Rowland
Hill Fund
Tre charity for
postal peop
ROWLAND HILL MEMORIAL AND
BENEVOLENT FUND
ANNUAL REPORT AND ACCOUNTS
FOR THE FINANCIAL YEAR TO 31 MARCH 2025
REGISTERED CHARITY NUMBER: 207479
Rowland
Hill Fund
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
CONTENTS
REPORTS
Page
ADMINISTRATIVE DETAILS OF THE CHARITY
MESSAGE FROM THE CHAIR
REPORT OF THE TRUSTEES
Mission and furtherln8 the charitrfs objectlves
Structure, governance, and management
Recruitment and appointment of Trustees
Reserves and Investment policy
Rlsk register
Financlal revlew
Publlc benefrt clause
Statement of Trustees. responsibilities
INDEPENDENT AuorroRS REPORT
ACCOUIUS
ststement of financlal activities
Balance sheet
Statement of cash flows
Principle accounting pollcbes
Notes to the accounts
13
14
15
16
19
Rowland
Hill Furd
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
ADMINisfRATIVE DEfAILS OF THE CHARITY
Charlty number
207479
Country of re815tratlon
England & Wales
Reglstered office and
contact detalls
Rowland Hill Memorial and Benevolent Fund
Royal Mail
185 Farringdon Road,
London, ECIA IAA
08Tr) 232 1762
V￿￿￿.rOwla￿dhl1IfUnd.org
Trurtees
Dale Haddon (a)airl
Dr Shaun Davls (Deputy a)alrl
David Blake
Helen 8radshaw
lan McKnight
Kate Martln
Louise Alexander
Mel Tomlln
Richard Poole
Rodney Ja8elman
Rob Fowler lappolnted March 20251
Sarah Collins {appointed March 2025}
Mlchael Clarke lappolnted June 20251
Key mana8ement personnel
Grace Owen {Executive Headl
Dawn Molr (Case Coordlnator)
Shan Lawrence IFundralsln8 & Reiatlonshlp Manager)
Audltors
Knox Cropper LLP, 6S Leadenhall Street, London EC3A 2AD
Bankers
HSBC UK Bank Plc, 31 Holborn, Holbom Clrcus. London ECIN 2HR
Investment managers
Ninety One UK Limited. 55 Gre5harn Street. London EC2V 7EL
Ruffer LLP, 80 Virtoria Street, London SWIE SJL
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
MESSAGE FROM THE CHAIR
The two-year operatlonal strategy, launched in 2024, has made significant progress, particularly with
modernising the charity. We have introduced Lightning Reach, a new application system. which simplifies
the beneficiary user journey whi15t introducing new Security measures for the charity. It also introduces
an applicant to a wide range of additional support and resources, ensuring each beneficiary is supported
effectively throughout the process. Thls Is a digital-first approach, which ali8ns fully with our operatSonal,
legal and GDPR requirements.
The Fund received over lo￿ inquiries to the helpllne In 24125. The Fund awarded 184 grants to 166
beneficiarles. at a total of £253,977. The amount awarded is a slight increase on the previous year
1£225,4571.
Applicants continue to face complicated financlal challenges. whlch often include not only health and
economic Issues, but the consequential impart on mental health.
We have also Introduced Beacon CRM, which brin8S the or8anisation's entlre communlty Into a
centralised database. For the first tlme. the charlty wlll have enhan￿d understandin8 of each donor and
fundraiser. We look to build on this wealth of data in the next year.
I would Ilke to give a special thanks to Royal Mail Group for thelr contlnued sUPPOrt of the Fund,
particularly around donated servlces. These include support from departments IDcludln8 Bulldln8
Servlces, Pension5, Accounts Payable and HR Seprfices.
I would also like to thank to the Post Office Remembrance Fellowship IPORF}, Civil Service Insurance
Society ICSISI Charlty Fund and Commsave for their generous donatlons over the year. These
organisations form part of our Corporate Sponsorship initiative, details of which can be found on our
website.
We are grateful for the contlnued support of our Patron. HRH The prIn￿$S Royal.
Thank you to all our fundralsers and ambassadors across the year, without whom we could not do the
work we do,
i Fi(.
Dale Haddon, Chalr
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRUSTEES
OUR MISSION
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.
