We Are Waterloo Ltd,Ltd - AccountsLtd - Accounts

WE ARE WATERLOO LTD - Company Information

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We Are Waterloo Ltd

Registered Number:04381162

For the year ended 31 March 2021

England and Wales

Report of the Directors and Unaudited Financial Statements

For the year ended 31 March 2021

We Are Waterloo Ltd

Contents Page

Company Information

04381162

Registered Number

Build Studios

Registered Office

203 Westminster Bridge Road

London

SE1 7FR

Counterculture Partnership LLP

Accountant

Unit 115

Ducie House

Ducie Street

Manchester

M1 2JW

Barclays Bank Plc

Bankers

29 Borough High Street

London

SE1 1LY

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For the year ended 31 March 2021

We Are Waterloo Ltd

Directors' Report

The directors present their report and financial statements for the year ended 31 March 2021.

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For the year ended 31 March 2021

We Are Waterloo Ltd

Directors' Report Continued

Principal activities

WeAreWaterloo is an organisation that works with and for local businesses in the Waterloo area.WeAreWaterloo is the trading name for We Are Waterloo Ltd (previously known until 18 January 2017 as Waterloo Quarter Business Improvement District Ltd). The company is funded by a levy on local non-domestic ratepayers, who vote every five years on whether or not to continue its activities. The five-year business plan sets out the work programme which is developed in more detail at the commencement of each financial year. WeAreWaterloo operates across part of the London Boroughs of Lambeth and Southwark to the south of Waterloo Station, acting as a collective voice for local businesses. The Company's legal status is that of a not-for-profit Company Limited by Guarantee, not having a share capital. The results for this year are disclosed in the attached Income and Expenditure account. WeAreWaterloo was supported by the following staff resource: - One full-time Chief Executive (covered for a portion of the year with interim arrangements due to maternity leave)- One full-time Operations and Services Manager- One full time Marketing and Communications Manager- One full time BID Support Officer Financial results Income for the 2021 financial year was £612,374 (2020 - £726,122) of which £514,303 (2020 - £700,715) represented BID levy income, the balance comprised grants, sponsorship and other income amounting to £98,071 (2020 - £25,407). Total Expenditure for the year was £647,174 (2020 - £650,472). Of this, £536,398 (2020 - £516,982) related to direct project expenditure and £110,776 (2020 - £133,490) administrative and overhead costs. The £34,426 loss at the end of the year was well within the budgeted deficit that the directors had set at the beginning of the year, when plans were made to draw further on the company's reserves by investing in projects that would continue to support members. However, many of these planned projects were not able to come to fruition due to the restrictions of the pandemic. Instead, these projects were either reimagined to fit within parameters of pandemic restrictions, or carried forward into the company's future works programme. Associated companies WeAreWaterloo has partnered with Lower Marsh Market Ltd (Company Reg.No. 08239606) ("LMM") and Build Studios Limited (Formerly trading as 'Waterloo Incubator Company Ltd 'Company Reg. No 10054109) ("BSL"), both companies being not for profit and limited by guarantee, each having their own board of directors, in part or in whole appointed by the WeAreWaterloo Board. Business review The year to April 2021 required shifts in implementation due to changes in external circumstances - such as social distancing and intermittent business closures - that were caused by the pandemic. This required the staff and board to look at new ways of working in order to continue accomplishing the overall goals of the organization. The BID also underwent a renewal vote between January - February 2021, during the country's third lockdown period. Through this, the BID received an overall 92% of votes cast in favour of continuing the BID - with an overall 43% turnout - representing 96% of the aggregate rateable value of properties within the BID. In advance of the renewal vote, the BID drew up a new 5-year plan to run from 2021-2026. The content of this plan was gathered via extensive BID member consultation. Activities of the BID are split up into three separate areas of focus: Celebrate & Promote, Connect & Represent and

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For the year ended 31 March 2021

We Are Waterloo Ltd

Directors' Report Continued

Enhance the Environment. Here is a summary of each area's activities: Celebrate & Promote: Marketing and Promotion Much of the marketing and promotional activities were reimagined between April 2020 - April 2021 due to the pandemic, however, the BID devised creative ways to continue marketing the area and businesses virtually, such as: - Informational COVID hub on website- Increasing newsletter frequency - Dedicated infographics for businesses on how to obtain grants- Interactive map showing open businesses during COVID lockdowns- Continuation of podcast series, Views from the 'loo- Bespoke promotional video series - Social media campaign to highlight community-minded businesses- Shop local campaign Enhance the Environment: Public Realm Keeping the neighbourhood looking safe and welcoming was of utmost importance during the pandemic. Most external services were able to continue during the pandemic while new ones were devised and launched in a contextual capacity: Services that continued:- Neighbourhood cleaning- Maintenance of neighbourhood plants- Subsidized waste and recycling- Christmas lights & tree- Tree lighting Newly launched services:- Boosted neighbourhood cleaning (up to 45 hours per week)- Purchase of electric vehicle with jet-washing & watering capabilities- Regular SIA security patrol (30 hours a week)- Community consultation for partial road closure on The Cut & neighbourhood beautification with large scale planters- Implementation of timed road closure on Lower Marsh- New pocket park, St. George's Garden & depaving planting along Kennington Road- Lobbying and support with pavement licenses & outdoor seating areas Connect and Represent: Member Services Member Services grew in importance during the pandemic, with the BID acting as a conduit between BID members and local/national government by continuing to represent business interests through the following forums: - Virtual B2B briefing series- Lobbying business needs in regular meetings with both Lambeth and Southwark councils- Consistent signposting to relevant and timely governmental information - Assisting business applications for COVID response programs - Distribution of Welcome Back(packs), containing health and safety COVID collateral such as social distancing floor vinyls and large hand sanitizer pumps

