Company registration number 08235892 (England and Wales)
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
CONTENTS
Page
Strategic report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 6
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The Fitzrovia Partnership has operated as a Business Improvement District since 2012 and is currently in its third term, which operates until 31st July 2027. In July 2022 businesses resoundingly gave their support to the renewal of the Partnership’s mandate. In the ballot of businesses 96% voted in favour of renewing the Fitzrovia Partnership mandate for it to continue to work on behalf of businesses in Fitzrovia.

 

As a business led initiative the Partnership brings together local businesses to add value and make a tangible difference. Since its inception as a BID in 2012 the Partnership has sought to embrace its members and the wider business and residential community behind a shared vision for Fitzrovia. The BID provides a formal mechanism to provide enhanced leverage, investment, sustainability, profile, operational and promotional activity, scale and budget to the overall management of Fitzrovia for the benefit of its members operating in the area.

 

The Fitzrovia Partnership has an important leadership role in helping to shape change for the benefit of all that work in, live in, and visit the area. As Fitzrovia and its neighbouring areas recovers from the economic downturn, The Partnership will need to play a role in making the most of opportunities, whilst also helping Fitzrovia retain its historical character and attributes. By doing so The Fitzrovia Partnership will not only help to secure lasting value or businesses, but importantly retain residents and help mitigate some of the day-to-day challenges we all face.

 

West Fitzrovia

As part of The Fitzrovia Partnership’s ongoing development, in 2017 a study explored the possibility of extending the geographical footprint of The Fitzrovia Partnership BID, with a view to embracing the full extent of Fitzrovia, a ‘cross border BID’ between Westminster City Council and LB Camden.

 

As a result of feedback and analysis it was determined that a separate BID working in collaboration with The Fitzrovia Partnership would be a more appropriate model. The objective of exploring a BID in West Fitzrovia was subsequently placed into The Fitzrovia Partnership Business Plan, which was confirmed in our renewal BID ballotin 2017 and subsequently in 2022.

 

The development of the West Fitzrovia BID has been given the go-ahead by The Fitzrovia Partnership Board to take place during 2023. The Ballot of business will take place in October and if successful embrace a further c168 members and budget of c£750,000.

 

The Fitzrovia Partnership will continue to be ambitious, embracing the changes taking place while protecting what makes Fitzrovia a great place to be. We will continue to develop our work with partners and ensure that our members benefit from both a vibrant and commercially successful destination of choice.

 

Sustainability and ESG

The Fitzrovia Partnership works with members to reduce the environmental impact of conducting business, whilst improving the economic and social sustainability for businesses and residents alike. The Partnership brings together the many different activities of individual businesses in Fitzrovia into a framework to help secure the future sustainability of the area and deliver collaborative activities which businesses often find difficult to achieve.

 

We are a key facilitator in the implementation of sustainable programmes at a local level, co-ordinating public private sector partnerships to implement activities that have a greater cumulative impact and significantly contribute to London’s goal to become “cleaner, greener and ready for the future”. We seek to incorporate ESG into every element of the BIDs activities.

 

Taken together, and underpinned by our sustainability priorities, our six interconnected themes seek to support and promote the growth of Fitzrovia and its business community, whilst reflecting the additional interests of the wider community. These six key themes all contribute to our economic, environmental, and social objectives.

 

Voice and Representation

We provide businesses with an influential voice to stimulate change where necessary, resolve challenges and take advantage of opportunities. We work in partnership with, and lobby local government, to help support our business community to grow and flourish in Fitzrovia.

THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

 

Reducing Costs

Increasing occupancy costs continue to challenge business in Fitzrovia. Through specialist procurement and economies of scale, The Fitzrovia Partnership provides added value and tangible benefits to help meet members’ economic, corporate and social responsibility, and environmental ambitions. This key programme has realized over £4m in operational savings for business members.

 

ESG – Environmental, Social and Governance

Environmental, social and governance (ESG) has taken on a greater significance in recent years. How we do business in Fitzrovia can make a difference to the Carbon Net Zero and wider sustainability agenda. We promote the district’s approach to sustainability and environmental awareness; striving for a healthier and more cost effective operating environment and enhancing both individual businesses and the area’s environmental credentials.

 

Environment and Place

We find innovative and effective ways of working to ensure Fitzrovia is memorable and inspiring; making our streets safer, cleaner and more welcoming. We look at how we manage and enjoy public space, what takes place and how it looks and feels; advocating change where necessary.

 

Promotion and Communication

The Partnership develops the reputation and positioning of Fitzrovia and promotes a cohesive identity for our commercial hubs through intelligent and adventurous marketing. We collaborate with neighbouring West End organisations raising the profile of Fitzrovia for corporate, worker and consumer audiences.

 

Insight

Fitzrovia is home to international organisations as well as a range of national and independent shops, restaurants and leisure operators. As a collective, The Partnership brings them together through business focused events to provide access to insights and commercial opportunities.

 

The wider community

There is a significant and eclectic residential community within Fitzrovia; a community proud of the area’s heritage and status and keen to protect its future wellbeing. Engaging with the wider community, those that work and live in the area continues to be an important part of the organisation’s work plan to help deliver an improved sense of place for all to enjoy and benefit from.

 

The Partnership communicates and works with the local community and provides an opportunity for wider views to be embraced within the Partnership’s decision making. Fitzrovia is a residential neighbourhood in its own right, as well as a vibrant commercial district and well known furniture and design hub. It also hosts world-renowned higher education and healthcare institutions. It is this mix of residents, students, businesses, shoppers and visitors that makes the area the attractive and vibrant place it is today.

 

 

On behalf of the board

Mr DA Whittleton
Director
19 February 2024
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
733,711
256,795
Cash at bank and in hand
311,565
661,496
1,045,276
918,291
Creditors: amounts falling due within one year
4
(186,109)
(80,104)
Net current assets
859,167
838,187
Reserves
Income and expenditure account
859,167
838,187
Members' funds
859,167
838,187

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
Mr DA Whittleton
Director
Company registration number 08235892 (England and Wales)
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

The Fitzrovia Partnership, Business Improvement District Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 29/30 Fitzroy Square, London, UK, W1T 6LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.6

Companies Act 2006

The prescribed format of the Company's Income and Expenditure account has been altered to more fairly reflect the activites of the Company.

2
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
42
1,180
The company is a not-for-profit membership organisation. It is only liable to tax on its investment income.
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
369,735
921
Prepayments and accrued income
363,976
255,874
733,711
256,795
THE FITZROVIA PARTNERSHIP, BUSINESS IMPROVEMENT DISTRICT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
127,454
10,589
Corporation tax
42
1,180
Other taxation and social security
21,921
-
0
Other creditors
36,692
68,335
186,109
80,104
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Company Status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute £1 towards the assets of the company in the event of it being wound up.

7
Related Party Transactions

The directors are connected to organisations eligible to be members of the company in accordance with its Articles of Association.

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