The Printers Charitable Corporation (PCC) has said that it will have to keep a tight hold on its purse strings after its assets fell by 20% due to the stockmarket slump.

The corporation, which was founded in 1827, has recently invested 6m rebuilding 72 self-contained flats for the elderly at Basildon and Bletchley.

PCC director and secretary Teresa Searle said: "Luckily the work was carried out on the accommodation before the fall. It wont affect our sheltered housing, were committed to improving and maintaining standards."

Searle added that the PCC was scrutinising its operations and savings had already been made restructuring some of the Corporations funds.

The PCC raised 2,280 at its annual Savoy lunch.