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The establishment and operation of a BID is governed by legislation:
Reading UK, trading as Reading’s Economy and Destination Agency (REDA), will administer the BID, led by the Chief Executive, Nigel Horton-Baker.
Reading’s Economy and Destination Agency (REDA)
Reading UK is a not-for-profit Community Interest Limited Liability Company with no share holdings. Details can be found at Companies House, Company No. 5671172. We have managed Reading’s BIDs since 2007.
REDA has a broad remit for business growth, skills and training, inward investment, tourism, and marketing Reading as a place to live, work and do business. REDA’s Executive Board, which includes businesses within the BID areas, have oversite of the BID Business Plan, financial reporting, and service delivery.
BID Committee
The day-to-day operation and management of the BID is undertaken by two sub-committees of the REDA Board made up of BID levy paying members. The BID Manager and her team report to the BID Committees, REDA Chief Executive and REDA Board. The BID Manager and BID Chair ensure there is a good cross section of businesses represented on the Committee. A call for BID Committee member nominations will be made annually via the levy invoice supporting documentation. The Chair will roll over from the existing BID into the new term and working with the BID Manager pull together a new committee through the nominations at which point there will be a call for references for a new Chair.
Finances
All BID income is ringfenced for delivery of the BID plan only. The detailed BID expenditure budget is separately accounted for and reported to the four meetings of the REDA Board and BID sub-committees. REDA produces full statutory accounts, independently prepared, itemising BID opening and closing balances. These are filed annually at Companies House. The quarterly financial management accounts identifying income and expenditure for the BID against each theme will be available on the website. An Annual Meeting of BID levy businesses will be held late Spring once the finances are agreed by the BID Committee and REDA Board. The BID Committees have agreed Finance Protocols outlining budget responsibilities, authorisation payment limits, procurement protocols, and financial reporting. This document is available to view on the website. The BID levy is invoiced and collected by Reading Borough Council (RBC) who provide monthly levy collection statements. REDA invoices RBC for the BID levy collected on a quarterly basis and reconciles the levy collected at the end of the year along with any outstanding debt from previous years.
Service Delivery
Provided the BID is meeting the objectives set out in this business plan, and subject to full consultation with the BID Committees, it shall have the ability to vary service delivery and expenditure allocation according to the changing needs of levy payers. However, any change to the BID area or the levy rate would require an alteration ballot. Service contracts are monitored on a regular basis through contract meetings with service providers including end of year evaluations and planning for the next year. Other projects will be managed by the BID Manager or Head of Operations on a task and finish basis with support from specialists within REDA. On a quarterly basis at the BID Committee meetings the BID Manager reports on all services and projects.
Baseline Statements
Baseline statements have been agreed with Reading Borough Council and Thames Valley Police ahead of the new BID term. These statements ensure the services provided by the BID are additional, not duplicating or replacing statutory services. These statements are available to view on the website.
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