HOW WE ARE FUNDED
Our projects and activities are funded through a levy paid by all organisations within the BID area whose premises have a rateable value of £40,000 or more.
The levy is a mandatory charge, enforceable in the same way as non-domestic rates and is currently set at 1% of the rateable value of each rated unit of property.
The levy is charged on an annual basis and is payable by whoever is responsible for payment of the business rates for those premises on April 1st each year.
Croydon Council is contracted to collect the levy on our behalf in accordance with the guidelines set out in the BID (England) Regulations 2004.
The levy generates a yearly income of approximately £1million. In addition, each year we aim to supplement this through further cash and in-kind contributions. To date, for every £400 of levy income received, we have raised, on average, a further £200 in additional contributions.