FURTHERING THE CHARITY'S PURPOSE5
To award one-off grants for specific needs
To secure regular donations extemal supporters and donors, alongslde Royal Mall Group and POL
employee5 and pensioners
TYPES OF APPUCATIONS
The nature of cases continues to be complex. with sl8niflcant connectlon between f inancial and mental
health. Appllcants are signposted to additional resources via our website. We work closely with the
Postal Family Fund. StepChan8e, SSAFA and Christians A8ainst Poverty.
Requests Included support for utlllty bllls, rent, mortgage and councll tax. We recelved several
appllcations from those navlgatlng long-lerm slckness andlor unexpected health challen8es. We have
also awarded grants towards dlsablllty alds such as Electrlcally Powered Vehicles, home and heatln8
repairs, funeral expenses, white goods arKI travel tolfrom hospital.
GRANT-MAKING POLICY
The Fund asslsts Royal Mail Group Ltd and Post Office Ltd employees, pensioner5 and thelr dependant5.
Applications are received from employees and pensioners through the RHF helpllne, as well as from
other charitles and publlc sertor agencies.
8eneficiaries must be experlencin8 financial hardshlp and satisfy crlteria re8ardin8 their own financial
resources. Help will be Sn the form of a one￿ff grant based on the applicants, clrcumstances and what
Is required.
BENEFICIARY CASE STUDIES
Holty
Holly needed to reduce her working hours to care for her ill partner. This led to slgnlflcant debt. After
seeking help from Stepchange, she was advised to apply for bankruptcy. The Fund pald the bankruptcy
fees.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRUSTEES
"Mymanager and Union Rep suggested the Fund, thank yorf.
TIM has Stage 4 Grade 5 aggressive prostate cancer. in addition to arthrltls in his knees. This affects his
mobility severely. The Fund contributed towards an elertric wheelchair and portable ramps.
"rm very hoppy to shore my story. Thank you very muchfor your5upporf.
Jacquellne
Followlng a bladder cancer diagnosis, Jacqueline relles on a walklng frame. A glfted chair 12 years a80
was no lon8er suitable. and the Fund were delighted to provide a replacement electrlc recllner seat.
"l am very gmtefvl to receive this new chair which is essentialfor me. Thank you so much".
rRUCTURE. GOVERNANCE AND MANAGEME
The Fund Is a reglstered charity founded as a pemianent memorial to the 8reat postal reformer Sir
Rowland Hill. who retired as Secretary to the Post Offlce in 1864.
Established in 1882, the work of the Fund Is govemed by its Trust Deed. The objects, as deflned by Its
Trust Deed. are 'the relief of need among employees and former employees of the Post Office and their
widows and widowers and other dependants throughout the United Kingdom suffering hardshlp as a
result of poverty, age or Inflrrnirf.
The pollcies of the Fund. a5 administered in line with the Trust Deed, are determined by a body of
Trustees. The Fund assesses each application's need5 against Its standard crlteria, as laid down In Its
grant makin8 policy.
The day-tTrday running of the Fund Is carried out by a full-time Executive Head, a part.time Case
Coofdinator, and a part-tlme Fundraising & Relationship Manager.
The employees of the Fund prepare and review the cases, a selection of whlch are audlted by the
Trustees fortnightly.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRUSTEES
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The Nomlnatlons Commlttee. fomied of the Chair and t¥￿ other Trustees, is responsible for the
recrultment and appointment of Trustees. The Committee ensures recruitment is carried out in an open
and inclusive way, valuing and promoting dNersity, and enabling appolntments to be made in line with
the skills required.
New trustees are given an in-person IndUCt￿n from the Fund team. alongside external training if
appropriate. They are presented wlth the latest Annual Report and mlnutes of the most recent Trustee
Meeting.
The Trustees meet quarterly to review the actlvities and performance of the Fund. They conslder current
t￿ndS In contributions and donatlon5. On80in8 plans are prepared to take account of ever-changin8
donation levels, and the current investment climate, technological requlrements and the relationshlp
with the employers.
RESERVE AND INVEsfMENT POLICY
The Fund policy, set by the Trustees, is to maxirnise the return on investment with minimum risk. The
Trustees are confldent that the perfomiance of the current investment manager5 meets this policv.
These funds Include the capltal reserves of the Rowland Hill Fund. the Sir James Whitehead Fund, the
Second Post Office Relief Fund, and the Insurance Society of Post Offlce employees. The Trustees a
conscious that re8ular staff and pensioner donations are reducing. and, in the fvture, more rellance may
be placed on a combination of greater fundraising In Royal Mail {including focused sponsorship from the
organisation) alongslde financing from investments.
