FINANaAL HARDSHIP FOUNDATION 5T BALANCE SHEET AS AT 31 DECEMBER 2023 2022 Quoted inve5tThEnls 276,071 156,696 276.071 156.696 Currerta%%•ts: Cash at bankarxl ITh hond 12,964 9.343 Caprtal kcount 169 106.078 ACced iKome 1.768 14301 115.421 Creditor5: Amounts falli due withiTh one year 11301 IW421 T(tsl net a55et&' 2873n 269.117 Fund5: Unrestricted lunds 287.372 269.117 Totsl funds 2873n 269,117 Approved by the Trustees on 23 April 2024 and signed on their behalf by: David Sher Chair of the Trustees Stephen Dempsey Trustee li
ThE AMC RNANaAL HARDSHIP FOUflDATION NOTES TO THE HNANCIAL STATEMENTS FOR THE PERIOD Et4DING ON 31- DECEMBER 20Z3 Accounting Policles Charfty Inforniation The AMC Financial Hardship Foundation Ithe Trwndation") is a charitable incorporated organisation pursuant to Part 11 of the Charit5 Act 2011. The principal offKe of the Foundation is Level 35. 110 Bi5hopsgate, London. EC2N 4AY. 12 Basls of Preparalion The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republit of Ireland {FRS 102). The Foundation is a public benefit entity for the purpose5 of FRS 102 and a registered charity and therefore has also prepared its financial statements in accordante with Statement of Recommended Prartice applicable to charities preparing their accounts in atcordance with the Financial Reporting Standard in the UK and Republic of Ireland {The FRS 102 Charities SORPI and the Charities Act 2011. The Foundation is a public benefft entity forthe purposes of FRS 102. The financial statements are prepared in sterlin& which 15 the functional currency of the Foundation. Monetary amounts in these financial ststements are rounded to the nearest pound. The principal accounting policies of the Foundation. which are applied consistentlyi are set out below. References to the "2023" period in these financial statements include the period from land including) I" January 2023 to land including} 31° December 2023. References to the "2022" period in these financial statements. being the o)mparative period for the purFKJses of these financial statements. include the period from land IlUdIng) I" January 2022 to land includingl 31 December 2022. Golng Concern The financial statements have been prepared on a going concern basis. The Trustees have asses whether the use of the going concem basis Is appropriate and have considered possible events or conditions that might cast senificant doubt on the ability of the Foundation to continue a5 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 financial 5taternents. In particular. the Trustees have considered the Foundation's forecasts and projections and have taken account of pressures on investment income in light of market volatility in the United Kingdom and other rebevant markets. including as a Consequen of the ongoing war in Ukraine. The Foundation holds signrficant reserves and has liquid assets in the fomi of investments which are readily available to convert Into cash if required. Furthemiore, the principal Sour of expense for the Foundation has been, and the Trustee5 expect will continue to be. financial outlay through the making of 12
grants. The Trustees have full discretion. within the Foundation's constitutional rules and those imposed by law, as to whether to make a grant and on what ternis. and therefore remain able to ensure that Such expenditure is appropriately controlled in a prudent manner. In light of the atrme. and after making enquiries. the Trustees have concluded that there is a reasonable expectation that the Foundation has adequate resources to continue in operational existence forthe foreseeable future. For this reason. the Trustees adopt the going concern basis in preparin8 the financial statements. Income Income is recognised in the Statement of Financial ActNities when it betomes receivable, and the entitlement. measurement and probability principles are met. Expendilure All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation for payment to be made. Resources expended are allocated to the particular activity where the cost relates directly to that activty- Grants payable are accrued when approved by the Trustees. Fund accountlnE Unrestricted fund5 are those which are available for the general purposes of the Foundation at the discretion of the Trustees. As at 31 December 2022. the Foundation had no restricted funds. Critical accountin8 estlmates and areas of Sudgement In the view of the Trustees in applying the accounting policies adopted. no judgements were required that have a signtficant effert on the amounts retO8nised in the financial statements, nor do any estimates or assumptions made carry a significant risk of rnaterial adjustment in the next financial year. Investments Investments are stated in the balance sheet at dosing market value on 31" December 2023. Any gain or loss on revaluation since receipt of the investments is taken to the Statement of Finantial Activities. Exernptions The Foundation has taken advantage of the exemptions available to it and has not prepared a cashflow ststement. Investment Donatlor Investment (lonations during the period consisted of listed investments lonlyl- Investment donation5 are stated in the Statement of Financial Activities at their market value at the time of donation. Charitable artivities Expenditure on charitable activities by the Foundation during the period related principalty to the making of grants as follows= 13
2023 Number 2022 Number Grants to Individuals 7.281.25' 13 8.920 Grants to Orgoni5ations Gran15 turned 7.281.25 13 8.920 * Payments made to organisations as part of grants made to individuals are incorporated in "Grants to Individuals" above. 'Includes a payment of SS.CW Australian Dollars converted into GBP 2,681.25 at a foreign exchange rate of 1.8648-.1. being the rate obtained bythe Foundation on the date of payment. In connection with fundraising activities in November and December 2023, the Foundation Iso utilised a payment processing service for donations made by rnembers of the AMC Community by way of electronic payments. The a88regate value of donations made by way of electronic payments was £1.266. with the total fees payable in relation thereto being £16.60. Governance tosts Govemance costs incurred during the period consist of fees payable to the Independent Examiner in relation to these financial statements. The Foundation's obligation tts pay these fees is reflected in the accruals noted in the financial statements. 14
Investrnènts 2023 2022 Marketvalue as at l January 156.696 165,763 Addition5 106.024 54.046 Less disposals {56.1651 Net unrealised gains l {lossesl 13.351 {6,9481 Marketvalue as at 31 Dernber 276.071 156.696 Analysis of Investments: Listed equities 110.628 ICM),333 Other listed investments 165.443 56.363 276,071 156.696 Creditors: amounts due wlthln one year 2023 2022 £cruals 3.OlXI Tru5tee5 No Trustee recewed any remuneration during the period. Related Party Transartions During the period under review. the Foundation received a number of donations from Amalgamated Metal Corporation PLC {the sole member of the Foundationl and one donation from Amalgamated Metal Trading Limited {a subsidiary of Amalgamated Metal Corporation PLCI. These donations consisted of= IA) donations of item5 for inclusion in the charity raffle conducted by the Foundation on 12 December 2023 lestimated value.. £1,720.28),. and IBI cash donations from AMC of £1.350 which AMC committed to pay durin8 the relevant period but which were paid in 2024. 15
Taxatlon A5 a charity. The AMC Financial Hardship Foundation is exempt on income and gains falling within section 466-493 of the Corwration Tax Act 2010 to the extent that these are derived from its charitable activities. Capltal commitments As at 31 December 2023. the Foundation has no Gipitsl commitments not provided for in the financial statements. 16