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￿).
Struc￿re, 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 identif￿d 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 FOundat￿n 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 perf0m￿nCe
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 proV￿e 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,c￿f0rthe 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 fU￿lIment 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, RespO￿lbilItIeS
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 & Wa￿5 ￿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 Tn￿tee5 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 DeCem￿r 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 eXaMinat￿n 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•l*Ke ¢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
ACc￿ed 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 Charit￿5 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 I￿lUdIng) 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 De￿rnber
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