Funds are handled by two investment managers: Ninety- One and Ruffer. The current level of free
reseThes stands at £5,655,02612024- £5.568.9911. We remain confident that we have fund5 to sustain
both 8r?nt-making and operatlons for the foreseeable future.
RISK REGIStER
The Trustees regularly update the Risk Register. which details the prlnclpal risks affecting the Fund. It
includes key current concerns, and actions to minimise the risks. It is reviewed annually.
The key risk5 identified, and the artion taken to mitigate these are:
Loss of Royal Mail Support. Royal Mail may withdraw benefits Includlng the Helpllne service,
payment processes and accommodation. The Fund work5 closely with Royal Mail and are highly
regarded by senlor executives withln the business.
A reduction in RM ernployee donor5. The Fund holds regular fundraising initiatives to increase
donations, whilst also introducing new fundraising streams.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRusfEES
Insufficient reserves caused by negative investment returns. Investment reports are presented
to the Trustees quarterly by the investment sub-comrnittee.
Sudden increase in applications. The Fund maintains strong fundraising efforts and may conslder
additional budgeting in the future, to mitigate unexpected demand.
Loss of Corporate Sponsorshlp donations. We continue to liaise with our partners and malntaln
800d working relationships.
Unplanned loss of key stsff. Thls Is mltlgated shariw of knowledge between staff members.
Iv.
vi.
FINANCIAL REVIEW
Summary of the overall Ilnanclal posltlon
The Fund finished the year with a net deficit of £46.43512024- £92,114 defititl excludlng any gain/loss
on our Investments.
Under our Corporate Partnership Scherne, we reoived a generous donation of £SO,(XXJ from Commsave
durlng the year. £45.000 from the Post Office Remembrance Fellowship IPORFI and £15,(XXJ from the
Clvil Seryice Insurance Society ICSISI Charity Fund.
Durlng the year we gave £253.977 in grants, whlch was more than the prevlous year.
Flnanclal posltlon
2024125
2023124
2022123
2021122
Cornpar150n of Accounts
Employee Contributions
Pensioner Contributlons
Other Contribution5
Total Donations from Royal Mall
Group Staff and the Public
Post Offlce Fellowship
CSIS Charlty Fund Donation
Commsave Donation
Donated servlces from RMG Ltd
Legacies
Gift Ald Tax Rellef
Investment Incorne
Interest Income
Sundry Income
Total Incoming Resources
59.131
88,876
84,032
232.038
51,180
l(M),246
86.565
237,991
56,147
110.510
182,144
348.801
58,948
122,002
94,372
275.322
45,(
15.lYY)
50,0(K)
45,lYJ)
25,(KXI
50,0(K)
40.020
20,(KI)
25,CU)
60,1(K)
96.506
20,110
2,459
3,786
14.606
22,881
57,334
17.448
9,227
7.422
1.739
9,5fJ)
589,822
17.725
559,831
417￿10
417.9tM)
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRUSTEES
Regular Grants
One OffGrants
Total Grants Paid Out
13.7501
1398,1751
1401,9251
{253,977)
{253,977)
1225,4571
{225,457}
1308,5571
1309,4571
Costs of generating fund5
Support Costs linc Royal Mail Group
Management and Administration
Total Resourtes EM￿nded
{64,740)
190.5341
154.6941
(463.945)
1109.258)
1120,681)
154.619)
{510,014)
1108,0501
1122,4361
150,2521
1590.195)
1107,5521
1115.9751
147,9111
1673,363)
Surp1￿/(De11dtj
146,435)
191114)
1373}
113,532
Investment p¢rformarKe
The Fund's investments are held with Ninety-one and Ruffer, and Trustees monltored performance
throughout. Income generated bythe underlying investments within those fund5 15 reflected in the value
of the units held. At 31 March 2024 our portfolio stood at £5.244.98412024: £5,092,514), 5howin8 an
Increase in value of £132.470.
PUBUC BENEFIT CLAUSE
The Trustees have taken account of ihe Charity CommissK*n's 8uidelines regardfj￿ the publk beneflt th* arlse5
In meeting the Charws alms. We will support employees, pensloners and dependants Irrespectlve of whether
they tontrIb￿e to the Fund. The Trustees conslderthal thls represents a sl8nlflcant slie of populatlon ellglble for
help.
