Rovland Hill Memorial and Benevont Fund Rowland Hill Fund charity lor postal peorde ROWLAND HILL MEMORIAL AND BENEVOLENT FUND ANNUAL REPORT Forthe year ending: 31 March 2023 Registered Charity Number: 207479 Page O of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Trustees, Report Mission Statement To provide practical financial support to past and present employees of Royal Mail Group Ltd and Post Office Ltd in their time of greatest need. Key staff Fund Manager Grace Owen Fund Coordinator Dawn Moir Communications Manager Shan LawTer Accountant John Elson Contact infomiation RovAand Hill Fund, Royal Mail.185 Farringdon Road, London, EC1A 1AA 0800 232 1762 www.rowlandhiiifund.o Page 1 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Board of Trustees Dale Haddon (Chair) Drshaun Davis (Deputychair) David Blake Emie Dudley Helen Bradshaw {invited to join in October 2023- to foalise in November 20231 lan McKnight Kate Marbn Ooined May 2023) Louise Aexander Mel Tomlin Richard Poole RodneyJagelman Auditors Knox Cropper LLP, 65. Leadenhall Street, London EC3A 2AD Page 2 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Chair's Report The Fund received a record-breaking 1500 inquirEs to its helpline during FY22123. Following its introduction in 2022. the online application fom has allowed many more applicants to reach us. We made key k)gistical updates to the process and continue to see high demand for our services. AkTrngSe this, we maintain our telephone appliCatn service lo ensure those without computer access can still appty. Applicants continue to face complicated financial challenges, which often include not onty health and economical chaIngeS, but consequential impact on mental health too. This was exacerbated by the global cost-of-living and energy crises. The numter of awards granted was 368. and hardship grants stocxy at over £309,000. Both foures dropped Slight from the previous year, bul remain steady. I would like to give a special thanks to Royal Mail Group for their continued support of the Fund. particuk3rly around donated services. These include support from departments including Building Services. Pensions, Accounts Payable and HR Services. I would also like to thank to the Post Office Remembrance Fellowship {PORFI, Civil SeNice Insuran sIety (CSISI Chariiy Fund and Commsave for their generous donab'ons over the year. These organisation fo part of our Corporate Sponsorship initiative, details of which can be found on our webstte. We are grateful for the continued support of our Patron, HRH The Princess Royal, parb'cularly in such challenging personal circUmstans. Thank you to all our fundraisers and ambassadors across the year, without whom we could not do the work we do. A special mention to the 18-strong group of cyclists from the RMG Midlands Super Hub project team. A mixlure of devek)pers, consultants, contractors spenl three days pedalling across the UK and Europe. The Rowland Hill Fund was the ObVuS choice" said Jonathan Howard, propety programme manager. They raised 8n incredible £33.784. Page 3 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund We also sawfvndraising from across the countryfrom various cake sas. jumper days and Christmas Advent Calendar initiatives. A huge thank you lo everyone who has supported the Fund during the financial year. Dale Haddon. Chair Structure, govemance and management The Fund is a registered charity founded as a pemianent memorial to the great postal refomier Sir Rowland Hill, who retired as Secretary lo the Post OtTice in 1864. Established in 1882, the work ofthe Fund is govemed by its Trust Deed. The objects, as defined by its Trust Deed. are llhe relief of need arnong employees and former employees of the Post Office and their widows and widower5 and other dependants throughout the United Kingdom suffering hardship as a result of povety, age or infimity.. The Fund assesses each applicatK)n's needs against its standard criteria. as Lgid down in its grant making policy documentation. The policies of the Fund, as administered in line with the Trust Deed, are delemiined by a body of Iruslees. These volunteer trustees offer a variety of experience and skills lo steer the Fund. and include a lawyer. present and past senr Royal Mail managers and exlemal directors. The day-to-day running of the Fund is Caled out by a full-time Fund Manager. a part- time Fund Coordinator, a part-time CommunicatK)ns Manager and a part-time Accountsnt. The empk)yees of the Fund prepare and reVW the cases, a selection of which are audited by the Trustees at fortnightty