Rowland Hill Memorial and Benevdenl Fund Rowland Hill Fund charity for postsl peoFle ROWLAND HILL MEMORIAL AND BENEVOLENT FUND ANNUAL REPORT For the year ending: 31 March 2022 Registered Charity Number: 207479 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Trustees. Report Mission Statement To provide the maximum rx)ssible finanual and praclical support to needy employees of Royal Mail Group Ltd and Post offi Ltd. pensioners and dependants. We aim to achieve this by devek)ping a partnership wth Royal hAail Group Ltd and Post Office Ltd designed lo maximise awarene55 of the Fund lo applicarts and supw>rters. Reference and administrative details Office and Management Fund Manager Grace Owen Fund Coordinators Frances Kodjie Dawn Moir Communi¢ation$ Manager Shan Lawrence AOuntant Johr) Elson Principal Office The Rowland Hill Fund, Royal Mail.185 Fatringdon Road. London, EC1A 1AA Telephone.. 0800 232 1762 Website: wWw.roandh1l1rund.O Page 1 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Board of Trustees Chaimian." Dale Haddon Deputy Chairman.. Dr Shaun Davis David Blake Ernie Dudley lan McKnight Louise Alexander Mel Tomlin Richard Poole Rodney Jagelman Auditors Knox Cropper LLP. 65. Leadenhall Street. Lon¢Jon EC3A 2AD Page 2 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Chair's Report Wè have started to seè the longer-lem impact of the pandemic, alongside the impact of an increased cost of living. Applicants face MO complicated financial challenges, which often Include not only heatth and eGonomi¢al ¢halknges. bui consequenb.al impact on mentsl health too. Total beneficiaries stC(Nl at 380, an increase of 21°A of Ihe prevM)us year. Hardship grants amounted to £336,317, a 4.kn incxease from the previous year. I would likè to give a speaal thanks to Royal Mail Group for their continued support of thè Fund, particularfy around donated services. I would also like to give thanks to the Post Office Remembrance Fellowship IPORFI. Civil servi Insuran Society ICSISI, Commsave and CMA Unite for their generous donations over Ihe year. These organisation fomi part of our new CorFK)rate Sponsorship initiative. delails of which can be found on our website. We are grateful for the continued support of our Patron. HRH The Princess Royal. and were delighted to attend the Chartties. Forum at st. James. Palace in November 2021. In March, we held our inaugural Spring Gala in the Phoenix Centre in London. which Taised over £7,000 Thank you to the 110 aitendees for your support. A special thank you to all our fundraisers and ambassadors a0$$ Ihe year, without whom we Could not do thg work we do. A parbcular menb.on mu go to the Follow the Bea ¢ampaign, managed by supporter Barry Lloyd. which saw three larger-thari-lrfe leddy bears travel across the country to raise awareness and money for the Fund. They visiled Premier League fcN)tball stadiums, captained the Isle ofwight fery. attended the Royal Mail Executive Board meeting, and wort(ed in Plants and Delivery Offices during Chrislmas peak. The initiative raised over £10,000. We launched a new online application form in June. which alloy us to presS applications more quklY and efficAently. Within the year, we reiVed 1116 enquiries, of which 466 applied using the online fom). We continue to maintain our telephone application service too, to ensure those without computer access can still apply. Dale Haddon. Chair Page 3 of 25 tk ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Structure, governance and management Thè Fund is a registerèd charity founded as a pemanent memorial to the grèat postal rÈfom)er Sir Roand Hill, who retid as Secretary to the Post Office in 1864. Established in 1882, the work of the Fund is govem&J by its Trust Deed. The objects, as defined by its Trust Deed, are Ihe relief of nd among employees and fomer employees of the Post Office and their WoWS and widowers and olher dependants throughout the United Kingdom suffering hardship as a resurt of wverty. age or 1nffirni. The Fund assesses each application's needs against its standard criteria, as laid down in its grant making policy do¢umenL The policies of the Fund. as administered in ITne wth the Trust Deed. are determined by a b¢xly of Trustees. These unpaid Trustees offer a variety of experience and skills to steer the Fund, and include a lawyer, present and pasl senior Royal Mail managers and extemal Direclors. The day-to4ay running of the Fund is carried out by a fulktime Fund Manager, a part-time Fund Coordinator, a part-time Communications Manager and a part-time Accountsnt. The employees of the Fund prepare and rewew the cases. a selectv)n of vthich are audited by the Trustees al fortnighlly meetings. The Trustees have adopted Ihe provisions of Accounling and Resx)rting by Charrties.