The Trust was formed and funded as required under the provisions made for Sherford new town. As well as start up funds from the Consortium, residents pay an annual contribution, collected for the Trust by the Developers’ agents. The Trust was registered as a not for profit limited company - No 11463703 - on 13 July 2018, with its registered address of Follaton House, Plymouth Road, Totnes TQ9 5NE. It held its launch with the community of Sherford in July 2019.
Although a private sector company, the Trust board has chosen to adopt Nolan standards to ensure transparency and accountability.
Directors are not paid for their role and are seconded from each of the four Councils (holding a 20% vote each) and the three Developers (20% vote shared between them). As laid down in the Articles of Association, a formally appointed alternate may attend a Board Meeting if the Director cannot.
Trust Board meetings are held in Sherford. Minutes and all key documents are available for inspection at Follaton House.
Over time the Trust membership will increase and directors will be elected from the community of Sherford. The original directors will then stand down and cease to hold any voting rights or interest in the Trust.
Trust Objectives are laid down in the Articles of Association of the Trust and are to:
Sherford Community Land Trust Ltd is a company registered in England and Wales with company no 11463703