meetings. The trustees have adopted the provisions of AOnting and Reporting by Charities.. Statement of Recommended Prackn¢e applicable to chartlies pParIng their accounts i accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191. Recruitrnent and appointment method The Nominations Committee, formed of the Chair and two other trustees, is responsible for the recruitrnent and appointment of Trustees and the Fund Manager. The Committee ensures recruitment is carried out in an open and inclusive way, valuing and promoting diversity. and enabling appointments to be made in line with the skills required. Page 4 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Induction and training of Trustees New trustees are given an in-person induction from the Fund team, ah)ngside external Iraining rf appropriale. They are presented wrth the latest Annual Report and minutes of Ihe most recent Trustee Meeting to acquaint theMseeS wrth the types of cases the Fund handles and other work in which the Fund is invofved. The charlS objectives To award one-off grants for SpeCff needs To secure regular donations to the Fund from extemal supporters and serving Royal Mail Group empk)yees and pensK)ners To review Ihe effacY of current arrangements and plan their improvement Significant activities contributing to achievement Publicising the Fund by means of communications and fundraising events, both with a view to lil attracting regular contn"butors and donations. and {iil seeking out and assisting those in need Careful recording. monttoring and reviewing of all cases Types of applications The Fund continues to fulFIl its mission.. to help postal people in their tirne of greatest The nature of cases continues to be complex, with sKJntFicant connection between financial and mental health. Applicants are signposted to additional resources via our website. We have introduced a new partnership with Citizens Advice, and continue lo promote our relationships wrth Stepchange. SSAFA and Christians Against Poverty. Olher requesls included support for utiltty bills. rent. mortgage and council tax. We receDied a number of appIltK)nS from those navigating long-lerm sickness andlor unexpected health challenges. We have also awarded grants towards disability aids such as Electhcalty Powered Vehicles, home and heating repairs, fvneral expenses, white goods and Iravel toifrom hospilal trealments. Page 5 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Beneficiary Case Studies Royal Mail employee Gary- mortgage and Council Tax support following a life4hanging traffic accident Gary was htt by a whilst cycling to work. He had emergency surgery to avoid losing his leg. The operation was successful, and he retumed lo work six months later. However, following 8 long rehabilitation process, he required further surgery. Walking is still challenging. and he experiences significant hip and kjwer back pain. Gary lives his wrfe Anna and children. Liam age 6 and Lucy age 2. His ability to work was significantly affected, and he was moved lo haif-pay. Due to the reduction in household income. the Fund awarded a grant for his mortgage and council tax, tolalling £1280. Pensioner Jackie- covering the cost of a Personal Alann Jackie is a Royal Mail pensioner. She lives alone and relies on a personal alami to live independenty knowng she can call for help 2417. However, she contscted the Fund afler not being able to afford the annual rental for the equipment. She reeS a small income made up ofstate Pension and DLA. The Fund awarded £272.60 to pay for the annual invo. Additional acknowledgements We woukj like to a¢knoedge Ruffer LLP and Ninety-one who manage our financial assets and Knox Cropper LLP who acted as our audrf(ors for 22123. We work closely with the Postal Family Fund {PFFI to refer cases where appropriate. They now manage they payments of their awards and administration in-house. Review of the activities and plans for future periods The Trustees meet quartedy to review the activities and perfomiance ofthe Fund. They consider current trends in contributKsns and donatK)ns and how best lo meet the needs of beneficiaries. Ongoing plans are prepared lo lake account of changing contribution vels and communication channels, and the current inveslment climate, technological requirements and the relatK)nship with the employers. Page 6 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Reserves policy The reserves of the Fund were originalty established by Deed of Trust to be invested in furtherance of the aims of the Charity. These funds include the capital