Annual Review 2011/12 - Glasgow Life
Annual Review 2011/12 - Glasgow Life
Annual Review 2011/12 - Glasgow Life
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Financial Performance<br />
<strong>Glasgow</strong> <strong>Life</strong> <strong>Annual</strong> <strong>Review</strong> <strong>2011</strong>/<strong>12</strong> 41<br />
<strong>Glasgow</strong> <strong>Life</strong> <strong>2011</strong>/<strong>12</strong><br />
With a turnover of £117.2 million in <strong>2011</strong>/<strong>12</strong>, which includes the service fee of £78.1 million from<br />
<strong>Glasgow</strong> City Council, <strong>Glasgow</strong> <strong>Life</strong> has continued to grow and develop the services we offer to<br />
both the citizens of <strong>Glasgow</strong> and to our visitors.<br />
Income <strong>2011</strong>/<strong>12</strong><br />
£000’s<br />
Grants and Donations 10,829 9.2%<br />
Community Interest Company 5,971 5.1%<br />
Leisure and Cultural Activities 22,118 18.9%<br />
Interest Received 55 0.0%<br />
Service Fee - <strong>Glasgow</strong> City Council 78,148 66.7%<br />
Total 117,221<br />
Costs <strong>2011</strong>/<strong>12</strong><br />
£000’s<br />
Governance 622 0.5%<br />
Community Interest Company 4,311 3.7%<br />
Leisure and Cultural Activities 111,201 95.8%<br />
Total 116,134<br />
£000’s<br />
Surplus on Ordinary Activities 1,087<br />
Reserves brought forward 1,501<br />
Reserves 2,588<br />
In order to ensure the long term financial stability of <strong>Glasgow</strong> <strong>Life</strong> it is essential that reserves are<br />
maintained at a level where we can cope with any unexpected financial pressures. The Board of<br />
<strong>Glasgow</strong> <strong>Life</strong> in <strong>2011</strong>/<strong>12</strong> have agreed a target of between 1.5% and 2.5% of turnover. The closing<br />
reserves position is 2.2% of turnover.
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