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About Industrial Provident Societies
Supporters Direct recommend that Trusts be registered as an Industrial and Provident Society with the Registrar of Friendly Societies. As such all its actions and conduct will be regulated by the provisions of the Industrial and Provident Societies Acts, 1965 – 1978.
Because it is registered as an IPS with the Registrar of Friendly Societies, there are certain requirements that it has to meet, and other things that it cannot do. In particular, the Registrar will not register any amendment to the Rules which is not in accordance with the democratic and community benefit principles established in the Trust’s constitution.
The Trust has to file annual reports to the Registrar. It has to appoint qualified auditors, and audited accounts have to be presented to the Trust’s AGM and to the Registrar. Supporter groups should also be committed to producing financial reports to every meeting of the Trust.
As a further safeguard, groups could co-opt a couple of independent Trustees, unconnected with the Trust, who can act as monitors of the Trust’s actions.
Everything that a Trust does will be guided and controlled by its Constitution. The IPS Constitution is directly based on the Model Rules for a Football Community Mutual, drawn up by Kevin Jaquiss of Cobbetts Solicitors, specifically for Supporters Direct.
The Viking Supporters’ Co-operative belongs to its membership. Literally. Every member will own one share, with a value of &pou