ANNUAL REPORTAND ACCOUNTSCONTENTS

CONTENTSCONTENTS
1.

President’s Report42.

Operations Report

12

2021 Revenue, Expenditure, Development at a glance

30

Athletics Olympic Dividend (AOD) grant case studies

38

Appendices46

Appendix A: Financial and Audit Reports

48

Appendix B: 2021 Audited Financial Statements

54

Appendix C: 2021 Remuneration Policy

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1. PRESIDENT’S REPORT

1. PRESIDENT’S REPORT

1. PRESIDENT’SREPORT
We have just staged our first outdoor World

Looking back over 2021 we were delighted

I am particularly proud of the last. In 2020

Athletics Championships since 2019 in whatwith the return of competition, albeit with

we launched the World Athletics Continental

will go down as the most universal edition in

restrictions on spectators in some cases, but

Tour to create a coherent global tour of thethe history of the global event. The record forthe challenges presented by Covid-19 added

best international one-day meetings outside

the number of countries winning gold medals

layers upon layers of complexity.

the Wanda Diamond League, reaching acrossat one championships has been broken, withevery continental area. We were only able to29 countries taking turns on the top step ofThere is a wise quote from British author, Vivien

host 28 meetings in 2020 so being able tothe podium.

Greene, wife of distinguished novelist Graham

increase this to 69 in 2021 was impressive

Greene, that sums up 2021 for me:

and my thanks go to the diligence and hard

At the second World Athletics U20

work of all the meeting organisers who created“Life isn’t about waiting for the storm topass, it’s about learning how to dance inthe rain”

Championships in two years, this year held
in Cali, Colombia, over 1300 athletes from126 countries took part, pushing the World
Athletics U20 championships past the 20,000

these opportunities for our athletes. The 2021
Continental Tour Gold series combined someof the sport’s most venerable meetings withnewer competitions that are already beginningmilestone in terms of the number of athletes

And across the sport we did just that. We learned

to establish impressive traditions of their own

who have competed at these championships

a lot about ourselves and our sport in 2020,

in different regions of the world.

since their first edition in 1986.

particularly about how to adapt, be flexible,
resilient, brave and creative.

A huge amount of work has gone into

Obviously, the central focus of our competition
was the Tokyo 2020 Olympic Games. No

preparing both these events and the athletes

And we put this to good use in 2021, ending

past Olympic Games has presented a greater

under what are still difficult and unpredictable

the year strongly despite the tough conditions.

challenge to all of us, particularly of course

circumstances around Covid-19.

Almost 11,000 athletes were able to compete in

our athletes. Again, the flexibility, resilience

over 100 elite competitions including three Worldand bravery of our Member Federations andAthletics Series events, the Tokyo 2020 Olympic

athletes saw us through.

Games, 12 Wanda Diamond League events and69 World Athletics Continental Tour meetings.

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1. PRESIDENT’S REPORT

1. PRESIDENT’S REPORT

We were determined to keep our sport front and centre and do everything we could to maintain

We were also fully focused on delivering our

Double the number of people taking

domestic and international events which gave the athletes the platform for the many outstanding

World Athletics Strategy for Growth and its

coaching and officiating courses

performances we witnessed in Tokyo.

four pillars by delivering five actions across theThis focused on recruiting more volunteers,

year. These were:coaches and technical officials. We have an

The athletes rose to the occasion after many months of disruption and frustration, and did so again

unprecedented five years ahead of us and aat the World Athletics U20 Championships in Nairobi. It was a collective contribution that saw

Increase participation at either grassroots

focus at HQ is to enhance and expand ourathletics excel and crucially entrenched us as the number one Olympic sport.

or elite level or botheLearning platform to provide a faster, more

Many of our Member Federations focused on

flexible, more accessible, and less costly way toThis is not just anecdotal, the IOC commissioned Publicis Sport & Entertainment (PSE), an

placings and medals with the World Athletics

increase the numbers of qualified coaches andindependent agency to collect and consolidate the sport and event data from all continents.

Relays in Silesia, the World Athletics U20

technical officials coming into our sport. And

And this research showed:

Championships in Nairobi, the return of thethis focus will pay off over the next few years

one-day meetings and the Tokyo Olympic

with increased numbers actively participating

Games. This is crucial for some because a goodin our courses and programmes. With more

medal haul equates to greater government

coaches and technical officials, we will havefunding. But a large proportion of Member

more people who are able to work with clubs,

Federations do not have these metrics andschools and recreational runners and build more

we understand that. We are not a one size fits

grassroots participation.

NO.1

Athletics recorded the highest number ofbroadcast viewing hours of any sport at
the Tokyo Olympic GamesMILLION

OLYMPIC SPORT

all sport. Increasing participation in our sport

The largest
numberof mediaarticles were
written about
athletics

MILLION

Athletics also saw the highest number of shared
articles across social media, leading to over 62m
conversations on social media around athletics.

The highest number of video
views across the IOC and Tokyo
Olympic Games websites and app(over half a million).

at a community level is equally important

Creating World Athletics campaigns

and we saw that with a renewed focus onwhich Member Federations can use toclubs, schools and recreational running

drive engagement

communities. We also saw the number of ourFour high-profile campaigns were

one-day meetings increase, particularly undercreated in 2021, which a large number of

the Continental Tour framework, which wasFederations supported and benefitted from.

encouraging and the successful launch and rollInternational Women’s Day saw the launch ofout of our new Kids’ Athletics programme later#WeGrowAthletics and a number of pledges

in the year gave many Federations the tools tofrom across our stakeholders.

reengage with communities and governments.