reseNes of the Roimand Hill Fund, the Sir James Whitehead Fund, the Second Post Office Relief Fund. and the Insurance Society of Post Office employees. The Trustees are conscious that regular staff and pensioner donations are reducing. and. in the future, more reliance may be placed on financing from invesknents. Since April 2019, our funds have been handled by Iwo inveslment managers.. Ninety- One and Ruffer. We believe that their perfonnance over the four years has fulty justified their appointment., and at 31 March 2023 our portfol was valued al £5.305.646. This is a small reduction from last yearfs figure of £5,308.726. af(hough achieved in a very difficult period for the rnarkets. We feel (x)nfKlent that we have funds to sustain our work into the foreseeable future for both grant distributK)n 2nd administration. The current level offree reserves stands at £5,822,362 {2022- £5,772,466). Investment policy The Fund policy, sel by the Trustees. is to maMise the retum on invesknent with minimum risk. The Trustees are confident that the perforynance of the current investrnent managers meets this policy. Funding sources The principal funding sources during the year were.. RMG employee and pensioner contributions Donations from our Corporate Sponsots: Cwil Service Insurance Society Charity Fund. Commsave. Post Office Remembrance Fellowship and private donors Investments Legacies- we received nottfication of a legacy which h8s been brought tr) account in 2022123. Wider population donations and fvndrai5ing Page 7 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Achievements and perforniance The Fund has in place the folk)wing performance measures, which are reviewed bi- annually.. Time from initial referral to granting awards Ralio of conlributor5 to serving ernpbyees1pens1one. Investment achievement Ratio of intemal costs to awards gNen {costs are deffined as all intemal costs apart from actx)mmodation and welfare: i.e. salaries, marketing and administration costs) Measurement of customer salisfactK)n judged by correspondence receNed. Longer term targets covering contributor levels Risk The trustees have produced a Risk Register which detaits the principal risks affecting the Fund. It includes the current actH)ns and- Whe reVant- actions to minimise the risks. The Risk Register is reviewed annualty. The key risks identified, and the action taken to mrtigate these are.. Loss of Royal Mail Support. This is the risk that Royal Mail may WTthdraw benefits including the Helpline serVe. payrnent processes and accommodation. We work closely with Royal Mail throughout and are hhlY regarded by many senior executives in the business. A continued reduction in RM employee numbers. and hence potential subscribers, adIng to reduced income. The Fund continues to undertake regular fundraising inrtiatives to increase donakn'ons. Insufficient reserves caused by increased awards and falling stock markets. We have recent appointed new investment managers, and reports are given at quartedy Trustee meeting by the investment sub-committee. Sudden increases in applications. We continue our fundraising efforts and devek)p contingency plans. We may consider additK)nal budgeting methimjs in the future. to mitigate unexpected demand. Loss or reductK)n in donations from the empbyers. Donations from Royal Mail and Post Office Ltd vary from year to year and we tske that into consideration. Loss of Corporate Sponsorship donations. We continue tr) liaise with our partners to maintain good working relatK)nships. Page 8 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Unplanned loss of key staff. This is Mitated by better sharing of knowledge betsveen staff members. Grant making policy The Fund assists current Royal Mail Group Ltd and Post otrice Ltd empk)yees, pensioners and their dependants. Beneficiaries musl be experiencing financial hardship and sab'sfy crtteria regarding their own financial resources. General, help will be in the fomi of a one-off grant based on the applicants. circumstances and what is required. Applications for financial assislance are recewed direct from employees and pensioners through the Helpline as well as from other charities and public sector agencies. They are coordinated by the Rowland Hill Fund team by reference to agreed guidelines and are determined in such a way as to ensure that the Fund supports those most in need. Financial review Summary of the overall financial position The Fund finished the year with a net deficit of £37312022- a deficit of £113.532). We recewed no legacies during the year although we