Broxtowe Carnival, Broxtowe Partnership Trust - Nottingham
Pegasus on parade, Market Rasen Development Trust, Lincolnshire
- How to create an organisation which will achieve the social, economic and environmental regeneration of an area - that is, provide some real benefits to local people.
- How to create an organisation which is financially sustainable - that is, one which operates as an efficient business.
Development trusts are different from most small businesses: they are not owned by any set of individuals, and do not distribute any profits. They do, however, have to find ways of constantly raising funds and earning money, because unlike public bodies they have no direct access to taxes. And while grants may be available, few funding regimes stretch for more than a few years.
This means that while 'community benefit' may be the vision which engages people's commitment, those creating and running a development trust have to set up all the administrative systems of a business, follow all the legal requirements of a company, and be just as enterprising as any entrepreneur.
Before creating a development trust, those involved should consider:
- What are we really trying to achieve - the purpose?
- Do we need a development trust to do that - what are the advantages and disadvantages?
- How will the wider community be involved?
- What are the critical success factors?
- What skills and funds will we need to get started?
- Sustainability - will we be able to keep the development trust going?
Want more information? then browse through our guide: So you want to set up a development trust?