STATEMENT OF TRUSTEES, RESPONSIBiunES
The trustees are responslble for P￿parIng the Report of the Trusiees and the financial statements In accordance
wlth applicable lèw and Unrted Klngdom Accountlng Standards (United Kin8dom Generally Accepted Accountln8
Practlcel Includlng Flnanclal Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and
Republic of Ireland"
The law appllcable to charltles In En8land and Wales, the Charitle5 Act 2011. Charlty (Accounts and Reports)
Regulations 2(Q8 and the provisions of the trust deed requires the trustees to prepare financial statement5 for
each financkl year whlch gbve a true and falr view of the state of affairs of the charity and of the Incomlng
resources and application of ￿soUrCes. including the income and expenditure. of the charity for that period. In
preparing those financial statements, the trustee5 are required to..
select sultable accountin8 policles and then applythem consistently
observe the rnethods and principles In the Charty SORP
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
REPORT OF THE TRUSTEES
make lud8ements and estimates that are reason•ble and prudent
Prepare the financial statements on the goin8 concem basi5 unless it is inapproprSate to presume
that the charrty wlll conllnue In business.
The Trustees are resFKin5ible for keeping proper accounting ￿ordS whlch dlsclose with reasonable accuracy at
any time the financial position of the charity and to enable them to ensure that the financlal statements compty
wlth the Charities Act 2011, the Charity IAccounts and Rewrtsl Regulation5 2((J8 and the provisions of the trust
deed. They are also responsible for safeguardlng the a55ets of the tharity and hence for taklng reasonable step5
for the P￿ventIon and dÈtÈction of fraud and other irregularities.
Approved on behalf of the Trustees:
I pi(,
Dale Haddon, Chalr
Dats: 1211212025
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
INDEPENDENT AUDITORS REPORT
oplnlon
We have audlted the financial statements of Rowland Hill Memorial and Benevolent Fund (the 'charity'l
for the year ended 31 March 2025 which comprise the Statement of Financial Activities. the Balan
Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of
signiflcant accounting pollcles. The flnanclal reporting framework that has been applied in their
preparation is applicable law and ilnited Kingdom Accountin8 Standards {United Kingdom Generally
Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting
Standard applicable In the UK and Republlc of Ireland,.
In our opinion the financial statements:
glve a true and falr vlew of the state of the charlty's affalrs as at 31 March 2025 and of Its
incoming resources and application of resources, for the year then ended:
have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard 102 The Financial Reportlng Standard appllcable
in the UK and Republic of Ireland,; and
have been prepared in accordance with the ￿quirements of the Charltles Art 2011.
Basls for oplnlon
We conducted our audtt In accordance wlth Intematlonal Standards on Audltln8 {UKI IISAS IUKII and
appllcable law. Our responsibilities under those standards are further descrlbed In the Audltors,
responsibilities for the audit of the financial statements section of our report. We are Independent of
the charity In accordance with the ethical requlrements that are relevant to our audlt of the financial
statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have
obtalned Is sufflclent and approprlate to provlde a basss for our oplnlon.
Concluslons relailng to 8olng concern
In auditing the financlal statements. we have concluded that the trustees, use of the goin8 concern ba51s
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identrfied any materlal uncertainties relating to
events or conditions that. individually or collectively. may cast signtficant doubt on the charlty's abillty
to continue as a going concern for a period of at least twelve months from when the financial statements
are authorlsed for issue.
Our respon5ibilitie5 and the responsibilities of the trustees With respect to going concem are described
in the relevant sections of this report.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
INDEPENDENT AUDITORS REPORT
Other Infonnatlon
The trustees are responsible for the other information. The other information comprises the information
Included in the Annual Report, other than the financial Statements and our Report of the Independent
Audltors thereon.
Our oplnlon on the financial statements does not cover the other Information and, except to the extent
otherwise expllcltly stated In our report, we do not express any form of assurance concluslon thereon.
In connectlon wlth our audit of the financial statements. our responsiblllty Is to read the other
Information and. in doin8 so. consider whether the other information 15 materially inconsistent with the
financial statements, or our knowledge obtained in the audit or otherwlse appears to be materlallv
mi55tated. If we identrfy such material inconslstencies or apparent materlal misstatements, we are
required to determine whether this gives rise to a material misstatement In the financlal statements
themselves. If. based on the work we have performed, we condude that the￿ is a material misstatement
of thls other InformatSon, are required to ￿pOrt that fact. We have nothlng to report In this regard.