were notified that we are due lo receive a portion of a propety when a house sale was complete. The sale was completed in October 2023 and the gaCY of £57.334 has been brought into the 2022- 23 accounts. We received £17,448 Grfl Aid lax relief which this year was boosted by sorne excepts'onal fundraising efft)rts. We also recerved Iwo very generous personal donab'ons, a generous (Jonation of £50,000 from the Post Office Fellowship, £25,000 from Commsave and £20,000 from the CNil Service Insuran Scciety Charity Fund. During the year our regular income from employee anij pensioner donations fell by 7.9°/o. This year Ihe redudion was not as great as in previous years but we need lo stem Ihis trend. During the year we gave £309.457 in grants which is a reduction from the previous year. Our one-off donations and fundraising raised a record £252,519,12022 - 179.017) Page 9 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Resources The table bek)w shows the posrbon over the lastthree years. Comparison of Accounts 2022123 (£) 2021122 (£) 2020121 {£1 Employee contributnS 56.147 58,948 63,612 Pensioner ContribunS 110.510 122,002 133,872 Other Contiibulions 257.144 144,372 128,422 Totsl Donations from Royal Mail Group Staff and the Public Royal Mail Group Ltd Donation 423.801 325,322 325.906 750,000 CSIS Charity Fund DonatK)n 20,0(N) 40,020 50,000 Donated semces from RMG Ltd 60.0 60,100 60,100 Legacies 57.334 96,506 162,906 Grft Aid Tax Relief 17.448 20.110 14,725 Investment Income Interest Income 1,739 48 398 Sundry Income 9.5CKI 17,725 15,890 Totsl Incoming Resources 589.822 559.831 1.379.925 Regular Grants (01 (3,750) {7,7361 One Off Grants {308.557) 1398,175) 1812.6151 Total Grants Paid Out {309,457 {401,925) 1820,351) Costs of generating fijnds {108,050) 1107,552) {180,351 } Support Costs linc Royal Mail Group (122.436) 1115,975) (114,0971 Management and Administrati)n {50.252) {47,911) {45,6981 Totsl Resources Expended (590.1951 {673.363) 11.160,4971 SurplusllDeficit) (3731 {113.532) 219.428 Page10of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Investment performance Perfomiance of the investment managers was monitored monthly Ihroughout the year. The Fund's investments are now hekl in accumulation funds with Ninety-one and Ruffer. Income generated by the undertying investsnents thin those funds is reflected in the value ofthe units held. At 31 March 2022, the value ofthe investments was £5,308,726. At 31 March 2023 our portfolio stood at £5.305.646. 2 slight decrease in value over the year of £3,080. but in a year of VotIle markets. We remain satisfied with the perfomiance of Ninety-one and Ruffer and we are pleased al the result achieved during a difficu year. Public Benefit clause The Trustees have taken ac(xiunt of the Charity Commission's guidelines regarding the public benefit that arises in meeting the Charity's aims. We wll support colleagues. pensnerS and dependants ieSpeCtive of whether they contribute to the Fund. The Trustees consider thal this represents a significant size of population eligible 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 accordance with applicable law and Unf(ed Kingdom Acwunting Standards Iunited Kingdom Generalty Accepted Accounting Practice) including Financial Reporting Standard 102 Vhe Financial Reporting Stsndard applicable in the UK and Republic of Ireland". The law applicab to charities in England and Was, the Charities Act 2011, Charty {Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which gwe a true and fair view of the state of affairs of the charrty and of the incoming resources and application of resources, including the income and expenditure. of the charity for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies 2nd then apply them consi%tentty', obseNe the methods and principles in the Charity SORP" make judgements and estimates that are reasonabk and prudent Page11 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund prepare the financial slalements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are sponsible for keeping proper aOUnting CordS which disclose with reasonable accurary at any lime the financial posf(ion of the charity and lo enable them lo ensure that the financial statements cnmply with the Charities Act 2011, the Charily (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsib for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved on behalf of the Tnjstees Name.. Dale Haddon SvJnalure- Date.. 1211212023 Page 12 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Independent auditor's report to the Officers and Trustees of the Charity for the year ended 31 March 2023 Opinion We have audited the financial statements of Rowland Hill Memorial and Benevolent Fund Ithe'charity'l forthe yearended 31 March 2023 which comprise the Statement of Financial Aclwilies, the Balan Sheet, the Slalement of Cash Fh)ws and notes to the financial statements, including a summary of signrficanl accounts'ng policies. The financial reporting framework that has been applied in their preparation is applicable L8w and United Kingdom Accounting Standards {United Kingdom Generally ACpted Accounting Practice), including Financial Reporting Stsndard 102'The Financial Reporting Standard 8ppli¢able in the UK and Republic of Ireland.. In our opinK)n the financial statements= give a true and fair view of the state of the charitys affairs as at 31 March 2023 and of ils incoming resources and application of reSoUrs. for the year then ended., have been propedy prepared in accordance with Unf(ed Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance wth the requirements of the Charities Act 2011. Basis for opinion We conducted our audtt in accordance with Intemational Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audr( of the financial statements section of our report. We are independent of the charty in accordance with the ethical requirements that are relevant to our audrt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fu11 our other ethical responsibilities in accordance with these requirements. We believe that the audit ev4Jence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparali)n of the financial statements is appropriate. Page13of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Based on the work we have perfoThed. we have not idenlrfied any material UnrtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities 2nd the responsibilities of the trustees wtth respect to going concem are described in the relevant sections of this FM)rt. Other Infonnatlon The trustees are responsible for the other infonnation. The other inft)rmation comprises the information included in the Annual Report. other Ihan the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitty stated in our report. we do not express any form of assurance conclusion thereon. In connection wrth our audf( of the financial slalements. our responsibilrty is to read the other infomation and. in doing $0, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or olhervAse appears tr) be materially misstated. If we identfy such material inconsistencies or apparent material misstatements. we are required to detem)ine whether this gives rise lo a material misstatement in the financial statements themsefves. If. based on the work we have perfomied, we conclude that there is a material missialement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the folk)wing rnatters where the Charities {Accounts and ReFX)rts) Regulations 2008 requires us to report to you rf, in our opinion.. the information given in the Report of the Trustees is inconsislenl in any material respect with the financial ststements., or sufficient accounting records have not been kep( or the financial statements are not in agreement with the accounting records and retums., or we have not received all the InfOnation and explanations we require for our audtt. Page 14of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Responsibilities of Irustees As explained more fully in the Statement of Trustees, Responsibiif(ies, Ihe trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the trustees determine is neSary to enable the preparation of financial slalements thal are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsib for assessing the charity's ability to continue as 2 going concem. disck)sing, as applicable. matters related to going concem and using the going concem basis of 2ccounb.ng unless the trustees either intend to liquidate the chartty or to cease operations. or have no realistic altemab've but lo do so. Our responsibilities for the audit of the financial statements We have been apwinted as auditors under Sectty)n 144 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonab assurance atyjut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a hh level of assuran, bul is not a guarantee that an audrt conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they coukl reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non-compli8nce wtth wS and regulations. We design procedures in line with our responsibiltties. oudined above. 