Overview of BIDs
Who Are KingstonFirst?
Funding
How is the BID funded?
The BID will generate £5 million over 5 years with additional funding from property owners and other stakeholders. Kingstonfirst has proved to be a catalyst for change, attracting match funding from a variety of partners including Transport for London, GOL (the Government Office for London) and the London Development Agency.
Each business located within the BID area pays a levy on top of their rateable value (RV). This is currently set at 1% of RV.
Currently, 40% of businesses pay less than £200 in BID levy, but together they generate around £900,000 per annum in core funding.
In addition to this core funding, additional voluntary contributions are received from a number of organisations, bringing the total funding over the 5 year lifetime of the BID to almost £5.5million.
Often, the input of BID monies into a project can attract match funding from partners- for example, the Castle Street redevelopment project. For this project £40k of Kingstonfirst money attracted £700k in public sector funding.
Additional voluntary contributions are received from the following organisations:
 |
Apia |
 |
Bentalls www.bentalls.co.uk |
 |
The Bentall Centre www.thebentallcentre-shopping.com |
 |
Canadian & Portland Estates Plc |
 |
Eden Walk Shopping Centre www.edenwalkshopping.co.uk |
 |
Hammerson www.hammerson.com |
 |
John Lewis www.johnlewis.com |
 |
London Development Agency www.lda.gov.uk |
 |
Marks and Spencer www.marksandspencer.com |
 |
The Rotunda www.therotundakingston.co.uk |
 |
Royal Borough of Kingston www.kingston.gov.uk |
 |
Transport for London www.tfl.gov.uk |
What is the money spent on?
For copies of the KTCM accounts, please contact Kingstonfirst on 020 8547 1221 or click here to visit the document repository.
The projected budget for 2010 to 2015 is as follows:
| KINGSTONFIRST BID2 DRAFT 5 YEAR BUDGET & CASH FLOW SUMMARY | ||||||
| £ | £ | £ | £ | £ | £ | |
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Totals | |
| Cash reserve brought forward |
126,491 | 105,602 | 95,022 | 95,614 | 108,075 | |
| Income | ||||||
| 1% BID Levy* | 878,255 | 904,603 | 931,741 | 959,693 | 988,484 | 4,662,776 |
| Voluntary Contributions | 140,000 | 144,200 | 148,526 | 152,981 | 157,571 | 743,278 |
| Total Income | 1,144,746 | 1,048,803 | 1,080,267 | 1,112,674 | 1,146,055 | 5,406,054 |
| Expenditure | ||||||
| BID Management & Overheads | 212,984 | 223,123 | 233,567 | 244,323 | 255,404 | 1,169,401 |
| Environment & Infrastructure | 296,770 | 302,770 | 308,518 | 314,200 | 319,750 | 1,542,008 |
| Safety & Security | 179,600 | 183,700 | 187,800 | 191,900 | 196,000 | 939,000 |
| Marketing & Promotion | 312,790 | 312,790 | 312,790 | 312,790 | 312,790 | 1,563,950 |
| Transport & Access | 37,000 | 37,000 | 37,000 | 37,000 | 37,000 | 185,000 |
| Total Expenditure | 1,039,144 | 1,059,383 | 1,079,675 | 1,100,213 | 1,120,944 | 5,399,359 |
| Cash reserve carried forward | 105,602 | 95,022 | 95,614 | 108,075 | 133,186 | |
| *BID levy is based on the 2010 list of non-domestic rateable values, net of cost of collection and a prudent reserve, and includes a provisional inflationary increase per annum | ||||||