Matters on whkh we are requlred to report by exceptlon
We have nothing to report In respect of the following matters where the Charitles (Accounts and
Reports) Regulatlons 2CX)8 requires us to report to you If, In our oplnlon:
the Informatlon 8lven In the Report of the Trustees Is inconsistent In any materlal respect wlth
the financial statements,. or
5ufflcient accounting records have not been kept; or
the financSal statements are not In a8reement with the accounting records and returns,. or
we have not recelved all the Informatlon and explanation5 we requlre for our audit.
Responslbllltles of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees are re5pon5ible for
the preparation of the financial statements which give a true and fair view, and for such internal control
as the trustees determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosin& as applicable. matter5 related to going concern and using the
going concern basis of accounting unless the trustee5 either intend to liquidate the charity or to cease
operatlons, or have no realistic alternative but to do so.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
INDEPENDENT AUDITOIIS REPORT
Our respon5ibllltles for the audlt of the flnanclal ststements
We have been appointed as auditors under Sertion 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder.
Our oblectlves are to obtaln reasonable assurance about whether the financlal statement5 as a whole
are free from material rnisstatement. whether due to fraud or error, and to issue a Report of the
Independent Audltors that includes our opinion. Reasonable assurance 5s a high level of assurance, but
is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a materlal
misstatement vthen it exists. Misstatements can arlse from fraud or error and are considered material
If, Indlvidually or In the a88regate, they could reasonably be expected to influence the economic
declsions of users taken on the basis of these financial Statements.
Irregularities, includlnB fraud. are instances of non-compliance with laws and regulatlons. We deslgn
procedures In line with our responsibilities. outlined above, to detect rnaterlal misstatements in respect
of irre8ularities, Including fraud. The extent to which our procedure5 are capable of detecting
Irregularities. includlng fraud 15 detalled below:
The Charlty Is required to comply with charlty law and, based on our knowledge of its actlvities,
we Identifled that the le831 requlrement to accurately account for restrlcted funds was of key
slgnlflcante.
We galned an understanding of how the charity cornplied with Its legal and regulatory
framework, including the ￿quIrernent to properly account for ￿Stricted fund5, through
discussions with management and a review of the documented pollcles, procedures and control5.
The audit team, which is experienced in the audit of charitles, considered the charlty's
susceptibility to material mi55tatement and how fraud may occur. Our consideratlons included
the rlsk of management overrlde and the assessment procedures to validate bÈneflclarles.
Our approach was to check that all restrlcted income was properly identified and separately
accounted for and to ensure that only valid and appropriate expenditure was charged to
restricted funds. This included reviewing journal adjustments and unusual transactions.
A further description of our re5ponslbilities for the audlt of the financlal ststements is located on
the Flnancial Reportln8 Council'5 webslte at www.frc.or
auditorsres
onsibilities. Thi5
description foms part ofour Report of the Independent Auditors.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
INDEPENDENf AUDITOIiS REpoKr
Use of our report
This report 15 made solety to the chariws trustees, as a body, in accordance wtth Part 4 of the Charities
(Accounts and Reports} Regulatlons 21x18. Our audit work has been undertaken so that we might state
to the charity'5 trustees those matters we are required to state to them in an auditor5, report and for no
other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsiblllty to
anyone other than the charity and the charity's trustees as a body. for our audit work. for th15 report, or
for the opinions we have formed.
Knox Cropper LLP
Chartered Accountants and Statutory Audltors
Ell8lble to act as an audltor In ternis of Sectlon 1212 of the Companles Act 2006
65 Leadenhall Street
London
EC3A 2AD
QUVS
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ROWLAND HILL MEMORIALAND BENEVOLENT FUND
srATEMENT OF FINANCIAL AcllvrnES
Statement of Financial Artivities for the year ended 31 Marth 2025
2025
Unre5trlrted
Funds
2024
Unrestrlcted
Funds
Notes
Income and endowments from:
Donatlons and le8a¢les:
Donations from Royal Mail Group Ltd employees,
pensioners and public
Donations from fjvll seNt￿ Insuran￿ Sodety a)arlty Fund
Donations from Post Office Remembrance Fellowship
Donations from Commsave
Value of donated servlces from Royal Mail Group Ltd
Legacies
Glft Ald Tax Rellef
Other.
Interest Income
Sundry Income
Total
232.038
237,991
15,(KK)
45.(X))
50,IJXI
251KX)
45,OCK)
60,OLX)
14.606
22,881
2,459
3.786
9,227
7,422
5,000
417.900
417.510
Expendlture on:
Ralsln8 funds:
Investment management fees
Costs of generating voluntary income
Charltable acti￿tIes.