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 Chartty is requiTrd to compty with charity and. based on our knovAedge of its activities, we identtfied that the iegal requirement to accurately account for restricted funds was of key SnIFiCanCe. We gained an understanding of how Ihe 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 controls. The aud(t team, which is experienced in the audit of charities, considered the charitys 5usceptibil(ty to material misstatement and how fraud may occur. Our considerations Page15of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund inclLJded the risk of management overrmle and the assessment procedures to validate beneficiaries. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that onty valid and appropriate expendf(ure was charged to restricted funds. This included reviewing joumal adjustsmenls and unusual Iransaclions. A further descriptK)n of our responsibilities for the audit of the financial statements is located the Financial Reporting Councifs website at www.frc.org.ukJauditorsresFonsibilitEs. This description fomis part of our Report of the Independent Auditors. on Use of our report This report is made solety to Ihe charivs tnjstees, as a body, in accordance with Part 4 of the Charities {Accounts and Repx)rts) Regulations 2008. Our audrt work has been undertaken so that we might state to the charivs trustees those matters we are required lo stste lo them in an audttors. report and for no other purpose. To the fullest extent permitted by Lqw. we do not accept or assume resrK)nsibility lo anyone other than the charty and the charitys trustees as a body. for our audit work, for this report, or for the opinions we have fomied. Knox Cropper LLP Chartered Accountants and Statutory Audrtors Eligible to act as an auditor in lemis of Section 1212 of the Companies Act 2006 65 Leadenhall Street London EC3A 2AD 18112 2023 Page16of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Statement of Financial Activities For the year ended 31 March 2023 2023 2022 Unrestfryrted ilnrestri¢ted Funds Fun(Is Notes Income andendowments from.. Donations and legacies- Donations from Royal Mail Group Ltd staff arvj publ Donations from Royal Mail Group Donations from Civil Service Insurance Society Charity FUTh Value of donated servi$ from Royal Mail Group Ltd Legacies Gift Aid Tax Relf Other: Interest income Sundry income 423.801 325,322 20.000 60.000 57,334 17.448 40.020 60,100 96,506 20.110 1.739 9.500 48 17.725 Total 589,822 559,831 Expenditure on.. Raising funds Investment management fees Costs of generaliThJ volunlary income Charitable activities.. Grants payable in furtherance of the Fund's objects Support costs reLating to grants arKI loans payable 10 153,3491 1104,9531 {52,9711 1102.4921 1309.4571 1122,4361 1401,925) 1115.9751 Total 1590.195) 1673,363) Gains l (Losses) on investrnent assets 10 50.269 230,573 Net movement in funds 49.896 117.041 RenciliatiT0n of funds Total funds brought forward 5,772,466 5,655,425 Total fiinds carried fonyard 5,822.362 5,T12,466 The accompanying notes fomi part of the financial statements Page17of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Balance Sheet at 31 March 2023 2023 2022 Unreslricted un$11¥ted F(d5 FUlS Notes Fixed assets Investments 10 5.305.646 5.308,726 Current assets Debtors". amounts falling due wtihin one ar Debtors.. amounts falling due after rne than one year Cash at bank and in hand held in a deposit aC)unt 12 69,618 12,543 96,1 12,543 12 476,112 527,426 558,273 636.870 LIalitieS Creditors.. amount falling due wthin one year 13 141,5571 1173,130} Net current assets 516,716 463,740 Total net assets 5,822,362 5,772,466 The funds of the Charlty Unrestricted funds 14 5,822,362 5,772,466 Total Charity funds 5.822.362 5.772.466 The financial slatements were approved by the Board of Truslees and authorised for issue on 2023 and were signed on rts behaff by. Trustee Trustee Name Dale Haddon 1211212023 Page18of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund The accompanying notes foTm part of the financial statements Notes to the financial statements at 31 March 2023 Statement of Cash Flows for the year ending 31 March 2023 2023 2022 Ca$h flows from operating a¢tivities- Net cash provided byllused in) operaling activities {106.402) {182,215} Cash flows from investing activrties: Dividends and interest from investrnents Net disinvestmenU{investmentl in portfolios 1,739 53.349 48 52,971 Net cash provided byl(used in) investing activities 55.088 53,019 Change in cash and cash equivalents in the reporting period {51,314) {129,196} Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 527,426 656,622 476,112 527,426 Re¢on¢iliation of net incomel{expenditure) to net cash flow from operating activities: 2023 2022 Net incomellexpenditurel for the reporting periyj Dividends and interest from investrnents {IncreaseyDecrease in debtor5 Increasel{Decreasel in credrtors {3731 11,7391 27,283 1131,5731 {113,5321 (481 173,7771 5,142 Net cash provided by/{used in) operating activities {106.402) 1182.2151 Page 19 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements at 31 March 2023 1. Accounting policies Basis of preparation The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Chartties.