Development trusts are enterprises created by communities to enable sustainable development in their area.
They undertake a wide range of economic, environmental and social activities and services.
As independent not-for-private-profit organisations, they are committed to involving and being accountable to local people.
Development trusts are part of the community and social enterprise movement. This means they are community based organisations engaging in trading, growing enterprises and providing services and working alongside the local voluntary sector, public authorities and private sector.
They aim to achieve their goals by making profits through trading and securing building and managing assets for their communities such as buildings, land and equipment.
These profits are not-for-private-benefit or gain or distributed to individuals and are used to create community wealth and are reinvested with a lasting impact on the renewal and improvement of an area.
Criteria for Development Trust
The Development Trusts Association (DTA) the membership organisation for the network of development trusts across the UK and Wales defines a development trust as an organisation that is-
Engaged in the economic, environmental and social regeneration of a defined area or community of interest
- Aiming for financial viable independent, sustainability and not-for-private-profit
- Generating an income through enterprise and delivery of services and trading
- Community based, owned and managed
- Actively involved in partnerships and alliances between the community, voluntary, private and public sectors
- Promoting sustainable development and building sustainable communities