Grants payable in furtherance of the Fund's objects
Support costs relating to grants and loans payable
io
{51,8751
1112,IXIII
1119,4331
1253.9771
190,535
{463,94S)
1225,4571
1120,6811
1510,0141
Net 8alns / Ilossesl on investments
Net rnovernent In fund5
io
132,470
86,035
1161,2571
1253,3711
Re¢onclliatlon of funds
Total funds brought forward
Net movement in fund5
Total funds carrfed forward
5,568,991
86,035
5,655.026
5,822.362
1253,371
5.568.991
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ROWLAND HILL MEMORIALAND BENEVOLENT FUND
STATEMENT OF CASH FLOWS
Balan¢e Sheet as at 31 Marth 2025
2025
Unrestricted
Funds
2024
Unrestricted
Funds
Notes
Flxed assets
Investments
Current assets
Debtors.. amounts falling due wlthSn one year
Debtors.. amountsfalling due after more than one year
Cash at bank and in hand
5,224,984
5,092,514
12.620
12,543
470,223
495.386
36,876
12,543
459,195
508.614
Uabllltles
Creditors.. amount falling due within one year
Net current a55ets
Total net assets
13
165.3441
430.042
5.655.026
132,1371
476,477
S,$68.991
Thefunds ofthe Chaffty
Unrestricted funds
Total Charlty fund5
14
5,655,026
5,655.026
5,568,991
S,$68,991
The flnanclal statements were approved by the Board of Trustees and authorlsed for 155ue on
121 L2QLand were signed on its behalf by:
Sl8nature:
i Fio.
Name:
Dale Haddon
Date:
1211212025
Page 14 of 22
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
srATEMEMf OF CASH FLOWS
Statement of Cash Hows for the year ended 31 March 2025
2025
2024
Cash flow5 from operatlng actlvlttes:
Net cash provided byllused In) operating actr¥ities
1.801
176,2141
Cash flows from Investlng artlvltles:
Dividend5 and interest received
Net dislnvestment/linvestment) in portfolios
Net cash provlded by/{used Inl Invertlng activities
9,227
7,422
51.87S
59,297
9,227
Chan£e In cash and cash equlvalents In the reportlng perlod
11,028
116.9171
Cash and &ish equlvalents at the beglnnlng of the reportlnz perfod
Cash and cash equlvalents at the end of the reportlng perbod
459,195
470.223
476,112
459.195
Reconclllatlon of movement In funds to net cash flows frorn operatlfts aetlvltles:
2025
2024
Net movement In funds las per the ststement of fiMn¢lal actl¥ltles)
Dividends and interest received
Ilncreaselldecrease in debtors
Increaselldetreasel In ¢￿dItOrs
Unreali5ed Igains}/losses on investments
Net cash provlded byl(used In) operntlng artlvltles
86.035
19,2271
24.256
33,207
1132,4701
1,801
{253,371)
{7,4221
32,742
{9,420)
161,257
76.214)
Page 15of22
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
PRINCIPLE AccouNllNG POUCIES
I. ACCOUNTING POLlaES
Basis ol preparation
The financial statements of the charity, which is a publlc benefit enttty under FRS 102, have been prepared
in accordance wlth the Charlties SORP {FRS 1021 'Accounting and Reportlng by CharltSes: Statement of
Recommended Practice applicable to tharitles preparing their accounts in accordance with the Financlal
Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20191.,
Financial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republlc of
Ireland, and the Charlties Art 2011.
The flnanclal statements have been prepared under the hlstorlcal cost conventlon, wlth the exception of
investments which are Included at market value, a5 modified by the revaluation of certain assets.
The Trustees conslder that there are no material uncertainties about the Trust's abillty to tontlnue as a
80ing concern.
The financial ststements are presented In pound sterlln8.
Incomlng reSou￿e5
Donations, legacles and donated services are recognised when entitlement, probable and measurable
criteria have all been met. All incomin8 resources are stated gro55 of expenditure.
Interest recelvable
Interest on funds held on deposlt is included when receivable and the amount can be measured reliably
by the charlty; this is normally upon notlflcatlon of the interest paid or payable by the bank.
Resources expended
Liabilities are recognised as soon as there is a legal or constructlve obllgatlon to Incur the expenditure.
Commltments represent the grants and loans authorised by the Trustees but not paid at that date.
