A Development Trust is not a legal form in its own right. The term refers to the nature of the organisation and applies to organisations which:
- have social aims relating to improving the local economy, environment and culture
- is owned and managed by the community
- generates its own income
- re-invests any surplus back into the community it has been set up to benefit
This type of organisation can be incorporated as a Company Ltd by Guarantee, a Community Interest Company or an Industrial and Provident Society.
Some Development Trusts may also have charitable status, where their legal structure permits.