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1. PRESIDENT’S REPORT

1. PRESIDENT’S REPORTThe results were exceptional, with over 200

about how to engage children in a fun way inWith 214 Member Federations we need to use

We can’t have them locked away in training

articles. This was followed by the Global

athletics. Our goal is to make our sport a lot more

our individual and combined influence, reachcamps only coming out to compete or deliver on

Conversation campaign to support thefun for young people and we have seen thisand impact. Sport, and our sport in particular,a sponsor’s commitments.

development of the World Plan for Athletics,

happen with our new Kids’ Athletics programme

has never been so relevant. We see this allwith many Federations making use of theand other initiatives that were carried out in 2021.

around us, wherever you are in the world. We

communications toolkit to make sure their“We must encourage our athletes to be
more accessible to our communities andto the media. We need to work with ourathletes, their sponsors and their training
programmes to reach deeper into ourschools and communities. It is a win/win/
win for everyone.”see athletes inspiring communities and we see

athletes, fans, clubs and other stakeholders were

Profile national athletes at home

the helplessness of many of our governments

aware of the survey. It resulted in over 25,000

whether medal winners or eliteto effectively deal with the health, fitness andresponses from 178 countries providing valuablehigh-performance athletes

wellbeing of their citizens even if it is a priority.

direction for the development of the World Plan.

While many Federations create school tours

It has never been so stark. We need to look

The launch of our virtual museum – MOWA – atwith returning medallists from World Athletics

beyond the pandemic. Review how people are

the beginning of the year and the launch of theChampionships and Olympic Games as a matterable to access our sport in our countries andnew Kids’ Athletics programme in Novemberof course we see strong connections with elite

territories. Make our sport more accessible, makeI am proud of how we ended 2021 and knowing

created opportunities for Member Federations toathletes and schools in the Caribbean, in Africa

it more inclusive so it fits into the lives of young

what we have accomplished at the half-way markreach out to their communities.

and parts of Europe and want to see this growpeople and adults when their lives get back toof 2022 I have never felt more confident about

as the connection is a powerful one. We area more recognisable rhythm and we need toour sport and our ability to grow it substantially

Secure meaningful partnerships at Area andenormously proud of the fact we are a global

make it fun, engaging and essential. We needover the next few years. These are exciting times

National levels

sport so we need to ensure we continue to growto create new partnerships (non-commercial

and our ambitions are high.

We cannot deliver the growth we want to see

together in every region and every Member

and commercial), we need to create more

without strong and resilient partners – not justFederation. The development of our World Plan

programmes that are accessible and relevant to

My heartfelt thanks go to our athletes, ourcommercial, although they are important, but

for Athletics, under the guidance of Willie Banks,

the communities in our countries, we need more

Member Federations, Area Associations, our HQ,

non-commercial partnerships with governments,

as Chair of the World Plan Working Group, will

facilities – not just stadiums and tracks, but safe

our Council, Executive Board and all those who

health and wellbeing organisations, community

help us do this and I am grateful for the work heplaces where people can run, jump, throw andcontinue to inspire us across the world to ensure

bodies, parent/ teacher groups, universities andand his team, with all of our Federations, put

exercise – designated spaces in parks, better

athletics remains the number 1 Olympic sport.

many others. Sport is the hidden social worker in

into this.

lighting, running groups so people can exercise

all our communities. Not everyone needs money

together, support for our clubs by encouraging

from us, they need people who understand ourOur virtual Congress and Convention held at themore people to coach and officiate. And we needsport, who can help organise events, large andend of 2021 explored the World Plan in someto use our athletes more to encourage people tosmall, to assist in community events and advise

detail and this will help all areas of our sport growparticipate in our sport and become fansschools in their many different shapes and sizes

in meaningful ways.

of athletics.

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OPERATIONS REPORTOPERATIONS REPORT

2. OPERATIONS REPORTA CONTINUED FOCUS ON MANAGING EXPENDITURE AND PRESERVING CASH
DELIVERED STRONG RESULTS FOR THE YEAR AS COMPETITION AND EVENTSRETURNED UNDER DIFFICULT GLOBAL CONDITIONSRevenue increased

Cash increased

with inclusion of 4-year
Olympic dividend

Expenditure increased
Olympic Sportfrom IOC independent research at
Tokyo 2020 Olympic Gamesdue to increased events

Our efforts to protect our cashflow during

This was offset by US$0.5m of Russian Athletics

2020 continued during 2021 helping to deliver

Federation (RusAF) reimbursements andstrong financial results. Our revenue for the

US$0.7m of income from the Label Road Raceyear ending 31 December 2021, without the

programme resulting in a net spend of US$7.6m.

Olympic dividend, remained stable at US$43.3m.
This included our committed revenues throughAdministration costs, which were supported by

our Dentsu and EBU partnerships which remain

a generous furlough scheme in 2020, remained

secure. With the inclusion of the Olympic

level at US$6.8m due to the continued efforts ofdividend (US$39.4m) revenues for the year rose

World Athletics’ HQ to forensically bear down on

87% to US$83m.

costs following a detailed review in 2019.

Expenditure increased by 26% to US$52.6m

A large focus over the last two years has been towith the hosting of more events. Almost halfpreserve cash to give the sport greater control(45%) of expenditure focused on competitionand security over its own future. Aided by strong

and events (US$23.5m).

controls on expenditure, including non-event
related travel which went down from US$550k

Grant funding increased by 13% on the previous

to US$485k, cash for the year ending 31

year as more events and activities, particularly

December 2021 increased by 34% to US$54m.