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iland IFRS 102} (effective 1 Janu8ry 20191. Recruitment and appointmerrt method Nominations for potenlial Trustees are proposed and discussed at Trustee meetings. The Trustees consider suitability based on experience and the skills required, and in line with the Trust Deed. The Chair invites sèleded fAndidates to bewme Trustees and on aoceptsnce the appointments are confirmed al the subsequent meeting. Induction and training of Trustees New Trustees are given a pack containing a personal copy of Ihe &)veming Document, the latest Annual Report and minutes of the most ent Twstee Meeting to acquaint themselves wth the types of cases the Fund handles and other work in which the Fund is invofvwj. The charity's objectives To award one-off grants for specific needs and wular cost-of-liwng grants (the latter of are being phased outl To secure regular donations to the Fund from extemal supporters and semng Royal Mail Group employees and pensioners Page 4 of 25 tk ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund To reVW the efficacy of currenl arrangements and plan their improvement Significant activities contributing to achievement Publicising the Fund by means of MMunIcatiOnS and fundraising events, both with a view to {il attracting regular conlributors and donations, and lill seeking out and assisting those in need Careful recording, monitoring and reviewing of all cases Types of applications The Fund continues to fulfil its mission.. to help postal peop in their time of greatest need. During 2021122, Covid cases reduced from the previous yearfs figure of £496,032 to just £66,607. Since October 2021. no further Covid-specific grants have been awarded, however we continue to see the longer-tem impa¢t of the pandemi¢ on appli¢ants' finan$ and mental héalth. Thè hardship I'non-covid-speafic'l grants havè Increas over the year from £324,319 to £336,317 and the number of cases increased from 313 to 380. The nature of cases continues to be compkx, signfficant connection between financial and mental health. Applicants are signrM)sled to additional resources via our websile. We continue to promote our reL4tionships with charities such as Stepchange and Christians Against Poverty, who spècialis8 in dèbt4wific remediatK)n. Other requests included supFK)rt for utility bilts. rent, mortgage and council tax. We received a number of applications from those navigating lonterni sickness andlor unexpected heatth challenges. We have also awarded granis lowards disabilily aids such as Electrically Powered Vehicles, home and heating repairs, funeral expenses, white goods and travel tolfrom hosprtal treatments. The Fund awards 3 reguL3r grants to individuaLs on low incomes12021- 61. A total of £3,750 was distributed during the year12021 - £5,700). Beneficiary Case Studies Michellè and her thr children Michelle has been a postwoman at Ormskirk Delivery offi for 7 years and shares her home with her 19-year-ol¢J daughteT and two sons aged 13 & 2_ She contacted thè Fund aftér béing the victim of domestic violence by her ex-partner. Two of her children were also subject lo the abuse. With a report frorn her councAI support worker, she found the courage lo call the police. Her ex- partner was arrested, charged, and given a non-molesiation order. However, the family were still Page S of 25 tk ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund afraid lo leave the house. Given their sttuation, a new social housing property was found so that Michelle and her children could begin to rebuild their lives. The family are also receiving ongoing counselling and SUPPDrt. The Fund awarded a grant towards new carpets and flooring hank you so much forthis help. l allY appciate it. This will make ourfresh start $0 mu¢h easier for me and my children". Richard in Parcelforce Richard is based in Cornwall where he shares his home wth his wfe. After being diagnosed with Non-Hodgkin's Lymphoma B Cell stage 4, he contacted the Fund. He had just started a 6-month treatment plan. and the absence from work resumed in a h)ss of in¢x)me for both him and his wrfe. who took lime out to care for him. Richard decided to cash in his pension early to pay off their mortgage. as the prognosis of his illness was uncertain. The Fund awarded a grant towards utility bills. -1 would like to thank everyone at the Fund forfheir help and support during this process. It has been a long joumey Sin my diagnosis. I will be entering a clinical trial called PeTREA and will then know my fatel~ Alex and daughter Amelia ex works ftjll time for Royal Mail and lives wth his wife claire,18-year-O son Benjamin and 17-y&ar-o daughter Amèlia. Amelia suffered brain damage prior to her birth and suffers wth rebral palsy. As 8 tener. she is looking for more Independen to spend time wlh her college friends. Alex contacted the Fund for assistance with a lightweight wheelchair to rep her heavy, restrictive one. Lightweight wheelchairs are expensive. and withoui any sawngs, Ihe family were Ljnable to afford the purchase. The Fund joined the NHS with a donation. and together wth the famills own fundraising. they were able to purchase the thair. As a resum. Alex is confident Amelia will have a much more independent lrfe. "Thank you so much forthisl My daughteris over the moon. It is really appreuated.