Rovland Hill Memorial and Benevo￿nt 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
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Rovland Hill Memorial and Benevo￿nt 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
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Rovland Hill Memorial and Benevo￿nt Fund
Board of Trustees
Dale Haddon (Chair)
Drshaun Davis (Deputychair)
David Blake
Emie Dudley
Helen Bradshaw {invited to join in October 2023- to fo￿alise 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
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Rovland Hill Memorial and Benevo￿nt 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.
AkTrngS￿e this, we maintain our telephone appliCat￿n 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 chaI￿ngeS, 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￿ s￿Iety (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 circUmstan￿s.
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 ObV￿uS choice" said Jonathan Howard, propety programme manager.
They raised 8n incredible £33.784.
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Rovland Hill Memorial and Benevo￿nt Fund
We also sawfvndraising from across the countryfrom various cake sa￿s. 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 sen￿r Royal Mail managers and
exlemal directors.
The day-to-day running of the Fund is Ca￿led 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 reV￿W the cases, a selection of
which are audited by the Trustees at fortnightty meetings.
The trustees have adopted the provisions of A￿O￿nting and Reporting by Charities..
Statement of Recommended Prackn¢e applicable to chartlies p￿ParIng 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.
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Rovland Hill Memorial and Benevo￿nt 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 theMse￿eS wrth the types of cases the
Fund handles and other work in which the Fund is invofved.
The charl￿S 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 eff￿acY 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 appIl￿tK)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.
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Rovland Hill Memorial and Benevo￿nt 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 re￿￿eS 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¢kno￿edge 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.
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Rovland Hill Memorial and Benevo￿nt 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 ma￿Mise 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
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Rovland Hill Memorial and Benevo￿nt 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￿ re￿Vant- 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 serV￿e. payrnent processes and accommodation.
We work closely with Royal Mail throughout and are h￿hlY 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.
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Rovland Hill Memorial and Benevo￿nt Fund
Unplanned loss of key staff. This is Mit￿ated 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)
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Rovland Hill Memorial and Benevo￿nt Fund
Resources
The table bek)w shows the posrbon over the lastthree years.
Comparison of Accounts
2022123 (£)
2021122 (£)
2020121 {£1
Employee contribut￿nS
56.147
58,948
63,612
Pensioner Contribu￿nS
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
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Rovland Hill Memorial and Benevo￿nt 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 Vo￿tIle 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. pens￿nerS and dependants i￿eSpeCtive 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 Wa￿s, 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
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Rovland Hill Memorial and Benevo￿nt 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 a￿OUnting ￿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
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Rovland Hill Memorial and Benevo￿nt 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 AC￿pted 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 reSoUr￿s. 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 fu￿11￿ 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.
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Rovland Hill Memorial and Benevo￿nt Fund
Based on the work we have perfoThed. we have not idenlrfied any material Un￿rtaIntieS
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 InfO￿nation and explanations we require for our audtt.
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Rovland Hill Memorial and Benevo￿nt 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 ne￿Sary 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 h￿h 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 S￿nIFiCanCe.
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
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Rovland Hill Memorial and Benevo￿nt 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 Benevo￿nt 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 Rel￿f
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
Re￿nciliatiT0n 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 Benevo￿nt Fund
Balance Sheet
at 31 March 2023
2023
2022
Unreslricted
un￿$11¥￿ted
F(￿d5
FUl￿S
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 rn￿e 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
LIa￿litieS
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 Benevo￿nt 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 Benevo￿nt 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 ServI￿S are recognised when entitlement, probable and
measurable crtteria have all been met. All incoming reSoUr￿S 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 Benevo￿nt 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 Benevo￿nt 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)
AC￿mMOdatIOn (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 re￿Ned 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 le￿phOneS. 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 Benevo￿nt 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 Benevo￿nt 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 Benevo￿nt 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 cOMp￿ted in October 2023 and we have been notified that our
proportK)n will be £57,334
Page 25 of25
[k￿ ID". 437de1fj7l9fbe39ba¢￿fea12826b(fj9a38eSffj9

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Repcvt and ac(x)unts 2023 revised
RHF Report & Accounts 22-23. revised.pdf
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1211212023
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from rovAand.hill.fund@royalmail.com
IP.. 165.225.81.98
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