OVER

in the areas of education and development,
were able to take place but remains below preCovid-19 levels due to continued disruption in aathletes took part inContinental Tour Events

athletes took part in 108 events

number of Areas, regions and countries.
The Athletics Integrity Unit (AIU) received
increased levels of funding (US$8.8m gross) on
the previous year in line with increased levels ofactivity at championship events and label races.

participated in 84 road label races

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OPERATIONS REPORTOPERATIONS REPORTSTRATEGIC GROWTH PLAN FOUR PILLARS
Following the implementation of World Athletics’ four-year Strategy for Growth in 2020, significant
progress has been made across all four pillars – participation, people, partnerships and fans.
The full Strategic Plan is available on the website here.

VISION AND MISSION

TO USE THE POWER
AND ACCESSIBILITYOF ATHLETICS AND
OUR ATHLETES TO
CREATE A HEALTHIERAND FITTER WORLDGROWINSPIRELEAD

Grow the sport ofathletics and make it
relevant in people’s lives
and in the lives of
their communities.

Create globally
appealing and accessible
competitions, events, andactivities so our talented
athletes can entertain
and inspire the world.

Be the best example ofa well governed sports
federation taking braveleadership decisions andvaluing partnerships thatdeliver athletics aroundthe world.

PARTICIPATION

The impact of the pandemic on the 2021 road race

Development and staging of moreseason remained significant, but thanks to the hard

one-day competitions have helped

work of road race organisers, 84 road races wereincrease participation

held in 50 countries, across all six areas this year.

The Continental Tour was launched in 2020 withThis was substantially up on the 48 road races held

an investment of US$362k from World Athletics.

in the previous year, which were mostly elite events.

Seven Gold meetings took place in what was a very

Current projections show that events in 2022 will

difficult year for events. But in 2021, with a 71%

be more than double those of 2021 thanks to theincrease in investment to US$621k, the Continental

close partnership with the Abbott World Marathon

Tour Gold series was increased to comprise 12

Majors and the Pro Running Board which was

events, including three new events in the USA. A

established in 2020.

total of 69 events were held in total across all threetiers of the Continental Tour in 2021 (28 meetings

Despite the continued difficulties with Covid-19,

held in 2020) with over 5000 athletes competing.

two World Athletics Series events were staged

Two world records were set along with 12 area and(World Athletics U20 Championships, Nairobi

100 national records.

(KEN) and World Athletics Relays, Silesia (POL)) in
addition to the Tokyo 2020 Olympic Games. New

The Wanda Diamond League successfully held

World Athletics Tours in cross country (12 events),

12 events, culminating in the first two-day Final in

combined events (six events) and race walking (twoZürich, which showcased all 32 Diamond Disciplines,

events) were launched in 2021. The athletes’ prize

following a championship style model. Almost 900

money for the World Athletics Championships

athletes competed in the Wanda Diamond League

has been increased by US$1 million. For the 2022

series in 2021 which saw one world record broken,

and 2023 editions this will be covered by World

13 area records and 53 national records set.

Athletics through investing the sanction fee fromthe RusAF suspension and reinstatement process.

The World Athletics Indoor Tour was made up of 24
meetings spread across Europe and North America
with over 1300 athletes competing. Three world
records, 11 area records and 66 national records
were set at the meetings.

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OPERATIONS REPORTOPERATIONS REPORT

Future World Athletics Championships organisers

certification programmes being created as wellstarting in 2025 will be responsible for the US$8

as education modules to support the new Kids’

PARTNERSHIPS

million prize money required.

Athletics programme including safeguarding

Growing partnerships in these uncertain

measures and practitioner training. New

times has resulted in additional sponsorship

A worldwide survey into our sport (the Global

administrative courses and course material

sub-agents and a focus on non-commercial

Conversation) was launched during the year,

have been created to support newly elected or

partners to promote health and fitness

receiving over 25,000 responses from people

appointed Federation staff and board members

Notwithstanding the ongoing economic

connected with our sport in 178 countries

resulting in a more consistent approach touncertainty presented by the pandemic and thearound the world. These responses, together withgovernance across the globe. Material for

postponement of some of our World Athletics

detailed feedback from our Member Federations,athletes has also been created in collaboration

Series events scheduled for 2022 and 2023, thecontributed to the development of the World Plan

with the IOC and its Athlete365 modules.

year saw an increase in initial meetings/discussions
with potential new partners and brands who want

for Athletics 2022-2030 that was approved by
A new webinar section has also been created on

to engage and discuss sponsorship opportunities.

the eLearning platform where a library of past

This has been aided by the appointment of four

PEOPLE

webinars has been set up enabling easier accessnew sponsorship sub-agents working with Dentsu

Investment in eLearning materials andto past materials.

in different regions around the world.

driving more people in to the sport

The foundations that have been put in

We have continued to work collaboratively with

Building on the steps taken in 2020, World

place during 2021, together with continued

our current partners joining forces on campaigns

Athletics continued to improve its connectivity

investment into eLearning materials, will help tosuch as International Women’s Day, mental healthwith Member Federations (MF) through monthly

grow and strengthen the ‘more people’ pillar ofawareness and the role of exercise and fitness in(17 in total) virtual MF Info sessions covering

the Strategy for Growth.

community health, campaigning also for the return

Congress on 17/18 November 2021.

virtual information and education sessions

topics as wide ranging as competition updates,of parkrun in the UK.

anti-doping rules and Covid-19 management tocommunications and campaigns, sustainability

As the state of global health and the planetand gender leadership.

continues to be debated and monitored welaunched our new Kids’ Athletics programme asContinued investment into the World Athletics

a way for Member Federations to work alongside

eLearning platforms and content resulted

Governments, health authorities and schools

in additional coaching and technical official

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OPERATIONS REPORTOPERATIONS REPORT

participate in sport in fun and engaging ways.

FANS

Additional focus is also being placed on

Engaging fans has required a more creative

non-commercial partnerships withand digital focus with many events unable

Governments at all levels, non-government

to have spectators or limiting spectators.

organisations (NGOs) and sustainability

This has been a successful strategy withorganisations such as United Nations’ Sportlarge uplifts across social media channels

for Climate Action framework which World

2021 was a mixed year in this area with limited

Athletics signed up to in 2021.

live events or opportunities to engage fansthrough traditional broadcast. However, greatWith the return of events, World Athletics also

strides have been made across all social media

signed an extended and enhanced media rights

platforms culminating in a 73% increase inpartnership for all top-tier World Athletics

followers with TikTok contributing one million

Series events with the European Broadcasting

new followers, making World Athletics theUnion which will run from 2024 to 2029 withnumber one followed Tik Tok account in sport.

29 EBU members already confirmed. As wellWorld Athletics social media fanbase rose to

as live broadcast on free-to-air TV of the

7.1 million across the year and the website

World Athletics Championships and World

recorded 13 million users. Media coverage

Athletics Indoor Championships, the newgenerated during the year had a reach ofpartnership will unveil exciting digital content

6.4 billion people with a strong proactive

and a joint commitment to create a compelling

communications plan leading into the Tokyo

documentary series about athletics.

2020 Olympic Games. The result of this wasthat more media articles were written about
athletics (10k) than any other sport and over
700 million articles were shared across social
media, again higher than any other sport.

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OPERATIONS REPORTOPERATIONS REPORTWork progressed on developing tactical plansdevelopment of the WebCIS and athlete

HEALTH AND WELLBEING OF OUR

The work of the Safeguarding Working Groupto drive the fan engagement strategy that will

tracking data is delivering more analytical data

ATHLETES, OUR SPORT AND OUR

in creating safeguarding frameworks that areunderpin our quest for one million ‘known’ fansand graphics to broadcasters and on social

PLANET CONTINUE TO DRIVE OUR

able to be implemented in all countries andbringing together the work and initiatives of ourmedia. Many of the initiatives developed in

NON-EVENT RELATED ACTIVITIES

regions of the world is fundamental to thecommunications, marketing, broadcast and2021 were rolled out at the World Athletics

AND SIGNIFICANT PROGRESS HAS

ongoing success of athletics in the future.

IT teams.

Championship Oregon22 with others to follow

BEEN MADE THROUGHOUT THE

World Athletics and its members believe thatin 2023 for the World Athletics Championships

YEAR WITH KEY POLICIES AND

a consistent, robust and well communicated

A single sign on (SSO) for the website aims toin Budapest and the Paris 2024

PLANS SIGNED OFF BY COUNCIL

policy which is adoptable by all Member

enable fans to engage more and receive a better,

Olympic Games.

AND IMPLEMENTED

Federations and, in turn, their members will

tailored experience of athletics and access toensure that everyone involved in the sport
The World Athletics Continental Tour was

Safeguarding Working Groupfeels safe, valued and protected. Enabling

successfully completed in 2021 with record

In March 2021 the Council agreed onathletes to report, speak out and challenge

A significant amount of work has gonebroadcast coverage and audience data.

the establishment and membership of apoor practice and inappropriate behaviour by

into creating a world-class content hub forWorld Athletics is also maximising opportunities

Safeguarding Working Group to assist HQ

raising awareness is essential, as is ensuring

broadcasters and other media to directly

to improve and accelerate the World Athletics

with the further development of its sport

they are listened to by those who are able

access live and on-demand content and further

digital rights.

wide Safeguarding Policy. The working groupto respond correctly to their concerns. The

was set up in June 2021, for a maximum one-

Working Group has developed toolkits andyear term and as its first order of businesseducation material for all Member Federations,

undertook a review of the World Athletics

athletes and others involved in athletics as well

Safeguarding Policy initially considered by theas an education module for the Kids’

Council in March 2021. A final version was

Athletics programme.

premium content, which is being developed.

produced and approved by the Council at its
meeting in Tokyo in July 2021. It has now been
published on the World Athletics website andcan be found here. The Policy will be reviewed
annually to ensure it stays up to date and fit
for purpose.

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OPERATIONS REPORTOPERATIONS REPORT

In support of one of the pledges for

Human Rights Working GroupInternational Women’s Day, World Athletics

The Human Rights Working Group (HRWG)

commissioned a study to identify the level

was appointed by Council on 30 July 2020 forof abuse athletes are subjected to online.

the period through to 31 March 2021 with the

The study was carried out during the Tokyo

purpose of developing a framework for World

Olympic Games with 163 athletes and revealed

Athletics to use for making decisions to minimise

disturbing levels of abuse of athletes, including

the risk of harm to people affected by its

sexist, racist, transphobic and homophobic

operations and activities, and provide a remedy

posts, and unfounded doping accusations.

or grievance mechanism, if harm occurs.

It also unequivocally highlighted the greaterlevels of abuse female athletes receive in

A preliminary report was presented to thecomparison to their male counterparts.

Council in April 2021 and discussed during a• 132 targeted discriminatory posts from 119

dedicated Council Information Session. Thisauthors, with 23 of the 161 tracked athletes

initial report set out the human rights risks

receiving targeted abuse.

that the HRWG found in its risk assessment;
any gaps identified that needed addressing in• Out of the 23 athletes who received abuse,
16 were women with 115 of the 132

World Athletics’ current operations, policies andidentified abusive posts directed atrules; a proposed human rights framework; andfemale athletes.

recommendations by the HRWG for further steps• Female athletes received 87% of all abuse.

that World Athletics should take to improve its• 63% of identified abuse was directed at justmanagement of human rights. The HRWG final

two athletes – both black and female – while

report was submitted to Council for approval at

the two most common categories of abuse

its July 2021 meeting. It concluded in its reportwere of a sexist (29%) and/or racist (26%)

that for World Athletics to achieve its visionnature, accounting for 55% of all

to “create a healthier and fitter world” using

identified abuse.

the power and accessibility of athletics and its

The study will be extended to cover the World

athletes, it had the opportunity to strengthen andAthletics Championships Oregon22.

build on the significant work it has done to dateby putting in place systems and processes that
focus on preventing harm to people.

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OPERATIONS REPORTOPERATIONS REPORTThe HRWG report noted that World Athletics

The HRWG report, including its findings and

The final document was approved by Council

A STRONG YEAR IN UNCERTAIN TIMES

had recognised the importance of humanrecommendations, was approved by Congresson 5 September 2021 to be recommended

In a year that remained uncertain andrights since 1962, when the World Athletics

on 17 November 2021. The report can be

to Congress for approval in November 2021

unpredictable we were able to deliver hundreds

Constitution first enshrined its intolerance fordownloaded from the website following this link.

and its designed version was circulated toof events across the globe providing athletes

Member Federations as part of the Congresswith a much-needed competition structure ahead

discrimination in athletics. It also recognised that
World Athletics has long been a leader in global

World Plan Working Group

documentation on 16 September 2021. Theof the Tokyo 2020 Olympic Games. We weresport in terms of gender equality for athletes, in

The World Plan Working Group was established

Convention on 16 November was focused on thealso able to focus on our core pillars for growthboth participation and prize money. In 2016, it

in 2020 to develop the World Plan for Athletics.

World Plan to provide the opportunity to outline

and focus the sport on fundamentally important

added two athlete representatives to the ruling

The World Plan is a key document for all withinand discuss the plan and its implications withareas to protect our athletes, the planet and growCouncil and introduced gender quotas in its

the sport, providing a roadmap for the growth

Member Federations in more detail. The World

our sport Federation by Federation through toConstitution to ensure equal representationand development of athletics for the periodPlan was unanimously approved by the Congress

2030. All of this was delivered with a keen eye toon the Council by 2027. World Athletics has

2022-2030. It sets out the vision and goals

on 17-18 November 2021 and will require annual

managing our financial resources and preserving

undertaken additional steps relevant to humanfor the sport globally, and the steps that World

reporting against progress to Congress. The

our cash position. With the ongoing exceptionalrights. In particular, it developed a safeguarding

Athletics, Area Associations and Member

final full document along with a summary can be

performances of our athletes at our 2022 World

policy to commit to its responsibility for creating

Federations will undertake to achieve the goals.

found in English, French and Spanish on the World

Athletics Championships, Commonwealth Games

Athletics website.

and Area Championships, we are confident thata safe and positive environment for all involved
within athletics, together with a range of specific

The World Plan is the outcome of one of the

our strategy is strong and we have the financial

initiatives and actions to be undertaken by it, its

most sizeable consultation work and thoroughresources to meet our ambitions.

Member Federations and the Area Associations;reviews of athletics ever undertaken. Two surveys

it amended its bidding process for potential

gathered the views of a wide variety of key

candidate cities and hosts; and adopted astakeholders, both those directly involved in the

Sustainability Strategy 2020-2030 in whichsport (MFs, professional athletes and coaches,

two of the six focus areas are global equality

technical officials) and those who compete or

and diversity, accessibility and wellbeing. World

watch recreationally (amateur athletes and fans).

Athletics will continue to support all stakeholders

Key findings from the surveys under the headings

to respect and promote human rights across theof perception, participation, people, fans, anddecisions it makes about the sport andpartnerships are summarised in the World Plan

its operations.

document under ‘key messages from theathletics family’.

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OPERATIONS REPORTOPERATIONS REPORTWORLD PLAN
2022-2030
A plan for the whole sport - from playgrounds
and parks to Olympic podiums.

MORE PARTICIPATION• Development pathways- from school to the world stage• Facilities and equipment• Promotion and campaigning• Athletics for All• Masters athletics

A ROLE FOR EVERYONE
There is a place for everyone in our sport – young and old, female and male,elite and recreational. We will grow the sport by working together.

CLEAR GOALS, OBJECTIVES & ACTIONS

MORE PEOPLE

Four strategic goals | 19 objectives | 67 actions• Supply of support staff• Development opportunities• Safeguarding• Gender equity

ONE SIZE DOES NOT FIT ALL
Area and Member Federations have flexibility to prioritise
actions based on their own needs and available resources.

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6

25,000178

MemberFederationsindividuals

MORE FANS• Visibility of the sport• Informed by data and insights• Reputation• Innovation and technology• Entertain and engage via digital

Area
Associations

MORE PARTNERSHIPS

countries• Benefits of partneringwith athletics• MF and Area support andsustainability• Host cities• Broadcast partners• Data and insights for partnerships

All were crucial to the developmentof this plan. No other International
Federation has conducted
such an extensive
consultation process.
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OPERATIONS REPORTOPERATIONS REPORT

2021 REVENUE, EXPENDITURE,
DEVELOPMENT AT A GLANCE
Expenditure:

Overall distribution of 2021

Overall distribution of 2021

US $52.6m

Member Federation grantArea Competition grant

13%

18%

Administration ofFederation

39%

Competition & Events

45%

25%

34%

Organisation of National“One Day” Meets

Championships

Area Championships

Participation in

Grants & Development

Regional/Continental

Legal & ComplianceChampionships

43%

Administration

Regional Championships

57%
9%

17%

Revenue:

Overall distribution of 2020-2021

Overall distribution of 2021 grants

US $82.8m

AOD grant

to Areas and Member Federations
3% 5%

8%
24%

28%

32%

Education

44%

rights & Value in Kind
4 year Olympic dividend

48%

Other income

Education

Development of

9%Athlete Development

Competitions Structures

Equipment

Youth and Grassroots

13%

26%

MF Administration
Competitions

11%

Equipment

Broadcast, Commercial

Area Administration

7%

Athletes Support

Programmes

34%

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8%

Youth & Grassroots
Programmes

OPERATIONS REPORTOPERATIONS REPORTATHLETICS FOR A BETTER WORLD - 2021
LEADERSHIP, CREDIBILITY & PARTNERSHIPS

ATHLETES• Increased visibility in sustainability arena through participation in• Building a working group of Athlete Sustainability Ambassadors toconferences and panels including COP26

engage athletes around WAS event and one-day meetings.

• Signed UN Sport for Climate Action Framework. Athletics Kenya• Athlete video produced for COP26 was viewed more than 100,000

became the first MF to join us and Belgrade 22 the first LOC

times across our platforms, screened widely during the conference• Released sustainability elearning modules

and featured on the BBC• Surveyed our athletes on their attitudes about climate change andsustainability in the lead-in to COP26, the only sport to do so

COMPETITIONS & OUTREACH• Developed a Sustainable Event Management System that will bepiloted in 2022 as part of our sustainability certification/event

CORPORATE/HQ

standard that we hope to launch in 2023.

• Continuing to embed our sustainability strategy across our entire• More than 100 meetings participated in introductory workshops

organisation to involve and include every staff member fromevery department

in December• Continued to expand the website’s Better World section into what
will become a leading sport and sustainability info hub• Updated waste management system• Developing travel policy• Developing ISO 20121 certification

HEALTH & SCIENCE• Working more closely with our Health & Science team to develop

ATHLETE REFUGEE TEAM

a stronger and more proactive communications plan to better• Streamlined the programme’s organisation and operation

highlight its work around air quality and athlete safety• Athletes participated at the Olypmic Games and for the first time at• 4 papers on AQ research to be released in 2022

European Athletics events: the European Indoor Championships,• Supported Run Smarter City Challenge pilot

the 10,000m Cup and the European Cross Country Championships

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OPERATIONS REPORTOPERATIONS REPORT

2021 EVENTS

OlympicGames

athletes

World Indoor
Tour Events

World Athletics
Series events

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OPERATIONS REPORTOPERATIONS REPORT

Continental
Tour Events

Wanda Diamond
League Events

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OPERATIONS REPORTATHLETICS
OLYMPIC DIVIDEND(AOD) GRANT
CASE STUDIESOPERATIONS REPORT• 26 personal bests

The AOD funds contributed to the organisation

With the AOD funds, the Federation organised• five national recordsof nine Kids’ Athletics activators courses which

new competitions called “Festivales de Atletismo”• eight qualifying marks for the African Senior

led to the training of more than 400 activators

every weekend, each time focusing on a different

Championships (which unfortunately were(30% female), mostly teachers from primary anddiscipline (throws and jumps, sprint and hurdles,

cancelled in 2021)

secondary schools. These activators are now

middle distance and steeplechase). These events

able to deliver the Kids’ Athletics programme to

had the impact of bringing back some athletes• second place in the medals table at the

The following case studies provide examples ofWestern African Junior and Senior Athletics

children across the country supporting the link

who had stopped training and competition

successful 2020-2021 AOD projects.

Championships based on winning a total

between schools and clubs and providing abecause of the Covid-19 pandemic and addedof 28 medals (15 gold, six silver and sevenhigh-quality initial experience in athletics. In

50 new registered athletes.

bronze) – the highest ever medal tally

addition, following the Kids’ Athletics delivery in

Fédération Burkinabé d’Athlétisme:
Preparation and participation of the national
elite athletes in competitions (athletes’ support)
The purpose of the project was to provide• two athletes qualified for the World Athletics

schools a two-day competition was organised for

The project also supported the identification of

U20 Championships in Nairobi (Nemata

athletes aged 14 and 15, selected through thetalented athletes and the build up of the teams

Nikiema in the women’s 100m and Madinaschools and clubs, where 88 athletes participated

for the South American Games and the South

Toure in the women’s 100m hurdles).

with equal representation of both sexes.

American Youth Games (U18) in 2022.

an enhanced preparation programme for
elite athletes to improve their performances

Malaysia Athletic Federation:Federación Paraguaya de Atletismo:in national, regional, continental andYouth and grassroots development (education;

Youth and children school athletics

international competitions. Training camps

youth and grassroots programmes)

championships (development of competition
structure; youth and grassroots programmes)

were organised and opportunities provided
for athletes to participate in national and

The overall project aim was to create aregional competitions in order to reach thestrong structure for grassroots and youth

The aim of the AOD project was to develop aqualifying standards for the African Senior

development through the delivery of education

schools’ athletics competition structure to offer

Championships and the World Athletics

courses for Kids’ Athletics activators toopportunities for children to compete throughDue to Covid-19, the Federation was unable

U20 Championships.

improve the quality of Kids’ Athletics coaching

the school structure and provide a pathway

to organise schools’ athletics championships as

and delivery, and to also organise a grassroots

to join clubs and continue their progression inscheduled but instead “Track and Field Discovery

The AOD grant enabled the Federation tocompetition bringing together teenagers fromathletics and increase the number of registeredDays” for young people aged 13 to 17 and “Kids’organise four training camps and for theacross the country.

athletes in Paraguay.

Athletics Days” for children aged six to 12 were

athletes to participate in national and regionalorganised to again provide an introduction to thecompetitions during which the following results

sport and to encourage new and more youngwere achieved:

people and children to participate in athletics.

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OPERATIONS REPORTOPERATIONS REPORTof 29 athletes participated, and the Federation

athletics and engaging and educating teachers

Federación Nicaragüense de Atletismo:

was fifth in the team standings, winning gold inand parents to increase the number of people

Detection and development of talents inthe men’s 400m hurdles. The athletes achieved

trained to deliver Kids’ Athletics and initial

the Caribbean coast of Nicaraguanine PBs, four season’s bests and two national

athletics coaching sessions.

(athlete’s support)

The Federation worked with the ministry of

The aim of the project was to identify and

The project then continued with theeducation to introduce Kids’ Athletics into the

support talented athletes from the Caribbean

organisation of training camps to prepare

curriculum of eight primary schools engaging

coast of Nicaragua, a region that faces

athletes for the World Athletics Indoor

with 707 children and three secondary schools

multiple social, economic, political, cultural,Championships and the Balkan Indoor

engaging with 320 teenagers from two islands

infrastructural and environmental challenges.

Championships held in early 2022. The(Rarotonga and Aitutaki). Overall, 140 children

The project aimed to identify athletes from thefollowing results were achieved:

aged between five and 13 participated in

U18 and U20 categories and provide them

• World Athletics Indoor Championships,

the new Kids’ Athletics competition, whichwith the necessary support to increase theAthletic Federation of Bosnia

Belgrade: one athlete participated in thegiven its success will now be held annually.

overall levels of participation and performance& Herzegovina:

men’s shot put final and ended up in eighth

Four new sponsorships were secured withof the national team in senior competitions.

Improving athletics through preparation camps

place with a throw of 20.94m out of

local businesses, which will help to support(athletes’ support)

18 competitors

the ongoing delivery of Kids’ Athletics. The

At the Central American Senior Championships,• Balkan Indoor Senior Championships, Turkey:

Federation also trained 36 Kids’ Athletics

20% of the participating athletes were fromThe objective of the project was to organise

three athletes participated (two men, one

facilitators, namely teachers, coaches andthe talent programme and Caribbean coast andtraining camps to enable the federation to

woman) and the federation finished 11th

parents, and organised a CECS Level 1 course

60% were U18 and U20 athletes. In addition

develop and select their best athletes tooverall with a gold medal in the men’s 800m.

which certified six new coaches.

to increasing participation and engagement

records. The objective was achieved.

participate in the major competitions in 2021

of Caribbean coast U18 and U20 athletes,and 2022.
To start, the Federation focused on developing

Athletics Cook Islands Inc.:

this project also supported the performance

Tupuanga – Grass to track (education, andimprovement of athletes through the delivery

youth and grassroots programmes)of the dedicated training and development

and supporting the preparation of athletes

programmes.

to participate in the European TeamThe project aim was to broaden the delivery

Championships (third league), one of the mostof grassroots development activities by

100m men, 200m men, 400m men (U20),

important events for the Federation in 2021.

introducing Kids’ Athletics as part of the school

400m hurdles women (U20), 10,000m, race

Following the dedicated training camps, a total

curriculum and by involving local businesses inwalk men (U18) and pole vault men (U18).

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OPERATIONS REPORTOPERATIONS REPORTThe President encouraged each Member

In recognition of the engagement with these

Additional Member Federation

for the World Athletics U20 Championships

Federation to focus on delivering the following

goals and contribution of Member Federations

financial support

in Nairobi and made the semifinal.

five goals in 2021:

to delivery of the Strategy for Growth, a total

In addition to the above grants are the

1. More Participationof USD 50,000 was split between the threestandard travel and accommodation benefits

Member Federations (to reflect the diversity

provided to Member Federations linked to their• One athlete reached the qualifying standard• Nicaragua finished second in the medals
table at the Central American U18 and U20- Each Member Federation toChampionships winning 71 medals (24 gold,

incrementally increase participation atof the membership) who best delivered

participation in WAS competitions which in

26 silver and 21 bronze) against a fifth placeeither grassroots or elite level or both.

against the goals. The successful federations

2021 included:

were the Fédération Togolaise d’Athlétisme,• World Athletics Relays: for all athletes withinin the previous edition in 2019 with only

2. More People

16 medals (four gold, five silver andSchweizerischer Leichtathletik-Verband

the quota –number of people taking these courses,

and UK Athletics. All federations have been

- Travel: 100% of an economy class airline

using their numbers from 2019 as theencouraged to continue to drive initiatives inticket from the Member Federation

start point rather than from 2020.

these areas.

headquarters to the official airport- Each Member Federation to double theseven bronze).
• Nicaragua finished sixth in the medals
table at the Central American SeniorChampionships winning seven medals (one- Accommodation: full board during the

3. More Fans

gold, two silver and four bronze) against- Each Member Federation to participate ina seventh place in the previous edition in

two of the campaigns created in 2021.

2020 with only one silver medal.

four-night official period• World Athletics U20 Championships: for all
athletes within the quota –4. More Partnerships- Travel: 100% of an economy class airline- Each Member Federation to secure one

MEMBER FEDERATION CHALLENGE

ticket from the Member Federation

meaningful partnership in 2021.

