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
A￿Ountant Johr) Elson
Principal Office
The Rowland Hill Fund, Royal Mail.185 Fatringdon Road. London, EC1A 1AA
Telephone.. 0800 232 1762
Website: wWw.ro￿andh1l1rund.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 a￿0$$ 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 pr￿esS applications
more qu￿klY and efficAently. Within the year, we re￿iVed 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 Ro￿and Hill, who reti￿d 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 n*d among employees and fomer employees of the Post
Office and their W￿oWS 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 I￿land 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 reV￿W 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 lon*terni 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 app￿ciate 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 te￿n￿er.
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
servi￿5. 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 Cl￿1 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 Ninety￿ne 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 ded￿ted 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 re￿ived.
Longer terni targets covering contributor levels
Risk
The Trustees have prodU￿d 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 kn￿edge 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
r￿ardIng 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 NInetY￿￿e 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 m￿ting 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￿$10￿S 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 poI￿leS 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)r￿eM 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 AC￿pted
Accounting Practice, including Financial Repo￿n9 Standard 102 'The Financial RerK>rting
Standard applioable in the UK an¢J Republifj of Ireland,; and
have been prepared in aCCordar￿e 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 reqU1￿Ments. 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 d￿S 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 misst*ement 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 r￿Ul￿&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 preparat￿n 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 COn￿M. disclosing. as applicable. matters rèlated to going concem and
using the going concern basis of acoounting ￿n￿sS the trustees either intend to liquidate the oharily
or to ¢eas& 0￿rations, 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 re￿vant 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 InStan￿S 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 Inte￿St 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
IIncreaseyDec￿ase 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 un￿rtaIntieS about the Fund's ability to
continue as a going con￿rn.
Incoming resources
Donations, legacies and donated ServI￿S 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 balan￿S 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 serVI￿s=_
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 serVI￿S from Royal
Mail Group Ltd" and in reSOur￿S 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 un￿striCted.
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 re￿iVed 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¢b87O77￿20oS3b61ee78CC6845b￿Je7Ol50
Audittrail dat&format
MMIDDIYYYY
Status
• Signed
Document history
1212012022
Sent for signature to R￿hard Poole
lrid)ard.rK)ole@royalmail.coml from
To￿and.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