- Acknowledgements Royal Mail Group remains a strong advocale of the Fund. We receive incredible support from a number of departments. including Building Services. Pensions, Accounts Payable and HR servi5. The confidential Helpline acts as our TronUine- u)r)tact for applicants and prepares Page 6 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund cases for consideration. Wtthout this support, we would be unable lo deal with the Sca of requests from serving employee5 and pensioners. This support has been particularty important over the last year as applications increase. and we are incredibly graleful. A Since thank you to the Cl1 ser¢t InSUr8r S(Kiety for their ¢ontinued srK>nsorship through the annual donation from the CSIS Chartty Fund. Thank you also to Commsave Credit Union. and the Post Office Remembrance Felk)wship. We value their support gre8Uy and we l¢y)k forward to working with them in the fLrture. We would also like to acknovAedge Ruffer LLP and Ninetyne who manage our financial assets and Knox Cropper LLP who acted as our auditors for the year 202012021. During the year, the Postal Family Fund IPFF- prevK>usty POOBI) undertook an organisational rebrand and restructure. It now emplo a dedted team of staff, who cover administration, finan¢i818nd marketing. Therefore. 8s of July 2022. PFF no longer quired the 8dministr8b.on and finance sub-contracted Servi of the Fund. We ¢J)nb"nue lo work closely with PFF with regards to suitable case referrals, to ensure that beneficiaries receive the maximum amount of rinancial supph)rt available. Review of the activities and plans for future periods The Trustees meet quartedy to review the acb"vities and perfotmance of the Fund. They consider current trends in contributions and donations and how best to meet the needs of beneficiaries. On-going plans are prepared to take account of changing conlribulion levels and communication channels, and the current investment climate. technological requirements and the relationship with the employers. Reserves policy The reserves of the Fund were originally estsblisheil by Deed of Trust lo be invested in furtherance of the aims of the Charity. These funds indude the capital reserves of the RO%and Hill Fund, the Sir James Whitehead Fund. the Second Post Office Relief Fund, and the Insurance Society of Post Office empkjyees. The Trustees are conscious that regular staff and pensioner donations are reducing, and. in the future. more relian may be placed on financing from investments. Since April 2019, ¢)ur funds have been handled by investment manager5.' Ninety-one and Ruffer. We believe that their perf0mlan over the Iwo years has fully justffied their appointment,. and at 31 March 2022 our FM)rtfolio was valued at £5,308,726. This perfomance was achieved during a difficutt period for the markets. We feel confident that we have funds to sustain our work into the foreseeable future for both grant distribution and adminislralion. Page 7 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund The current Ve1 of free reserves stands * £5.772,46612021- £5,655.4251. Investment policy The Fund policy, set by the Truslees. is to maximise the retum on investment with minimum risk. The Trustees are confidenl that Ihe perfornian of the current investmenl managers meets this policy. Funding sources The principal funding sources during the year We.. Employee and pensioner ¢ontn"bub"ons Donations from the Civil Serwce Insuran Society Charity Fund. Commsave, The Post offi Fellowship, CMA. employees and pensioners, fvndraising Investments Legacies Achievements and perforniance The Fund has in pla¢e the following perfoman¢e measures, which a vieWed bi-8nnu811y= Time from initial referral lo granting awards Rab'o of contributors to serving empk)yeeslpensv)ners. Investment achievement Rab"o of internal costs to awards given (costs are defined as all intemal ¢osls apart from accommodation and weffare., i.e. salaries. marketing & administration costs) Measurement of customer satisfactv)n judged by coThesw)ndence reived. Longer terni targets covering contributor levels Risk The Trustees have prodUd a document detsiling Ihe principal risks affecting the Fund and have quantified the probability and potential impact on the Fund of each risk. It includes the current actions and plans being taken to minimise the risks. The key risks which we have identffied, and the acts'on taken to mitigate these are.. Conlinuing reduction in RM employee numbers and hen rKktential subscribers, leading to reduGed income. The Fund has undertaken several fundraising initiatives to inGrease donations Insufficient reserves cause(I by increaseil awards and falling stock markets. We have recently apwinted new inveslment managers Loss or reduction in donations from the employers. Donalions from Royal Mail and Post Offi¢e Ltd vary from year to year and we take