Printed Date: 02/10/2022

Our Finances

Business That Benefits Community

The results for the year 2020 (January 1st - December 31st) are set out within these consolidated financial statements.

As might have been expected and as experienced by the whole industry, GLL is declaring a sizeable P&L loss of £18.5m for 2020 and a negative cash flow from operating activities of circa £900k. Significant support from government and local authority partners as well as bank financing has enabled cash flow to remain strong.

Now that we have reopened, we are confident of a strong recovery although there is acceptance that it will take some time to replenish the depleted reserves.Total income was expected to exceed £315m. The pandemic and resulting closures have cost GLL £170m in trading income so turnover is down to £145m for the year.

Alongside claims of support from central government and local authorities, GLL mitigated the financial losses by suppressing costs wherever possible. The senior leaders in GLL are also voluntarily taking net pay cuts during these challenging times.

The National economy continues to be challenging and whilst maximising all the support available (CJRS, Government grants, Client support), 2021 is also expected to show a trading loss. GLL continues to work with our Local Authority partners to mitigate the trading gap in order to safeguard these vital public services for the long term. The award of circa £15m from the Government’s National Leisure Recovery Fund will go some way to assist in 2021.

We expect to return to surplus in 2022.

Full accounts are available from the mutual register held by the FCA. 

https://mutuals.fca.org.uk/Search/Society/5175