From our founding in July 2016, ABTRA is what is known as an unincorporated association; or more simply a friendly society. This model is a simple, low cost way for a group of people with a similar interest to pool their resources together.
This model thus far has served us well, with a small membership base (one of our main sources of funds at present) and those members making generous donations (our other current source of funds).
To hold our funds we have our own bank account in the name of the Association and we carefully administer funds to ensure their best use, so far so good.
However, as our plans are developing, and we may perhaps have the opportunity to begin operations involving manual work etc, we need to investigate our options for an incorporated status.
With an incorporated status (a ‘Company’), it allows property or assets to be held by the company itself rather than by an individual member of the group as would happen at present. It also allows for other transactions such as mortgages and loans, to be granted, and insurance to be held etc.
What we envisage at present is for the Association as it is to run alongside any new organisation that is formed, but the format of this new ‘Company’ is still being discussed and hopefully we will bring you news after our next Committee meeting.
Thanks for reading and as always if you would like to become a member, please visit our Membership Page on our website. Thanks, RH.