thal into ¢J)nsiderab"on. In 2020121 we Page 8 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund received a one-off Royal Mail donatv)r) to help employees dealing with the COVID-19 pandemic Loss of Corporate Sponsorship donations. We continue to liaise wth OUT partners to maintain good s)rkIng relatI¢shIpS Unplanned loss of key staff. This is mitigated by better sharing of knedge betwtren staff members. The document is reviewed annually. Grant making policy The Fund assists current Royal Mail Group Ltd and Post offi Ltd employees, pensioners and their dependants. BenefiTharies must be experiencing financial hardship and satisfy Grtteria rardIng their own financial resources. Generally. help will b& in the fom of a one-off grant based on the applicants. circumstances and what is required. Applications for financial assistance are received direct from employees and pensioners through the Helpline as well as from other charities and public sector agenaes. They are CODrdinated by the Rowland Hill Fund team by reference to agreed guidelines and are detem)ined in such a way as lo ensu th81 the Fund supports those most in need. Financial review Summary of the overall financial position The Fund f1nished the year with a net deficit of £113.532.12021- a surplus of £219,428). In 2020 we received a generous donation from Royal Mail Group Royal Mail Ltd prinopally to assist with Coronavirus cases, but since the pandemic has retreated the granl has not been repeated. This year we received legacies of £.506 and a futher £20.110 from Gtft lj tsx relief. We also received a generous donation of £40,020 from the Civil Service Insurance Society Charity Fund, a donation of £50,000 from Ihe Post Office Felk)wship and a fvrther £S0.000 from Commsave. During the year our regular income from employee and pensioner donations fell by 9.2°/.. This remains a trend which we hope to be able to stem through fundraising. During the year we gave £401,925 in grants. Even though the pandemic was wth us for much of the year, we enjoyed some vtrry welcome fundraising of over £125.000. Page 9 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Resources The table below shows the position over Ihe last three years. Comparison of Accounts 20211221£) 2020121 {£1 20191201£) Employee Contributions 58.948 63,612 62,146 Pensioner Contributions 122.(K)2 133,872 147,088 Other Contributions 144,372 128,422 170,419 Total Donations from Royal Mail Group Stsff and the Public 325,322 325.906 379.653 Royal Mail Group Ltd Donation 750,000 CSIS Charity Fund Donation 40.020 50,000 50.000 Donated setvi¢es from RMG Ltd 60,100 60,100 60,100 Legacies 96,506 162,906 2,500 Grft Aid Tax Relief 20.110 14,725 15,663 Investment Income Interest Income 48 398 1.772 Sundry Income 17.725 1 5,890 14,575 Total Incoming Resources 559,831 1,379,925 524,263 Regular Grants 13.7501 17.7361 113.155} One Off Grants (398,1751 1812,6151 1399,705} Total Grants Paid Out (401.925) 1820,3511 1412,8601 Costs of generating funds (107,5521 1180,3511 199,7801 Support Costs linc Royal Mail Group Ltd supporti (115.9751 1114,0971 {120,5671 Management and Administration 147,9111 145,6981 149,4311 Total Resources Expended (673.363) (1.160,497} (682.6381 SurplusllDefi¢itl 1113.5321 219,428 {158.3751 Page 10of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Investment performance Pèrformance of the nèw investment managers was monitrjred monthly throughout thè year. Thè Fund's investments a n¢)w held in accumulation funds wKth Ninety-one and Ruffer. Income generated by the underfying investments wtthin those funds is reflected in the value of the units held. At 31 March 2021, the value of the investments was £5,131,124. At 31 March 2022 our portfolio stood at £5,308,726, an increase in value over the year of £177,602. We feel the perfomiance fullyjuslrfies our confidence in NInetYe and Ruffer and we are very pleased at the result achieved during another difficutt year. Public Benefit clause The Trustees have tsken account of the Chartiy Commi55ion's guidelines regarding the public benefit that arises in mting the Charity's aims. We will suptK)rt colleagues, pensioners and dependants irrespective of whether Ihey contribute to the Fund. The Trustees consider that this represenis a significanl size of populalion eli9ible for help. Statement of Trustees, responsibilities in respect of the Trustees, Report and the financial statements The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordan with applicable law and Uniled Kingdom Aco)unling Standards Iunited Kingdom Generally Accepted Accounting Practi) induding Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and R8portsl Regulations 2008 and the prO$10S ofthe trust deed requi1&s the trust&&s to prepare financial slalements for each financial year which gTve a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charily for that period. In preparing those financial statements, the trustees are required to select suitable accounting poIleS and then apply