It has been almost a year since the decision to sell the ICS minority shares in 229 College Street was taken by the Board. Now, after many months of false starts, dialogue and negotiations, we announce that the sale was finally completed on Monday, April 24th to an independent developer.
The successful sale of our minority share in 229 College is a major factor in positioning ICS within a sustainable financial future. The proceeds received from the sale will be invested in an endowment which will provide the annual income needed to protect our capacity in the long-term to deliver on our mission. We believe this new endowment is the most prudent way to utilise a gift, given many years ago by faithful supporters, to sustain ICS into the future.
This sale comes at a critical time in our discussions with The King’s University on what our joint venture will look like and provides ICS with a stronger financial base from which to play its part.
We know that many involved with ICS have a deep attachment to 229 College Street as it has been home to ICS for more than 40 years. However, we trust that you will join with us in giving thanks to God for this amazing provision and for our faithful supporters whose steadfast generosity has made all this possible.
Chair, ICS Board of Trustees