The Masterton Trust Lands Trust was founded by the Masterton Trust Act 1871 of the Wellington Provincial Council. It is a public lands trust formed to own and manage surplus land not sold to Masterton's working class settlers. The original £165 value of the Trust's land has now grown into an asset base of over $52 million.

Income from the Trust's property rentals is distributed in the form of grants to assist educational, cultural and community activities within Masterton. This concept has played a key role in the evolution of the town since 1871 and continues to do so today.