Members of the Timber Trade Federation voted at an extraordinary general meeting Monday (November 3) to provide the security necessary to maintain the organisation’s overdraft facility.
Under the TTF’s rules and articles, an egm of the members has to be called when the overdraft exceeds 25% of net assets.
TTF director-general Paul Martin commented last week that, as most of the Federation’s income came from subscriptions in the first few months of the year, it tended to be cash rich then and less so in November/December.
Speaking at the Scottish Timber Trade Association dinner last week, TTF president Geoff Rhodes said that the past year had not been “an easy one financially for the Federation”.
“It is vital that we get the right financial framework in place to ensure that the Federation can carry out its work efficiently and professionally, but in a cost-effective and proper way,” he said.
