Lakes Leisure Announces Year End Result

15 September 2011

Lakes Leisure has reported a 27% increase in participation numbers for the year ended 30 June 2011 recording 635,340 visits to its facilities in the 2010/2011 financial year.

An Operating Surplus of $74,456 was recorded for the 2010/2011 year representing funds available for future reinvestment in programmes, services or community assets. Accounting standards require that Total Comprehensive Income be reported for the year which was $1,229,565 including Net Other Income of $1,158,819. Net Other Income merely reflects the timing difference between receipt of QLDC capital grants for the investment of fixed assets and their significantly slower accounting depreciation.

Strong growth in all areas of the business has generated an increase in operating revenue of $655,783. A 25% improvement on the 2009/2010 financial year. This has resulted in a greater proportion of costs being funded by user charges with the relative reliance on QLDC operating grant reducing from 44% of total revenue in 2009/10 to 41% in 2010/11.

The balance sheet has strengthened considerably with shareholder equity increasing by $1,201,037 to $2,567,681. A major contributor to this strengthening is the $1,362,803 capital investment made by QLDC to community assets such as additional car parking, the stadium floor upgrade, indoor and outdoor lighting and changing facilities. These assets are reflected in the balance sheet of Lakes Leisure.

Alpine Health & Fitness is self funded through user charges and operates without the financial assistance of QLDC. Its success during the year which saw it reach 1250 members at year end, has allowed Lakes Leisure to reinvest in the development of programmes for the wider community that reach often overlooked community groups. Programmes such as The Leisurelys, Big Bods and classes run in conjunction with the Southland District Health Board are all funded by Alpine Health & Fitness membership revenue.

Aquatics also recorded a strong result with total participation in the 2010/2011 year for Alpine Aqualand reaching 154,606. A 14% increase in volume on the last financial year. Lakes Leisure CEO Fiona McKissock described the year as a resounding success across board.

“Lakes Leisure is certainly achieving goals and delivering on Council agreed objectives. Our statistics show we are not only getting the numbers, but reaching the wider community. We are achieving great results when it comes to contributing to the wellbeing of our community through both the encouragement of and provision for sport, culture and recreation in our district. And that is what is what we are primarily here to do.” Ms McKissock said.

A copy of the Lakes Leisure Annual Report can be downloaded here: http://www.lakesleisure.co.nz/downloads/Corporate/2010_11_Annual_Report_LR.pdf

ENDS

© Scoop Media