Youth Olympic Games YOG, and four of them include bringing together the world's best young athletes, offering an introduction into Olympism, innovating in educating and debating Olympic values. The city of Singapore was announced as the host of the inaugural Summer Youth Olympics on 21 February 2008. On 12 December 2008 the IOC announced that Innsbruck, host of the 1964 and 1976 Winter Olympics, would be the host of the inaugural Winter Youth Olympics in 2012. The scale of the Youth Olympic Games is smaller than that of the Olympics, which is intentional and allows for smaller cities to host an Olympic event.
London Organising Committee of the Olympic and Paralympic Games not responsible for building permanent venues, reported spent £2.38 billion since winning the bid in 2005 and generated £2.41 billion. On 30 May 2013 it handed back to the government, Britain's Olympic committee and other beneficiaries a surplus of £30 million from the 2012 Games. The British Olympic Association received £5.3 million, the British Paralympic Association £2.6 million, and £20 million was returned to the Department for Culture, Media and Sport. On 6 July 2005 the International Olympic Committee (IOC) chose London as the host city for the 2012 Olympic Games. After the success of the London bid, LOCOG was