UK Athletics financial  deficit smaller than expected

UK Athletics financial deficit smaller than expected

UKA chair Ian Beattie briefed athletics writers this week before publishing their annual accounts for the year ending March 2024. Having projected a loss of £1.6 million (about $2 million) a year ago, the actual loss in the current accounts. It is £1.4 million ($1.8 million). Beattie stressed, as he had done last year, that with losses, the business was in a “strong cash position.”

He said, “Last year, the sport will recall that when UKA published our accounts, we publicized a significant loss to UKA. We also highlighted a strong cash position, giving us time to turn the organization around. With this year’s account now available online, I am providing an update on our progress and a few more details on our journey to financial recovery.

“In December 2023, while highlighting our loss position, we provided some ongoing projections on where our financial path would lead us in the coming financial years. This was important in demonstrating our commitment to the plan, which led us to a recovery position. At the time, we projected for 2023-24 a loss of £1.6m; for 2024-25, a loss of £400k; and around a break-even position in 2025-26.

“As it is, we find ourselves recovering ahead of the projected curve. While clearly there is still much work to do, our anticipated -£1.6m is, in fact -£1.2m. Our -£400k is now expected to be – £250k, and we are still forecasting a breakeven position for 2025-26. This has taken an immense amount of hard work from all involved in the organization, and we continue to work in a way that will safeguard our financial future and that of the sport.

“While many of the measures we took last financial year to reduce outgoings are starting to reap rewards, it won’t be until the next set of results that we shall see the benefit of our groundbreaking partnership with London Marathon Events and Great Run Company – Athletic Ventures – as working with these hugely experienced event partners on our world-renowned Diamond League fixture as well as the staging of Birmingham 2026 European Championships will have a significant impact on our future figures.

“We did, however, highlight several variables in our financial outlook last year, which we remain aware of and continue to monitor closely. These remain relevant and are something all sports face to some degree now. One such variable is our legal costs relating to disciplinary cases. UKA, as with many non-governmental bodies acros…