Directors

The directors who served the company throughout the year were as follows:

Miss Rachel Helen Beach

Ms Magdalena Chapman (appointed on 10/09/2020)

Mr Michael Johnson (Chair)

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For the year ended 31 March 2021

We Are Waterloo Ltd

Directors' Report Continued

Mr Glenn Timothy Kesby (appointed on 10/09/2020)

Mr Axel Udo Krueger

Mr Alastair Edward Lewis

Ms Felicity Maries (appointed on 10/09/2020)

Mr Nicholas James Rampley (Vice chair)

Mr Hugh Desmond Rosen

Mr Camilo Salazar (appointed on 10/09/2020)

Miss Elizabeth Sillett

Mr Charles Harold Noel Tyler (appointed on 10/09/2020)

Mr Simon Charles Timothy Atkins (Resigned on 10/09/2020)

Mr Steven Paul Chapman (Resigned on 10/09/2020)

Mrs Sarah Jane Edmiston (Resigned on 10/09/2020)

Mr John Langley (Resigned on 11/05/2020)

Mr Manoher Singh Matharu (Resigned on 10/03/2021)

Mr Michael Johnson (Chair)

Signed on behalf of the board of directors

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Date:

24 September 2021

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For the year ended 31 March 2021

We Are Waterloo Ltd

Independent Accountant's Report

As described on the Statement of Financial Position you are responsible for the preparation of the financial

statements for the year ended 31 March 2021 and you consider that the company is exempt from an audit under the

Companies Act 2006. In accordance with your instructions, we have compiled these unaudited financial statements in

order to assist you to fulfil your statutory responsibilities, from the accounting records and information and

explanations supplied to us.

Counterculture Partnership LLP

Unit 115

Ducie House

Ducie Street

Manchester

M1 2JW

Date:

06 September 2021

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For the year ended 31 March 2021

We Are Waterloo Ltd

Income Statement

2020

2021

Turnover

612,374

726,122

(516,982)

Cost of sales

(536,398)

209,140

Gross profit

75,976

Administrative expenses

(110,776)

(133,490)

Operating loss

(34,800)

75,650

Other interest receivable and similar income

374

(34,426)

75,650

Loss before taxation

(34,426)

Loss for the financial year

75,650

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Registered Number :

04381162

As at 31 March 2021

We Are Waterloo Ltd

Statement of Financial Position

2020

2021

Notes

Fixed assets

Property, plant and equipment

2,498

4,997

2,498

4,997

Current assets

Trade and other receivables

111,237

108,725

479,571

Cash and cash equivalents

377,904

486,629

590,808

Trade and other payables: amounts falling due within one

year

(270,108)

(197,856)

320,700

288,773

Net current assets

Total assets less current liabilities

291,271

325,697

291,271

Net assets

325,697

Capital and reserves

Retained earnings

291,271

325,697

291,271

325,697

Members' Funds

For the year ended 31 March 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of

each financial year and of its profit or loss for each financial year in accordance with the requirements of Section

394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial

statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Mr Michael Johnson (Chair)

These financial statements were approved and authorised for issue by the Board on 24 September 2021 and were signed by:

The notes form part of these financial statements

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For the year ended 31 March 2021

We Are Waterloo Ltd

Notes to the Financial Statements

Statutory Information

We Are Waterloo Ltd is a private limited company, limited by guarantee, domiciled in England and Wales, registration

number 04381162.

Registered address:

Build Studios

203 Westminster Bridge Road

London

SE1 7FR

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Income represents BID Levy payable by eligible businesses plus all ancillary grant, sponsorship and market management revenue generated by the company, excluding value added tax. The company recognises revenue when:The amount of revenue can be reliably measured;it is probable that future economic benefits will flow to the entity;and specific criteria have been met for each of the company's activities.

Property, plant and equipment

Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

33% Straight line

Computer Equipment

25% Reducing balance

Furniture and Fittings

Taxation

The company is exempt from Corporation Tax by virtue of its not-for-profit status, and by agreement with HM

Revenue & Customs. No charge for Corporation Tax is therefore reflected in the financial statements.

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For the year ended 31 March 2021

We Are Waterloo Ltd

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

Equipment

Furniture and

Fittings

Cost or

valuation

At 01 April 2020

9,754

7,496

2,258

At 31 March 2021

2,258

7,496

9,754

Provision for depreciation and impairment

At 01 April 2020

4,757

2,499

2,258

Charge for year

2,499

At 31 March 2021

7,256

4,998

2,258

At 31 March 2021

Net book value

2,498

At 31 March 2020

4,997

3. Trade and other receivables

2020

2021

Trade debtors

92,384

66,438

Other debtors

16,341

44,799

111,237

108,725

4. Trade and other payables: amounts falling due within one year

2020

2021

Trade creditors

49,829

41,447

Taxation and social security

1,838

8,768

Other creditors

146,189

219,893

197,856

270,108

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For the year ended 31 March 2021

We Are Waterloo Ltd

Notes to the Financial Statements Continued

5. Related party transactions

Build Studios Limited (BSL), a company limited by guarantee, under joint control by WeAreWaterloo (WAW) by virtue

of having common directors.

WAW licences its operating premises from BSL for which fees totalling £26,169 (2020 £27,791) were paid. WAW

has also provided working capital to BSL during the period and amounts due to WAW at the year end were £0 (2020

£9,373).

Lower Marsh Market Ltd (LMM), a company limited by guarantee, has an operating agreement with WAW and

common directors.

WAW charged management fees of £0 (2020 £15,000) to LMM during the period and amounts due to WAW at

the balance sheet date were £153 (2020 £4,525).

6. Average number of persons employed

During the year the average number of employees was 4 (2020 : 4)

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