Registration number:
Croydon Town Centre BID Limited
(A company limited by guarantee)
for the Year Ended 31 March 2024
Croydon Town Centre BID Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Croydon Town Centre BID Limited
Company Information
Chair |
J R Bailey |
Directors |
I L Stephenson A Taylor R N T Plant C King B Mclaughlin D L S Grey A D G Owen A E Hardstone N P H Smith P Powell J S Perry A J Smith L M Thompson D Bowen |
Company secretary |
J Borrow |
Registered office |
|
Auditors |
|
Croydon Town Centre BID Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
NON DIRECTOR MEMBERS
The non director members shown below have held office during the period -
J Borrow - Company Secretary
S Dorman - Bryden Johnson
N Hibberd - Croydon Council
C Squires - Croydon Council
Chief Insp. I Asghar - Metropolitan Police
Insp. J Weston - Metropolitan Police
Croydon Town Centre BID Limited
Directors' Report for the Year Ended 31 March 2024 (continued)
Principal activity
The principal activity of the company is to facilitate and procure works and projects in Croydon to improve and enhance the business environment and to create a more attractive and safer Croydon.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of DSK Partners LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Croydon Town Centre BID Limited
Directors' Report for the Year Ended 31 March 2024 (continued)
CHAIR STATEMENT - ANNUAL REPORT OF ACCOUNTS 2023-2024
Croydon BID strives to deliver value for our business community with a series of services, initiatives and projects designed to improve the safety and look and feel of Croydon town centre. To engage with our business members on the key issues and to attract people to all that our town centre has to offer.
Reflecting on the past year, I am pleased to present the annual report and accounts for 2023-2024 which gives me the opportunity to provide an update on the financial position of Croydon BID and achievements during an exciting year which included Croydon as the host of the London Borough of Culture.
As we enter year three of our fourth term, we remain committed to responsibly evolving and enhancing our delivery programme for the years ahead. I am pleased to report that Croydon BID retains a strong financial position that has allowed us to not only react to the increased challenges but to pro-actively design services that deliver the value and response our business members expect.
Our end of year accounts for 2023-2024 illustrates a surplus to take forward into 2024-2025 of £154,234, a reduction of £37,695 on the previous year. Croydon BID’s levy collection remains strong with £873,200 collected for 2023-24 and is our main source of income. We must employ a cautious approach as we move forward, given the level of changes taking place in Croydon town centre, for example, properties changing use from commercial to residential and the subsequent removal of non-domestic rates.
We are committed to improving the safety and security of our town centre, working with our partners including the Metropolitan Police Service and Local Authority. To address some of the serious issues facing businesses, including anti-social behaviour, shoplifting and conflict to staff. In 2023-2024, Croydon BID invested £183,798 to deliver services such as our Croydon BID Street Rangers and the growing Croydon BID Radio Link which now has over 75 users across the town centre.
Improving the look and feel of our town centre remains a key priority, delivering services including jet washing, deep cleaning, small business cleaning, graffiti removal and the continued greening through our hanging baskets. Investment of £167,482 was allocated to greening assets and maintenance in this period. The town centre’s Christmas lights is provided by Croydon BID through our business members, investing £53,080 to support the festive season.
As Croydon took centre stage as the London Borough of Culture, Croydon BID delivered Croydon Stands Tall in association with This is Croydon, Wild In Art and the Greater London Authority. Croydon Stands Tall bought a mass participation trail art trail to the town centre across 10 weeks in August 2023 attracting thousands of visitors. Croydon Stands Tall app users amassed an impressive 86,000 sculpture collections, taking 63,611,266 steps, equivalent to 5,188 miles! Of the Croydon Stands Tall app users, 61% hailed from Croydon, 22% from London, and 17% from outside the city. Importantly, 82% of our app users confirmed that they spent more time in Croydon as a direct result of the trail. Croydon BID contributed £50,528 to Croydon Stands Tall with remaining investment generated from external sponsorship.
As we look to support the positive promotion of Croydon, our businesses and the destination, we have further invested through the creation of a new Croydon BID website and the enhancement of our digital marketing channels.
