Two charitable trusts that co-own a property business are to benefit from a £1m dividend payment.
Andrews Charitable Trust (ACT) and Speaking Volumes (formerly the Christian Book Promotion Trust) will share a payment of £1m from Andrews Property Group, which commits a percentage of its annual profits to its two key shareholders.
Operating across sales, lettings, property management, new homes and financial services, Andrews was founded by philanthropist Cecil Jackson Cole. The business was put in to the ownership of charitable trust before his death in 1979 and pays 100% of its profits that aren’t reinvested, to its shareholders. This payment is the largest since 2004.
85% of the dividend payment will be received by Andrews Charitable Trust, which focuses on supporting ventures that tackle the link between poverty and housing. A major focus for ACT is its housing scheme, called [establish]. It aims to purchase 50 homes, in areas where Andrews has a presence, over the coming 50 years to support young people leaving the care system.
Two [establish] houses have already been launched. The first was in Bristol near to the Andrews’ head office, with a second in Croydon. It is anticipated that a further two homes will be announced before the end of this year.
The houses come with ongoing support and maintenance, with the young people who live in them given access to specially-trained Andrews’ mentors and given the opportunity to take up paid apprenticeships with the company.
Group Chief Executive of Andrews, David Westgate said:
“In an age where estate agents are amongst the least trusted professionals and the property market comes under continued scrutiny, Andrews is, I believe, doing things truly differently. We’ve ensured from day one that the communities we’re part of benefit from what we do.
“Today’s dividend announcement shows the commitment and hard work of the entire Andrews’ family to ensuring that the foundations on which we were built remain relevant and life-changing. I’m, therefore, delighted that we’ve been able to increase our payment this year so significantly.”
Sian Edwards, Executive Director at ACT, added:
“We’re a charity with a mission to alleviate poverty and homelessness and with most of our funding coming from Andrews Property Group, it makes sense that we tackle this from a housing perspective.
“Access to safe, decent housing can be the foundation stone for so many other benefits and life improvements, and the work that is already being achieved through [establish] bares testament to this. The funds received from Andrews today will make an enormous impact on moving this programme forward.”
Image: Ribbon cutting at [establish] house.
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