BID Governance and Transparency
The BID will be business–led, providing the opportunity for local businesses to invest, and have a direct say, in the management of the area. This investment is therefore controlled by those businesses through a BID Company, formed for this purpose, run by and for local businesses, representing all sectors. The BID Company is not for profit and limited by guarantee. The BID Company’s members will include:
- All those businesses paying the BID levy;
- Voluntary contributors to the BID, including property owners.
A BID Board will meet at least four times a year and members, drawn from each sector, are shown on the BID’s website.
To increase local business involvement, there will be committees or sub-groups with representation drawn from members of the BID area to drive forward key aspects of the BID proposal.
- In the first term we established a Hotels and Venues Group, which meets quarterly to set the strategic plan for destination marketing and campaigns. The group also receives presentations and previews of campaigns from external bodies.
- Similarly, our Business Crime Group supports retailers and food and beverage operators to tackle local crime problems, equipping them to protect staff and customers. Regular presentations and toolkits are offered to all BID members with front-facing operations.
Financial and Procurement Procedures
The BID’s financial protocols are grounded in good governance and probity. The BID retains a Chief Financial Officer and book-keeper, whose services we share with PaddingtonNow BID and The Paddington Partnership, with whom we also share offices.
Payment systems require two levels of authorisation, both online and by cheque, to prevent fraud. The book-keeper reconciles the BID’s bank account with online banking and cheque payments.
When appointing suppliers and entering contracts a minimum of two prices are obtained. Contracts are competitively tendered against a detailed specification, and suppliers only appointed if they meet contractual standards, particularly in respect of employment protocols such as the payment of London Living Wage to staff.
The staff team have received money laundering training and the BID has anti-bribery and whistleblowing policies in its Employee Handbook. A Hospitality Register ensures that staff record all invitations and gifts from suppliers and Board members. No gifts or invitations from suppliers or potential suppliers are accepted during a competitive tender process.
Audited accounts are produced each year and added to the BID’s website after approval by the BID Board. Our auditors produce a management letter each year with the audited accounts.
Involving Smaller Businesses
The rateable value threshold for the liability for the BID levy will be £76,001. Small businesses in the BID area not liable for the levy but wishing to participate and benefit from the BID’s services will be welcomed and can do so for a flat rate of £500 per year per hereditament.