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cosl convention. with the exception of investments which are included at market value. as mc*Jrfied by the revaluation of certain assets. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concem. The financial slalements are presented in pound sterfing. Incoming resources Donations, legacies and donated ServIS are recognised when entitlement, probable and measurable crtteria have all been met. All incoming reSoUrS are stated gross of expenditure. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation lo incur the expenditure. Commrtments represent the grants and k)ans authorised by the Trustees but not paid at that date. Costs of generating grants and bans are accounted for in the period in which they are authorised by the Truslees. Support costs comprise processing grants and applications, including assistan to actual and potential applicanls. Management and adminislralion comprises costs for the running of the Fund itself as an organisation. Where costs cannot be direclly attributed to eilher of these two categories it is eslimaled based on activity levels that 750k 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 $1$ and the accountant as management and administration. In the case of the manager il has been decided to apportion her costs as one third lo management and adminislratK)n, one third to support and one third lo generating funds. Investments Investments are included at mart(et value. Realised and unrealised gains and losses on investments are included in the slalement of financial activities {SOFAI. Loans receivable in exeess of one year Loans lo beneficiaries are backed by an agreement to remrt the balance to the Fund on death or sale of the beneficiary's property or on leaving the service. Irrecoverable amounts are written off against the loan balances in the year in which they become irrecoverable. For the year ended 31 March 2023 no loans were wrttten off12022- loans to the value of £5,040 were written off). Page 20 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements (Continued) at 31 March 2023 Funds General funds are unre5tri¢ted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purw)ses. Legacles We were nots'fied of a legacy during the year of£57.334. {2022- £96.506)- Interest income 2023 2022 Deposi( Accounls 1,739 48 1.739 Grants payable 2023 2022 The amounts payable in the year comprise.. Cost of living grants lo relieve financial hardship Lump sum grant payments Total grants payable 9LKJ 308,557 309.457 3,750 398,175 401,925 2023 2022 Reconciliation of grants payab Commitments at 1 April 661 Commrtments made during the year 309,457 401,925 Grants paid during the year 1315.3571 {401,6861 Commrtments at 31 March (Note 13) 5,000 900 All commitments as al 31 March are duewithin one year. Page 21 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements (Continued) at 31 March 2023 Costs of generating voluntary income 2023 2022 Salaries INole 91 Advertising Sundries Governance costs (Note 7) 48,116 4,175 2,410 50,252 104,953 46,658 3.729 4,194 47,911 102,492 Support costs 2023 2022 Salaries (Nole 9) ACmMOdatIOn (x)sts Welfare costs Other costs 55,247 16,875 37.500 12,814 122,436 61,932 22,200 30,500 1,343 115,975 Governance costs Ilncluded in Note 5} 2023 2022 Salaries {Note 9) Accommodation sIS Insurance Audit fees Other costs 34.219 5,625 2,546 5,500 2,362 50.252 32,873 7,400 2,141 5,370 127 47,911 Related party transactions The Fund reNed the following donated servKEs:_ Accommodation valued at £22,500 (2022 - £29,600) based on currenl accommodation costs, and the provision of welfare services al £37,500 (2022- £30,500). This amount has been included in the SOFA under incoming resources in "Donated setvices from Royal Mail Group Ltd" and in resources expended under "Support costs relating to grants and loans payable", in line wtth the Chartties SORP (FRS 1021. In addrtion, the Rowland Hill Benevolent Fund benefrts from