Licensing Trusts were born out of the prohibition of alcohol era, partly as a reaction to the excesses of New Zealand’s pioneering times, but also as a major social experiment. Invercargill Licensing Trust was the first Trust established in 1944.
The uniqueness of Licensing Trusts revolves around:
- A primary responsibility to enhance the well-being of their defined community;
- The distribution of (surplus) profits back to their communities;
- The provision of good, ‘model’ facilities for the sale of alcohol, the provision of accommodation and meals, and gaming;
- Accountability back to the communities who own them.
In addition, there is an inherent responsibility to efficiently operate commercial businesses profitably.
Licensing Trusts belong to the family of community enterprises that are part of the third sector, a hybrid form of organisation that crosses over sectors, a mixture of market orientation and solidarity (community support). They may be defined as businesses whose primary goals are to support the well-being of their community principally through reinvesting profits generated from their trading activities either in the business and/or in support of community activities, rather than being driven to maximise profits.
Read more about Licensing Trust: History, The Architect of Licensing Trusts Henry Greathead Rex Mason KC CMG, Trusts Established, and Demised, Community Enterprises, Philosophical Justification, Performance and Results: Footprint Today, Elections and Accountability, Community Support Donations
Other articles related to "licensing trust, trusts, trust, licensing trusts":
... The Invercargill Licensing Trust is one of several trusts in the city of Invercargill ... Along with its Charitable Trust and Sports Foundation it provides donations and sponsorships of approximately $10 million annually to nearly 500 organisations ... The Invercargill Licensing Trust and the ILT Foundation are major funders of community projects in Invercargill ...
... The Invercargill Licensing Trust is a Licensing Trust in the city of Invercargill in New Zealand ... Along with its Charitable Trust and Sports Foundation it provides donations and sponsorships of approximately $3 million annually to nearly 500 organisations ...
... The original Licensing Trust legislation provided an enabling clause to donate moneys back to their communities in support of the promotion, advancement, or encouragement of education, science, literature, art ... This now extensive activity is undoubtedly what endears Licensing Trusts most to their communities ... The elected nature of Trusts delivers Trustees representative of the community with a wide knowledge of its needs ...
Famous quotes containing the word trust:
“We shall do better to abandon the whole attempt to learn the truth ... unless we can trust to the human minds having such a power of guessing right that before very many hypotheses shall have been tried, intelligent guessing may be expected to lead us to one which will support all tests, leaving the vast majority of possible hypotheses unexamined.”
—Charles S. Pierce (18391914)