Ihem consistenUy- observe the methods and prin¢iples in the Charity SORP- make judgements and estimates that are reasonable and prudent. Page 11 of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund prepare the financial statements on Ihe going (X)reM basis unless il is inappropriate lo presume that the charity will conlinue in business. The trustees are sponsible for keeping proper a¢¢ounting re(x>rds which dis¢lose with reasonable accuraw at any time the finan(xal position of the charty and to enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Rew)rtsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the asseis of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitses. Approved on behalf of the Trustees Trustee Trustee Name Rthard PLK) Date 1212012022 Page 12 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Independent auditor's report to the Officers and Trustees of the Charity for the year ended 31 March 2022 Opinion We have audiled the financial statements of Rowland Hill Memorial and Benevolent Fund (the 'charitll for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balan¢$ Sheet. the Ststèment of Cash Fk)ws and notes to the financial statements. in¢luding a summary of signtficant accounting policie5. The financial retK)rting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Slandard applicab in the UK and Republic of Ireland.. In our opinion the finanual statements.. give a true and fair view of the state of the charivs affairs as at 31 March 2022 and of its incoming resources 8nd application of resources. for the year then ended- have been properly prepared in accordan wth United Kingdom Generally ACpted Accounting Practice, including Financial Repon9 Standard 102 'The Financial RerK>rting Standard applioable in the UK an¢J Republifj of Ireland,; and have been prepared in aCCordare wilh the requirements of the Chartties Act 2011. Basis for opinion We conducted our 8udrt in 8ccOr¢jan Intemab"on81 Stsndards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those slaThJards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wlh the ethical wuirements that are relevant to our audit of the financial stalements in ihe UK. including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilitses in accordan with these reqU1Ments. We believe that the audit evidence we have obtsined is suffiGient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audf(ing the financial statements, we have conduded that the trustees. use of the going concem basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we h¥ve perfomed. we have not identtfieil any Tn8terial un¢ertsinties rel8ting to events or condrf(ions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going concem for a period of at least twelve months frorn when the rinancial statements are authorised for issue. Page 13of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Our responsibilities and the responsibilities of the trustees th respect to going concern are described in the relevant sections of this TepK)rt. Other infom)ation The Iruslees are responsible for the other infomi8b"on. The other infom)8b"on ¢omprises the information included in the Annual Report, other than the financial ststements and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements dS not cover the other infomiation and, except to the extent otherwise explicitly stated in our reFM)rt. we do not express anyform of assuran conclusion thereon. In connection with our audit of the financial ststemerts. our responsibility is lo read the other information and. in doing so. consider whether the other information is materially ino)nsislenl wth the financial statements or our knovAedge oblained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfom)ed, we conclude that there is a material misstement of this other information. we are required to report that faGt. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to rew>rt in respect of the following matters where the Charities (Accounts and Reports) Règulations 2008 rUl&S us to rèport to you rf. in our opinion". thè information given in the Report of thè Trustées is inconsistent in any material respect with the financial statements". or sufficient accounting records have not been kept,. or the finanual statements a not in agreement wth the accounting records and retums., or we have not received all the inforTnakn"on and explanations we require for our audit. Responsibllltles of trustees As explained more ftjlly in the Ststement of Trustees, Responsibilities, the trustees are sponsible for the preparatn of the financial ststements whi¢ give a true and fair view, and for such internal control as the trustees detemiine is necessary lo enable the preparation of financial statements thal are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitvs ability to continLJe as a going COnM. disclosing. as applicable. matters rèlated to going concem and using the going concern basis of acoounting nsS the trustees either intend to liquidate the oharily or to ¢eas& 0rations, or have no realisti¢ amemab.ve but to do $0. Page 14 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Our responsibilities for the audit of the financial ststements We have been appointed as audito under Section 144 of the Chartties Act 2011 and report in accordan with the Act and revant regulations made or having effecl thereunder. Our objectives are lo obtain reasonable assurance about whether ihe financHI statements as a whole ale free from material misststemenL whether ¢Jue to fraud or error. and to issue 8 Rep()rt of the Independent Auditor5 that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit ¢x>nducted in accordance wth ISA5 IUKI will always detect a material misstatement when tt exists. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design pro¢edure$ in line wilh our responsibilrties. ouuined atKTrve. to detect material misstatements in respect of irregulartties, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. The Charity is required to complywith charity law and, based on our knowledge of (ts activities, we identified that the legal requirement to accurately account for restricted funds was of key Signfflcan. We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to property account for restricted funds, through discussions with management and a review of the documented policies. procedures and ¢ontrols. The audit team, vthich is experienced in the audit of charities. considered the charitys susceptibility to material misstalement and how fraud may occur. Our considerations included the risk of management override and the assessmenl procedures to validate beneficiaries. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure Ihat only valid and appropriate expendilure was charged to restricted funds. This included reviewing joumal adjuslments and unusual transactions. A further description of our responsibilitiesfor the audit of the financjal stalements is located on the Financial Reporbng Council's webstte at www.frc.OTg.ukJaudTtorsresponsibilities. This description forms part of our Report of the Independent Auditors. Usè of our report This report is made 501ely lo Ihe tharitys trustees. as a body, irb accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audtt work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditors. reFrt)rt and for no other purpose. To the fullest extenl pemiitted by law. we do not accept or assume responsibility to anyone other than the chariiy and the charivs trustees as a body, for our audit work, for this report, or for thè opinions we have fomied. Page 15of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Knox Cropper LLP Chartered Accountsnts and Statutcvy Auditors Eligible to act as an auditor in tem)s of Seclion 1212 of the Companies Act 2006 65 Leadenhall Street London EC3A 2AD 22 December 2022 Page 16of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Statement of Financial Activities For the year ended 31 March 2022 2022 2021 Unr8sthcl8d Unr8strict8d Funds Fun¢Ys Notes Income and endowments from.. Donations and legacies: Donations from Royal Mail Group Ltd staff and the public Donations from Royal Mail Group Donations from Civil Semce Insurance Souety Charity Fund Value of donated services from Royal Mail Group Ltd Legacies Gift Aid Tax Relief Other: Interest income Sundry income 325.322 325,906 750,000 50,000 60,10 162,906 14,725 40,020 60,100 96,506 20,110 48 17,725 398 15,890 Total $59,831 1,379.925 Expendlture on.. Raising funds Investment management fees Costs of generab.ng voluntsry income Charitable activities.. Grants payable in furtherance of the Fund's objects Support costs relating to grants and bans payable 10 152,9711 (102,4921 148,2071 1177,8421 1401,9251 1115,9751 1820,3511 1114,0971 Total 1673.3631 {1.160,497) Gains l {Losseslon investrnent assets 10 230.573 929,775 Net movement in fiinds 117,041 1,149.203 Reconciliation of funds Total funds brought forward 5,655,425 4,506,222 Total funds carried fonvard 5.772,466 5,655.425 The accompanying notes forni part of the financial statements Page 17of25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Balance Sheet at 31 March 2022 2022 2021 Unrestncted Unrestncted Funds Funds Notes Fixed assets Investments 10 5,308,726 5,131,124 Current assets Debtors.. amounts falling due within one year Debtors.. amounts falling due after more than one year Cash at bank and in hand held in a deposit accounl 12 96,901 12,543 527,426 14,584 21,083 656,622 12 636,870 692.289 Liabilities Creditors.. amount falling due wthin one year 13 1173,1301 1167,9881 Net ¢urrent assets 463,740 524,301 Total net assets 5,772,466 5,655.425 The funds ofthe Charity Unrestricted funds 14 5,772,466 5,655,425 Total Charity funds 5.772.466 5,655.425 The finanual statements were approved by the Board of Tmstees and authorised for issue on December 2022 and were signed on its behalf by. Trustee Trustee Name Richard Poo Date 1212012022 The accompanying notes forni part of the financial statements