It isn't an Incorporated Trust. It is a Charitable Trust of which obstensibly there are three although one of them isn't registered as a Charity. It isn't clear who the beneficiaries are. It appears the Trusts were set up when the Levin Racing Club sold a parcel of land to a developer.
Where do you get that idea? It's an incorporated Trust that has successfully been organising and running jump outs for CD trainers and their horses for 15 years with perennial support from those trainers from HB to NP. Nothing "sham" about it that I can see. @Special Agent may be able to provide more detail.