An historic charity in south London has announced that it will sell 11 residential properties, for which it aims to receive up to £4m.
Croydon Almshouses, the oldest charity in the borough, is set to offload all but one of its 12 terraced houses on Helder Street, which it owns for investment purposes, with 18 private tenants moving as a result.
Chief executive Hayley James told Civil Society that the sales would not affect the charity’s set of 57 individual almshouse units that it operates at Elis David Almshouses on Duppas Hill Terrace in the borough.
The charity, which has provided low-cost housing for older people since 1447 through its separate almshouses, decided to sell the Helder Street properties after finding that they no longer delivered a sufficient return on investment to justify keeping them.
Of those living at the 11 properties for sale on Helder Street, six tenants have already found homes that they are happy to move into, James said.
“Croydon Almshouses recognises that this decision will have a direct impact on the tenants of Helder Street and does not underestimate the anxiety this may have caused,” the charity said in a statement last week.
The charity will be working with estate agent Allen Heritage to move the affected tenants out.
Besides the almshouses, which home its beneficiaries, the charity will retain eight commercial properties it also owns for investment purposes and rents to businesses.
Investments a key source of charity income
The decision to sell the Helder Street properties came as a result of a recent review of the charity’s assets and funds.
“Rising demand, combined with a decline in available public resources, means charities such as Croydon Almshouses are under increasing pressure to ensure their assets are used as effectively as possible,” its recent statement reads.
The organisation recently changed its governance model to a charitable incorporated organisation (CIO), registering with the Charity Commission as Croydon Almshouses in September 2024.
It formerly operated as the Croydon Almshouses Charities Trustee Company, which oversaw Croydon Almshouse Charities and Croydon Relief in Need.
Croydon Almshouse Charities, the larger of the two former registered charities, recorded a total income of £1.72m in 2024, £1.02m of which came from investments, and an expenditure of £1.83m.
Its own-use assets that year amounted to £12.7m and its long-term investments £24.5m.
James said the operating deficit recorded in 2024 was due to the former charity spending its reserves to fund strategic objectives.
Editor's note: This article was updated on 26 March to emphasise that the properties being sold are not almshouses.
