Every year, it is important that the trustees of almshouse charities review the weekly maintenance contributions (WMCs) their charity sets for their residents.
To assist members in setting their residents’ WMCs , The Almshouse Association has produced our annual Specimen Outline Budget. Â
As a first step members will need to consider two elements when setting their WMC:
- the financial viability of the charity,
- the avoidance of hardships on the residents.
Increases in WMC are necessary so charities can maintain financial viability and continue to provide support to residents and the wider community. Any increase, however, should take into account the wellbeing of the residents who must be able to afford the WMC without being caused hardship. Striking a balance between these two demands will help to ensure that the WMC is set at an appropriate level.
The Association recommends that wherever possible members increase their WMC in a way which is sympathetic to the needs of the charity and its residents.
Those of our member charities who are Registered Providers of Social Housing are obliged to abide by the rent formula set by the Regulator of Social Housing i.e., CPI plus 1%. The CPI figure for September 2024 was 1.7% and hence the maximum WMC increase for the period 1 April to 31 March 2026 is 2.7%.
We are also aware that some members will be able to absorb some of the burden of increased costs for their residents. However, it is vital that charities, when considering increasing the WMC, seek to maintain stable foundations not only for the foreseeable future, but for the years ahead.
Our Specimen Outline Budget for 2025/26 can be accessed via the below links: