On 7 February 2001 the Trust was incorporated as a charitable trust under the Charitable Trusts Act of 1957.

The first quarterly grants meeting was scheduled and held in Roxburgh on 20 March. 1,000 grant application forms were printed, lasting only 10 days, after which 500 more were ordered. Grant requests to the value of $6,365,698.75 were put before the six trustees. 48 grants at a total value of $1,908,574 were approved, including $700,000 to St John for a new ambulance station at Frankton, still in use today. And $400,000 granted to assist in the conversion of Roxburgh Hospital into a rest home, also still in use today.

CLT moved into their Cromwell offices in the Central Otago District Council (CODC) premises on 26 April 2001, at 42 The Mall.

The first Annual Public Meeting (APM) of the trust was held on 25 July 2001 at the Lake Wanaka Centre.

Results from the first election of trustees were announced on 5 December 2001. 36% of electors voted Lynley Claridge, Duncan Butcher, Dick Hill, Elizabeth Duggan, Michael Allison, and Peter Mead to the board for a term of three years. The maximum period a trustee can serve is three terms, or nine years.

One of the Trust’s more substantial initial grants ($1 million) was granted to CODC for the Molyneux Aquatic Centre. Opened by New Zealand’s then Prime Minister, Rt. Hon. Helen Clark on 14 April 2003, the aquatic centre is a year-round facility with both indoor and outdoor swimming pools. In years to come the Trust would provide support for the Cromwell, Queenstown and Wanaka swim centres.

The Trust has a long history of supporting social service agencies, and is one of the few funders to do so. Happiness House, Alexandra Community Advice Network Inc, Queenstown Citizens Advice Bureau, and the Central Otago Friendship Network, are examples of groups which have received regular operational grants since 2001, while Central Lakes Family Services has received funding since 2002. To this day a significant portion of the Trust’s annual funding budget supports these core services.