This is a report on the financial health of UK Athletics. We will also be planning one on USA Track & Field. Special thanks to Stuart Weir for his diligence.
Muller Anniversary Games, photo by British Athletics
UK Athletics Annual Report and Accounts
UK Athletics has published its accounts for the 2020-2021 financial year, ending 31 March 2021. The accounts effectively cover the period of the first 12 months of the COVID-19 Pandemic and the impact these events had on revenue and costs as a result is very evident.
The reported deficit for the year was £103k but that included unrealised foreign exchange losses of £148k (as a result of the sport holding US$ to cover costs including those associated with our international events and overseas training camps). Excluding those costs the actual outcome as a result of UKA core activity was a £45k surplus. The results are much better than for the previous two years.
It is stated in the covering documents: “A key factor in achieving this was a significant reduction in both income and costs when compared to the previous 12 months. Income fell by almost £9m whilst operating costs reduced by a little over £9m. For example, other than the British championships which was held behind closed doors in September 2020, no other major athletics events were held. Travel restrictions meant that costs that would have been incurred over the winter for overseas training and preparation camps could not happen and the need for staff to work from home meant that normal operating costs were not incurred”.
The Chief Finance Officer, Mark Draisey, commented: “This is a positive outcome for the sport…We remain focussed on maintaining our position through 2021-22 and beyond as we exit from Covid and as we begin the implementation of our new operational plan.”
UKA Interim CEO Mark Munro said: “This has been a really challenging time for the whole sport, and I’d like to thank everyone involved in athletics for their continued efforts and support during what was such a difficult period. Everyone from competition providers helping to deliver events where they were able to, to coaches continuing to support and guide their athletes, to everyone volunteering to do their bit to ensure the sport got up and running successfully again”.
In terms of income the accounts show that 2021 Sponsorship and Rights fees dropped from £7Million in 2020 to £3.5million in 2021 and TV broadcasting income from £2.88million in 2020 to just £1million in 2020. There were ticket sales of £1.37million in 2020 but no tickets sales in 2021. The accounts show that Nic Coward, Interim Chair of UKA was paid £33,667 and non-executive board members £12,920 each.
The UK Athletics Ltd Financial Statement for year ending March 31 2021 can be downloaded at:
https://www.uka.org.uk/news/news-and-features/uk-athletics-year-end-accounts-statement/