Costs of 8eneratlng grants and loans are accounted for in the period in which they are authorised by the
Trustees. Support costs comprise pr¢xessing grants and applications, including assistance to actual and
potential applicants. Management and administration comprise costs for the runnlng of the Fund ttself as
an organisation.
Page 16 of 22
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
PRINCIPLE AccouMllNG POUCIES
Where costs cannot be directly attributed to either of these two categories it is estimated based on
activity levels that 75% 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 administration. In the case of the manager. it has
been decided toapportlon her c05tsasone third to management and administration, one thlrdto SUPPOrt
and one third to 8eneratlng funds.
Donatk*ns of £ffts. ser¥lces and fadlitles
Donated professional services and donated facilitles are recognised as income when the charlty has
control over the Item or received the 5ep4ice, any conditions associated with the donation have been met,
the recelpt of economic benefit from the use by the charlty of the Item Is probable and that economic
benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer tlme Is not
recognlsed,
On recelpt, donated gifts, professional serv1￿5 and donated facilities are recogni5ed on the basls of the
value of the gift to the charity which is the amount the charity would have been willing to pay to obtain
services or facilities of equivalent economlc benefit on the open market,. a correspondin8 amount15 then
recognised In expendlture In the perlod of recelpt.
Investments
Investments are a form of basic financial Instrument and are initially recogni5ed at thelr transactlon value
and subsequently measured at their fair value as at the balance sheet date using the closing quoted
market price. Any change in fair value will be recognised In the statement of financial activities.
Investment 8ains and losses. whether reallsed or unrea115ed, are combined and shown In the headlng"Net
gaSnslllossesl on Investrnent5" In the statement of financial act5vltles. The charity does not acqulre put
optlons. derivatives, or other complex financial instruments.
Debtors
Debtors a￿ recognised at their settlement amount. less any provlslon for non-recoverabilitv.
Prepayments are valued at the amount prepald.
Loans recelvable ln excess of one year
Loans to beneficiaries a￿ backed by an agreement to remit the balance to the Fund on death or sale of
the beneflciarfs property oron 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 2025 no loan5
were written off12024- no loans were written offl.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
PRINCIPLE ACCOUNTING POLICIES
Cash at bank and in hand
Cash at bank and cash in hand Includes cash and Short term hi8hly liquld investments wlth a short maturlty
of three months or less from the date of acquisition or opening of the deposit or slmilar account.
Credltors and provisions
Credltors and provisions are recognised where the charity has a present obll8atlon re5ultlng from a past
event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimated reliably. Creditors and provislons are normally recogn15ed at
their Settlement amount after allowing for any trade discounts due.
Flnanclal Instruments
The charity only has flnanclal asset5 and financial liabilities of a klnd that quallfy as basic flnancSal
Instruments. Basic financial instruments are Snitlally recognlsed at transactlon value and subsequently
measured at thelr settlementvalue.
Pen$lons
The charity operates a defined contribution penslon scheme. Contributions payable are char8ed to the
Statement of fSnanclal artlvltles In the period to which they relate.
Fund$
General funds are unrestricted funds which are avallable for use at the discretion of the Trustees In
furtherance of the general oblertlves of the Fund and which have not been deslgnated for other purposes.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
NOTES TO THE ACCOUNTS
2. LEGACIES
Le8acies were receivable during the year to the value of £2,45912024 - £14,606)
3. IMfEREST INCOME
2025
2024
Deposit Accounts
9,227
9.227
7,422
7,422
4. GRANTS PAYABLE
2025
2024
The amounts payable In the year comprise:
Lump sum grant payable
Adjustments made In the year for commitments
Closing off old pledges in the year
Prevlous years grants refunded
251,779
9.763
16,8851
{6801
225,457
Total grants payable
253,977
225,457
Reconciliation of grants payable
Commitments at l Aprll
Commitments made during the year
Grants paid during the year
Adjustments rnade in the year for commltments
Closlng off old pledge5 In the year
Commltments at 31 March (Note 13)
251,779
{227,1191
9,763
16,8851
27.538
225.457
1225.4571
All commltments at 31 March are due within one year.
5. COST OF GENERATING VOLUNTARY INCOME
2025
2024
Salaries (Note 91
Advertisin8
Sundries
Governance costs {Note 71
59.669
4,124
945
54,695
119,433
50,385
4.482
2,516
54,618
ill,coi
Page 19 of 22
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
NOTES TO THE ACCOUNTS
6. SUPPORT cosrs
2025
2024
Salaries (Note 9}
Accommodatlon costs
Welfare costs
Other costs
32,320
16,875
37,SCX)
3,840
90.535
55,564
16,875
37.5(Kl
10.742
120,681
7. GOVERNANCE cosrs (INCLUDED IN NOTE S}
2025
2024
Salaries (Note 91
Accommodation costs
Insurance
Audit fees
Accountant's fees
Other costs
33.504
5,625
2.568
6,540
5,178
1,280
54,695
35,874
5.625
2,980
6,860
3.279
54,618
. RELATED PARTY TRANSACTIONS
The Fund recelved the following donated services:
Accommodation valued at £22,5C(112024 - £22,5CKII based on current accommodation costs, and the
provision of welfare service5 at £37.5LKI 12024 - £37,5￿)). This amount has been Included In the
statement of financial activitles under incoming resources in "Donated servlces from Royal Mail Group
Ltd" and In resources expended under °Support costs relatin8 to grants and loans payable" in line wlth
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 accounts. These relate to the issuing of cheques to
beneficlarles, the collertlon of donations via the Royal Mall Group Ltd pay units. and the provlslon of
postage and telephones.
The accommodation costs were re-visited durlng 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
offlce.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
NOTES TO THE ACCOUNTS
9. STAFF cosrs
2025
2024
Gross wages and salaries
Employerfs national insurance costs
Employerfs pension contributions
110.870
6,768
7,854
125A92
122,763
11,582
7,478
141,823
Number
Number
The average number of employees during the year, calculated on a
full-tlme equivalent basls, was:
No employee received remuneratlon of more than £60.LKQ in elther year. No Trustee claimed
travelling expenses durin8 the year.
10. INVESTMENTS
The investment performance of the funds during 2024125 Isset out below.
2025
2024
Nlnety-one
Market Value at 31 March 2024
Increase/lDecreasel in Investment fdlue
Net Reinvestments / (Cash wlthdrawalsl during year
Management fees
Market Value as at 31st March 2025
2.181,788
50,543
2,197,169
115,8661
2,181.788
2,232,331
Ruffer
Market Value at 31 March 2024
Increase/lDecreasel in Investment value
Net Reinvestments1 {Cash wiihdrawals} durin8
Mana8ementfees
Market Value as at 315t March 2025
2,910,726
81,927
3,108,477
{161.7421
(36,1J191
2.910,726
2,992,653
The Ninety-one investment consists entirely of units held in the Ninety-one Global Macro Allocation
Fund l Acc whlch aim5 to provide total returns comprised of capital growth and income over at least
5 year5. The Ruffer investment consists entirely of units held 5n the CF Ruffer Absolute Retum Fund
C which aims to provide capital appreciation through a diversified portfolio of investments. Unit
values for both funds are inclusive of the impact of annual management charges. Management fees
are separately incurred and Charged on the acquisition and disposal of units held in the funds by the
charity. No unit acquisitions or disposals occurred in the cUr￿nt year.
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ROWLAND HILL MEMORIAL AND BENEVOLENT FUND
NOTES TOTHE ACCOUNT5
11. INDEMNITY INSURANCE
The insurance premium of £2,568 covers the cost of personal accident and the travel for the staff and
Trustees, Trustees Ilablllty indemnity and employers, liability insurance12024 £2,980).
12. DEBTORS
2025
2024
Amounts fallln8 due wlthln one Y￿r.
Prepayments
Accrued income
Donatlons due & fees paKI
Legacies
Glft Aid
567
12.053
13,589
13,567
9,720
36A76
12,620
Amounts fallln8 due after more than one ￿r.
Individual loans granted
12,543
12.543
12,543
12.543
13. CREDITORS
2025
2024
Grants and loans authorised but not paid
Amount due to Royal Mail Group Ltd
Accruals
Sundry creditors
27,539
26,447
11,358
16,171
12.373
3,593
32.137
65,344
14. FUNDS
Fund5 comprise the capital reserves of the Rowland Hill Fund, which were established in the Trust
Deed of 1882 together with the funds from the Second Post Office Relief Fund, the Sir Jame5
Whltehead Fund and the Insurance Society of Post Office Employees. The Second Post Office Rellef
Fund was established to assist widows of those killed in the Second World War. However, the funds,
which were incorporated in 1999. 4vere more than sufficient to provide this help. All of these
widow5 have now passed away. The Trustees have designated all the funds as unrestricted.
Page 22 of 22
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