Our Money, as at 31 December 2022

In addition to its almshouses at Croydon and Mitcham, the Croydon Almshouse Charities and Croydon Relief in Need have financial investments amounting to just over £22 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.

Where we get our money from

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.

The rest of our money comes mainly from the residents of the almshouses, who must pay a ‘monthly maintenance contribution’ to the cost of their accommodation.

In 2022 the total income of the Croydon Almshouse Charities was just over £1.5 million. Chart 1 shows where the money came from.

How we spend our money

Our main spending is on the costs of running the almshouses including staffing, repairs and maintenance, and gas and electricity.

Funds are transferred from Croydon Almshouse Charities to the Croydon Relief in Need charity, which is then used to make grants to help those in need.

We also incur costs in managing our investments and other properties, and in the running of the charities (our administration costs).

In 2022 the total charitable spending of Croydon Almshouse Charities was £1,543,387 (unrestricted funds, excluding depreciation), which includes the grant to Croydon Relief in Need of £306,886, including an additional Grant Fund to support the VCS during the cost-of-living crisis. Chart 2 summarises what we spent it on. In addition we spent £176,967 on managing our investment properties and funds in order to generate £933,943 of investment income.

Any income that is not spent during the year is carried forward to support the running of both the Charities in future years thorough our Reserves Policy and Strategy Delivery Fund. In 2022 there was a planned loss of £197,201 of unrestricted funds (before depreciation on endowed funds and changes in the capital value of listed investments). This loss was primarily because of essential building works.

The Charities' accounts

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 Bryden Johnson Limited and are then sent to the Charity Commission. Croydon Relief in Need accounts are independently examined by Bryden Johnson Limited. Both sets of accounts received unmodified audit reports for the period.

The Croydon Almshouse Charities Trustee Company Limited also produces accounts. The dormant 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.