We collect funds to donate to charities in my late sister's name. We do not have an income over £5k per annum and no formal structure (it is a family venture). We aim to do more fundraising and formal status would mean we could have a named bank account, benefit from Gift Aid, cheaper online financial services for collecting donations etc. It will probably never be a big venture, so I don't think we are obliged to register. 

But do you think the advantages of registration outweigh the disadvantages (formality, increased admin etc.)?