GLA Land & Property Ltd - revenue raising

Meeting: 
MQT on 2015-05-21
Session date: 
May 21, 2015
Reference: 
2015/1213
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

How much revenue was raised from GLA Land & Property Ltd's estate in 2014/15?

Answer

Answer for GLA Land & Property Ltd - revenue raising

Answer for GLA Land & Property Ltd - revenue raising

Answered By: 
The Mayor

The draft accounts of GLA Land & Property Ltd for the year ended 31 March 2015 reflect:

                                                                                                                            

Income raised from freehold and leasehold disposals              £83.3m

Rental and other income              £6.8m

Overage              £2.6m

Total              £92.7m

Financial reporting standards require GLA Land and Property Ltd to recognise a finance lease receivable at an amount equal to the net investment in the lease at inception of the lease.  Therefore, in instances where the payment of the lease premium is deferred for several years the amount receivable is discounted and accounted for as repayment of principal and finance income, the discounted income figure in the 2014/15 accounts is £83.3m (£91.5m before discounting) and the £8.2m discount will be unwound and reported as finance income (interest receivable) over the deferred payment period.

All figures are subject to audit and may change.