Page 18 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements at 31 March 2022 Statement of Cash Flows for the year ending 31 March 2022 2022 2021 Cash fl¢w$ from operatlng a¢tivltles: Net cash provided byllused in) operating activities 1182,215) 223,739 Cash flows from investing activitse5: Dividends and InteSt from Investments 48 398 Net disinvestmenulinvestmenll in w)rttolios 52,971 204,997 Net cash provldèd byllused In) Investlng actlvltles 53,019 205,395 Changè in cash and cash aquivalènts in the reporting period 1129,196) 429,134 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting p•rlod 656,622 227,488 527,426 656.622 Reconciliation of net incomellexpendilurel to net cash flow from opÈrating activitits= 2022 2021 Net incomellexpenditurel for the repM)rting period Dividends and interest from investments IIncreaseyDecase in debtors IncreasellDecreasel in credttor5 1113,5321 1481 173,7771 5.142 219,428 13981 108,410 1103,7011 N8t cash providad by/(used in) operating activities 182,215 223,739 Page 19 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements at 31 March 2022 1. Accounting policies Basis of preparation The financial statements have been prepared under the hislorical cosl convention as modrfied by the valuation of investments al market value. The financial statements have been prepare(l in a¢¢ordance Mth the Statement of Recommended Practice.. Accounting and Reporting by Charities Icharilies SORP IFRS 10211 and Section 1A of the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice applicable to Smaller Entities. The trustees consider that there are no material unrtaIntieS about the Fund's ability to continue as a going conrn. Incoming resources Donations, legacies and donated ServIS are recognised when entitlement. probable and measurable criteria have all been met. All incoming resources are staled gross of expenditure. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation to incur the expenditure. Commitments represent the grants and loans authorised by the Trustees bLrt not paid at that date. Costs of generating grants and loans are accounted for in the period in which they are authorised by the Trustees. Support costs comprise processing grants and applications. including assistance lo actual and potential applicants. Management and administration Comprises costs for the running of the Fund ilsew as an organisation. Where costs cannot be direcdy attributed to either of these two categories il is estimated based on activity levels that 75 10 of non-staff costs are attributable to support costs with the balance attributable to management and administration. For staff, the costs of those working on case-work are regarded as support costs and the accountant as management and adminislralion. In the case of the manager tt has been decided lo apwrtion her Costs as one third to management and administration. one third to support and one third to generating funds. Investments Investments are included at market value. Realised and unrealised gains and losses on investments are induded in the statement of financial activities {SOFAI. Loans receivable in excess of one year Loans lo beneficiaries are backed by an agreement to remit the balance to the Fund on death or sale of the beneficiary's propety oron leaving the service. Irrecoverable amounts are written off against the loan balanS in the year in which they become irrecoverable. For the year ended 31 March 2022 loans to the value of £5,040 were written off12021 no loans were written off). Page 20 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements (Continued) at 31 March 2022 Funds General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purposes. Legacies Legacies were receivable during the year to the value of £96,50612021- £162,906}. Legacies are brought to account at the time the money is receivable. Int•r•st Incom• 2022 2021 Deposit Accounts 48 398 398 Grants payable 2022 2021 The amounts payable in the year Gompri5e". Cost of living grants to relieve financial hardship Lump sum grant payments Total grants payable 3.750 398,175 401,925 7.736 812,615 820,351 2022 2021 Reconciliation of grants payable Commitments at 1 April 661 3,400 Commitments made during the year 401,925 820,351 Grants paid during the year 1401.6861 (823,0901 Commitments at 31 March (Note 131 900 661 All commitments as at 31 March are due within one year. Page 21 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements (Continued) at 31 March 2022 Costs of generating voluntary income 2022 2021 Salaries (Note 91 Advertising Sundries Legal fees Govarnance costs (Note 71 46.658 3,729 4,194 46.909 3,547 2,668 79,020 45,698 177,842 47,911 102,492 Support costs 2022 2021 Salaries (Note 91 AGGommodation wsts weff8 costs Other costs 61,932 22.200 30.500 1.343 115,975 61,374 22,200 30,500 23 114,097 Gov8rnanc• costs Ilncluded in Note 51 2022 2021 Salaries (Note 91 Accommodation costs Insurance ALJdit fees Other costs 32.873 7.400 2,141 5.370 127 31,307 7,400 1,883 