Thanks to your support, together we saved The Tote. Work has now begun on restoring and improving the pub, and putting in place the necessary structures to ensure that it remains permanently preserved as a live music venue.
In order to purchase The Tote, a dedicated trustee company was established, operating The Tote Unit Trust.
The Last Chance Music Foundation Ltd was established as a non-profit organisation (see further information here) and to receive the donations made by backers in the Last Chance to Save The Tote campaign. The foundation has adopted a structure to become a registered charity with the Australian Charities and Not-for-profits Commission, which is also a required constitutional object of the foundation.
Donations made in the Last Chance to Save The Tote campaign were received by the foundation and invested into the The Tote Unit Trust, in order to purchase The Tote.
Because the asking price of The Tote (listed at $6-$6.6m) was greater than the fundraising campaign ($3,097,749), using a Unit Trust model has allowed for all proceeds from the Last Chance to Save The Tote campaign to be applied to the purchase of the Tote, via a non-profit foundation now holding units in the trust for the public benefit, and for the balance of the purchase price to be raised privately. As the foundation continues to raise funds from the operation of The Tote (via a lease to The Tote operating business), and from other fundraising activities, it can continue to progressively buy the balance of units until the entire property is owned by the non-profit foundation.
This means that all donations made in the Last Chance to Save The Tote campaign have been received by the non-profit foundation and used for the purchase of The Tote, and the foundation now owns units in The Tote Unit Trust for all the funds raised. We are forever grateful for your support and are dedicated to making sure that this is the last time The Tote will ever need saving, and will continue as a bastion of live music and good times.
The foundation will now be seeking registration as a charity with the Australian Charities and Not-for-profits Commission.
A visualisation of the purchase structure is below:
