In addition to its almshouses at Croydon and Mitcham, the Croydon Almshouses Charities and Croydon Relief in Need have financial investments amounting to just under £19 million. It also owns a number of other properties which it lets out on a commercial basis.
These financial investments and property holdings have been built up over many years. The Board’s duty is to ensure that the Charities’ money is invested wisely and safely, so that we make enough money to support the running of the Charities now and in the future.
The majority of our financial investments are held in funds managed by Newton Investment Management Limited.
The charities' money comes mainly from the interest and dividends we get on our investments and the rent from our other properties.
The Board aims to generate enough money from these investments and its other properties to support the running of the almshouses and enable it to transfer money each year to the Croydon Relief in Need charity so it can make grants to help those in need.
The rest of our money comes mainly from the residents of the almshouses, who must pay a weekly ‘contribution’ to the cost of their accommodation. This is set on the basis of the fair rent for properties of a similar type. They also pay for other services they can use, such as the laundry.
In 2018 the total income of the Croydon Almshouse Charities was just over £1.39 million. Chart 1 shows where the money came from.
Our main spending is on the costs of running the almshouses, including staffing, repairs and maintenance, and gas and electricity.
The next biggest item of spending is the money transferred from Croydon Almshouse Charities to the Croydon Relief in Need charity, which is then used to make grants to help those in need The Croydon Almshouse Charities to The Croydon Relief in Need Charities
We also incur costs in managing our investments and other properties, and in the running of the charities (our administration costs).
In 2018 the total spending of Croydon Almshouse Charities was £951,038 (unrestricted funds), which includes the grant to Croydon Relief in Need. Chart 2 summarises what we spent it on.
Any income that is not spent during the year is carried forward to support the running of both the Charities in future years. In 2018 this amounted to £361,864 of unrestricted funds.
For reports and financial statements for Croydon Almshouse Charities and Croydon Relief in Need see the Charity Commission website.
The accounts for Croydon Almshouse Charities are audited independently by Haysmacintyre LLP, and are then sent to the Charity Commission. Croydon Relief in Need’ accounts are independently examined by Haysmacintyre LLP. Both sets of accounts received unmodified audit reports for the period.
The Croydon Almshouse Charities Trustee Company Limited also produces accounts. The company had no activity in the year other than holding the title to the assets of the charities and is therefore not required to have an audit. The accounts have been filed as required at Companies House.