At the heart of everything we do is our Croydon BID team. We have completed a restructure of the executive team and as a result, our distribution costs have increased year on year by £38,376 and include the recruitment of a new Digital Marketing Apprentice (level 6).
Croydon Town Centre BID Limited
Directors' Report for the Year Ended 31 March 2024 (continued)
Croydon is faced with significant challenges, many of which must be led by our statutory partners. We are realistic that overcoming some of these challenges will take time, dedication and investment. We are also very aware of the level of change Croydon BID can deliver, particularly to the macro issues that affect the long-term vibrancy of our town centre. We are, however, in representing our business members, at the heart of the conversation.
I am, as ever, proud of the achievements delivered by the Croydon BID executive team, led by our Chief Executive Matthew Sims. I would like to extend my sincere thanks to the executive team who demonstrate an unwavering dedication to delivering solutions to the day-to-day challenges facing our town centre business community.
The BID levy is the principal source of income for Croydon BID, with our c. 490 business members collectively supporting the delivery of projects, initiatives and services that add value to our community. The BID levy is set at 1% of the relevant rateable value of each hereditament within the BID area valued at £40,000 or more.
Croydon BID has a total of 15 directors. No director, nor any persons connected with them, receive any remuneration from Croydon Business Improvement District Limited at any time. No Director has received any reimbursed expenses from the company.
My thanks to the Croydon BID Board of Directors who meet 6 times per year and consists of 15 members from a cross section of sectors representing Croydon town centre employers.
Croydon BID has its members at its core. Navigating the challenges, we have all faced together can at times be frustrating for us all. I want to thank you for your patience and support as we work together to create the much-needed opportunities for the future of Croydon and our town centre. We will not give up. We will keep going, keep supporting and above all, keep delivering for you.
My thanks as always
Joanne Bailey
Chair
Croydon Town Centre BID Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
J R Bailey
Chair
Croydon Town Centre BID Limited
Independent Auditor's Report to the Members of Croydon Town Centre BID Limited
Opinion
We have audited the financial statements of Croydon Town Centre BID Limited (the 'company') for the year ended 31 March 2024, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Croydon Town Centre BID Limited
Independent Auditor's Report to the Members of Croydon Town Centre BID Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Croydon Town Centre BID Limited
Independent Auditor's Report to the Members of Croydon Town Centre BID Limited (continued)
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pension and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management’s own assessment of the risks that irregularities may occur either as a result of fraud or error.
• We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations.
• We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
• In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Croydon Town Centre BID Limited
Independent Auditor's Report to the Members of Croydon Town Centre BID Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chartered Accountants and Statutory Auditors
D S House
306 High Street
Surrey
CR0 1NG
Croydon Town Centre BID Limited
Income Statement for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross surplus |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating deficit |
(41,325) |
(3,520) |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
4,539 |
1,015 |
||
Deficit before tax |
( |
( |
|
Tax on loss |
( |
- |
|
Deficit for the financial year |
( |
( |
The above results were derived from continuing operations.
Croydon Town Centre BID Limited
(Registration number: 06305257)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Reserves |
|||
Retained earnings |
154,234 |
191,929 |
|
Surplus |
154,234 |
191,929 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
|
Croydon Town Centre BID Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
Deficit for the year |
( |
( |
At 31 March 2024 |
|
|
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
Deficit for the year |
( |
( |
At 31 March 2023 |
191,929 |
191,929 |
Croydon Town Centre BID Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
United Kingdom
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Croydon Town Centre BID Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Going concern
As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.
After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.
Government grants
Government and other grants are recognised as income when there is reasonable assurance that the grants or contributions will be received and the conditions attaching to the grants or contribution have been met. Monies advanced as grants and contributions for which conditions have not been satisfied are carried in the Balance Sheet as creditors. When conditions are satisfied, the grant or contribution is credited to income.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Croydon Town Centre BID Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Plant and machinery |
20% on reducing balance |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Croydon Town Centre BID Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Additions |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Croydon Town Centre BID Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Related party transactions |
Croydon BID has a total of 15 directors. No director, nor any persons connected with them, receive any remuneration from Croydon Business Improvement District Limited at any time. No Director has received any reimbursed expenses from the company.