The trusts administered by the Board are various. The original trusts and vesting of assets, principally relating to land, were established in the mid 19th century by Crown grant from the Crown to Bishop Selwyn who passed these trusts and assets on to the General Synod of the Anglican Church which vested the lands and other assets in trustees appointed by the General Synod. In 1962 those trusts and assets were eventually vested by deed of appointment in The St Stephen's and Queen Victoria Schools Trust Board. The Trust Board was incorporated as a charitable trust board under the Charitable Trusts Act 1957 on 7th August 1962. It has since 1962 been the legal owner of all the lands and assets transferred to it. It is an autonomous trust board, responsible for its own affairs, charged with management and control of the schools, and ownership and control of all assets held on trust.