5,100 47,911 45,698 Related party transactions The Fund received the following donated serVIs=_ Accommodation valued at £29,600 {2021 - £29,600) based on current accommodation costs, {it is not considered there is a signrficant dtfference between this and the open market) and the prowsion of welfare services at £30.50012021 £30,500)- This amount has been included in the SOFA under incoming resources in"Donated serVIS from Royal Mail Group Ltd" and in reSOurS expended under "Support costs relating to grants and loans payable., in line with the Charities SORP IFRS 1021. In addition, the Rowland Hill Benevolent Fund benefits from the use of a number of services provided by Royal Mail Group Ltd which are not material to the aeix)unts. These relate to the issuing of cheques to beneficiaries, the collection of donations via the Royal Mail Group Ltd pay units, and the provision of postage and telephones. Page 22 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements (Continued) at 31 March 2022 Staff costs 2022 2021 Gross wages and salaries Employer's national insurance costs Employer's pension contributions 123,608 10,956 6,898 141,462 122,005 10,877 6,707 139,589 Number Number The average number of employees during the year. calculated on a full-time equivalent basis, was= No employee received remuneration of more than £60,000 in either year. No Trustee claimed travelling expenses during the year. 10 Investments In 2018 our investments with Brewin Dolphin were liquidated and were re-invested in equal parts with InvesteclNinety-One and Ruffer. The investment perfom)ance of the funds during 2021122 is set out below. 2022 2021 InvesteclNinety4)ne Market Value at 31 March 2021 1 Sum invested in April IncreasellDe¢rease) in Investment value Net Reinvestments I (Cash withdrawals) during year Management fees Market Value as at 31st March 2022 2,249,216 11,9911 2,037,750 443,461 {213,0001 {18,9951 2,249,216 (17,2741 2,229,951 Ruffer Market Value at 31 March 2021 1 Sum invested in April IncreasellDecrease) in Investment value Net Reinvestments I (Cash withdrawals) during year Management fees Market Value as at 31 st Marth 2022 2,881,908 232,564 2,368,596 486,314 56,210 {29,2121 2,881,908 {35,6971 3,078,775 Page 23 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements (Continued) at 31 March 2022 11. Indèmnity insuranc• The insurance premium of £2.141 covers the cost of personal accident and the travel for the staff and Trustees. Trustees liability indemnity and employers. liability insurance12021 £1,883). 12 Debtor5 2022 2021 Amounts falling due within one year-. Loans outstanding 2.050 Accrued income.. Donations due & fees paid 94.851 14,584 96,901 14,584 2022 2021 Amounts falling due after more than one year= Individual k)ans granted 12,543 21,083 12,543 21,083 13. Creditors 2022 2021 Grants and k)ans authorisèd but not paid Amount due to Royal Mail Group Ltd Bank Charges Sundry creditors 661 161,869 161,767 10,454 173,130 5,458 167,988 14. Funds Funds comprise the capital reserves of the RovAand Hill Fund, which were established in the Trust Deed of 1882 logether wlh the funds from the Second Post Office Relief Fund. the Sir James Whitehead Fund and the Insuran Society of Post Office Employees. The Second Posl offi Relief Fund was established lo assist widows of those killed in the Second World War. However. the funds, which were incorporated in 1999, were more than sufficient to provide this help. All of these wdows have now passed away. The Trustees have designated all the funds as unstriCted. Page 24 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
Rowland Hill Memorial and Benevdenl Fund Notes to the financial statements (Continued) at 31 March 2022 15. COVID-19 Pandemic Since 31 sl March 2020, the COVID-19 pandemic has affected the Fund. We assisted, and continue lo assist, many Royal Mail staff v4ho have been impacted. The Fund reiVed a generous donation of £750,000 from Royal Mail in 2020 to enable us to meet these extra commilmenls. During 2020121 the pandemic has receded and the Fund has gradually relumed to nomality. We wèrè also unable to conduct many of our usual fundraising events during the year, but we were very pleased lo be able to hold a fundraising gala in March 2022 which raised a very welcome £13,800. Page 25 of 25 tk* ID". 887ba¢b870T15d20053b61ee78¢¢6845cOe70150
X Dropbox Sign Audit trail Report and Accounts Fi18 nam8 Rowland Hill Fund...ts- 2021-22.docx Documenl ID 887ba¢b87O7720oS3b61ee78CC6845bJe7Ol50 Audittrail dat&format MMIDDIYYYY Status • Signed Document history 1212012022 Sent for signature to Rhard Poole lrid)ard.rK)ole@royalmail.coml from Toand.hI1l.fvnd@r0YaImaII.jrn Ip". 165.225.81.113 SÈMT 15".11.'21 UTC 1212012022 Viewed by Richard Poole 1richard.poole@royalmail.coml IP." 165.225.80.134 15".12.'10 UTC 1212012022 Signed by Richard POO lrichard.wole@royalmail.coml IP.. 165.225.80.134 15'.15.'59 UTG 1212012022 Thè document has beèn rxjmpleted. QIIPlf TE 15'.15.'59 UTC Powered by X Xs1gn