the use of a number of seNices provided by Royal Mail Group Ltd which are not material to the accounts. These relate lo the issuing of cheques to beneficiaries, the collection of donations via the Royal Mail Group Ltd pay units, and the provision of postage and lephOneS. The accommodation costs were re-visited during the year and based on the area of the office and rentable values in that area of London. It is accepted that the previous costs were based upon a larger office. Welfare costs have increased due to salary levels. Page 22 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements (Continued) at 31 March 2023 Staff costs 2023 2022 Gross wages and salaries Employer's national Insuran o)sts Employer's pension c4)ntributions 118.905 11.556 7,121 137,582 123,608 10,956 6,898 141,462 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 The investment performance ofthe fvnds during 2022r23 is set out bek)w. 2023 2022 Ninety4)ne Market Value at 31 March 2022 1 Sum invested in April Increasel{Decrease) in Investsment value Net Reinvestments l (Cash withdrawals) during year Managemenlfees Markel Value as at 31 sl March 2023 2,229,951 116,5141 2,249,216 {1,991) 116.2671 2,197,169 117,274) 2,229,951 Ruffer Market Value at 31 March 2022 1 Sum invested in April Increasel{Decrease) in Investmentvalue Net Reinvestments l (Cash withdrawals) during year Managementfees Market Value as at 31st March 2023 3,078,775 66,783 2.881,908 232,564 137,0821 3,108,476 135,697) 3,078,775 Page 23 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements (Continued) at 31 March 2023 11. Indemnity insurance The insurance premium of £2.546 covers the cost of personal accident and the travel for the slaff and Trustees, Trustees liability indemnty and employers, liability insurance {2022 £2,141). 12 Debtors 2023 2022 Amounts falling due within one year. Loans outstanding 2,050 Accrued income- Donations due &fees paKI 69.618 94,851 69,618 96,901 2023 2022 Amounts falling due after more than one ar. Individual loans granted 12.543 12,543 12.543 12,543 13. Creditors 2023 2022 Grants and loans authorised but not paKI Amount due to Royal Mail Group Ltd Bank Charges Sundry credi(ors 9CK) 161,767 30,960 13 10,584 41.557 10,454 173,130 14. Funds Funds (x)mprise the caprtal reserves of the Rowland Hill Fund, which were established in the Trust Deed of 1882 together wtth the funds fn)m the Second Post Office Relief Fund, the Sir James Whitehead Fund and the Insurance Society of Post Office Employees. The Second Post Office Relief Fund was estsblished lo assist widows of those killed in the Second Wodd War. However, the funds, which were incorporated in 1999, were more than sufficient lo provide this help. All of these wiyows have now passed away. The Tnjslees have designated all the funds as unrestricted. Page 24 of 25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
Rovland Hill Memorial and Benevont Fund Notes to the financial statements (Continued) at 31 March 2023 15. COVID-19 Pandemic Since 31st March 2020, the COVID-19 pandemic has affected the Fund. We assisted, and continue to assist, many Royal Mail staff who have been impacted and in 2020 the Fund received a gerberous donation from Royal Mail to enable us lo meet these extra commilmenls. Since 2020121 the pandemic has receded and the Fund has returned to nomality- The industrial climate precluded our usual fundraising events during the year. We were also unable to conduct many of our usual fundraising events during the year, but we were very pleased to receive two large donations amounting to £90,000. A postponed gala is schedukd for November 2023. 16. Post Balance Sheet We have been nottried of a legacy whereby we would receive a proportion of a property when sold. The sale was cOMpted in October 2023 and we have been notified that our proportK)n will be £57,334 Page 25 of25 [k ID". 437de1fj7l9fbe39ba¢fea12826b(fj9a38eSffj9
X Dropbox Sign Audit trail Repcvt and ac(x)unts 2023 revised RHF Report & Accounts 22-23. revised.pdf 437de16719tbe39bac9dfea12a261K69838e6f69 Fil8 nam8 Document ID Audittrail dat&format DDIMMIYYYY • Signed Document history 1211212023 Sent for signature to Dale Haddon 1sarin8.olwer@roh.org.ukl from rovAand.hill.fund@royalmail.com IP.. 165.225.81.98 seMT 11".57".00 UTC+1 1211212023 Viewed by Dale Haddon lsarina.oliver@roh.org.ukl IP.. 82.10.248.144 ¥lf IVE 12'.06.'47 UTC+1 1211212023 Sign8d by D818 Haddon {sarina.oliv8r@roh.org.ukl IP= 82.10.248.144 sIG¥E 12'.07.'26 UTC+1 1211212023 The document has been (x)mpleted. QIIPlf TE 12'.07.'26 UTC+1 Powered by X Wboxsign