During the online Member Federation

headquarters to the official airport

5. More Inspiration

Information Session on 27 January 2021,- Each Member Federation to take their

the President emphasised the importance toathletes attending the Tokyo Olympic

Member Federations of being ready to makeGames into schools (or if not applicable,

the most of what will be an extraordinary fivetake national champions or elite high-As the World Athletics Congress was online inyears for our sport, and the role all Member

performance athletes).

2021, the standard travel and accommodation- Accommodation: full board during theeight-night official period.

Federations can play in growing the wholefor one Member Federation representative tosport across the four pillars of the World

attend was not applicable.

Athletics Strategic Plan: More Participation,
More People, More Fans, More Partnerships.

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OPERATIONS REPORTOPERATIONS REPORTWORLD ATHLETICSCOMMUNICATIONS 2021 IN NUMBERS
WORLDATHLETICS.ORG

PRESIDENT INTERVIEWS

30 NOV 2020 - 28 NOV 2021

1 Jan 2021 - 31 Oct 2021

media
interviews inMillion Pageviews

different
countries

Million Users

Million Sessions

WORLD ATHLETICS SOCIAL MEDIA

PRESS CONFERENCES

331,566
likes

1,811,645
followers

664,000
subscribers

3,000,000
followers

+23%

+14%

+173% +57%

+131%

Total social media fanbase

WORLD ATHLETICS COVERAGE IN MAINSTREAM
AND SOCIAL MEDIA (14,306 ARTICLES / 6.4B REACH)
1 Jan 2021 - 31 OCT 2021

2020

1,311,110
likes

19

2021

30 NOV 2020 - 28 NOV 2021

21

SHARE OF VOICE& TONALITY
Share of coverageby federation

Top 5 sport events

ArticlesTop 5 athletes topics articles

ArticlesCoverage

Olympic Games 2020/2021

7,488

Effects of pandemic

2,018

United Kingdom 19%

Wanda Diamond League

929

Doping issues

1,545

United States 13%

WA Championships

789

Reinstatement of RusAF

562

India 8%

WA Continental Tour

407

World Records

449

Russia 7%

WA Indoor Tour

211

Shoe technology

410

China 7%23% IOC
04% World Athletics
03% World Rugby
02% UCI
02% FIBA

02% ITF
02% FINA
02% FMB
01% FIG
61% FIFA

Share oftonality

03% Negative
16% Positive
81% Neutral

MEDIA OPERATIONS & OTHERSMedia Development Programme during the WU20 Nairobi with 10 participants Accredited Media: WU20 Nairobi 91 (54 National) / WRE

Silesia : 89 (58 National) Remote Mixed Zone for WRE Silesia, WU20 Nairobi & the 11 DL 11 CTG meetings Accredited media for the 13

CTG Meets: 405 journalists & 299 photographers 8,257 followers on the World Athletics LinkedIn page vs 6,599 in 2020 (+25%)

100k+ view for the COP26 Climate Change video by our athletes.

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APPENDIX A

APPENDIX AFINANCIAL AND AUDIT REPORTS

FINANCIAL AND AUDIT REPORTS

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APPENDIX AFINANCIAL AND AUDIT REPORTS

B
C

A

APPENDIX A:FINANCIAL AND
AUDIT REPORTS

FINANCIAL &AUDIT REPORTS

FINANCIALAUDITINTRODUCTION

The 2021 budget and annual plan were

The Constitution of World Athletics includes aapproved by the Executive Board at the end

requirement to appoint auditors to perform anof 2020 and early 2021 respectively. The

audit of the annual financial statements (Article

financial audit for the year ending 31 December

79.2) and an audit of certain responsibilities

2021 was undertaken by EY in accordance

set out in World Athletics rules and regulations

with the IFRS (EU rules setting out international(Article 79.3).

financial reporting standards) and the fullaudited financial statements for the period 1

To undertake the audits as prescribed in theJanuary until 31 December 2021, which were

Constitution, upon the recommendation of theapproved by the Audit & Finance Committee

Executive Board, the 2021 Congress approved

and subsequently by the Executive Board

the appointments of the following Auditors for

and Council are provided at Appendix B with

2021 until 2024:

details on our remuneration policy provided at• Ernst & Young Audit Conseil & Associés inAppendix C.

Monaco (EY), as Financial Auditors;• Ernst & Young Audit Conseil & Associés inMonaco (EY), as Non-financial Auditors ofGovernance and Ethical Compliance; and,• QSA, as Non-financial Auditors of AntiDoping and Integrity Programme.

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APPENDIX A

APPENDIX AFINANCIAL AND AUDIT REPORTS

FINANCIAL AND AUDIT REPORTS

NON-FINANCIAL
AUDITS

Article 79.3(a), referred to as the non-financial

In conducting the agreed upon audit

Having reviewed the findings andaudit on governance and ethical compliance.

procedures EY has met with a number of World

recommendations made by EY, the Executive

Athletics employees to understand activity

Board consider that there were no findings

The non-financial audit of the anti-doping andduring the year and to obtain evidence toand/or recommendations that were

The non-financial audits for 2021 withintegrity programme under Article 79.3(b) is

support compliance with the requirements set

sufficiently significant to merit reporting

regards to governance and ethical complianceundertaken by another company, QSA.

out in the Constitution and Rules. EY has thenand will follow-up the implementation

presented their report, including their findingsof the recommendations.

were also undertaken by EY, with QSA
independently conducting the 2021 audit

The 2021 non-financial audit has not beenand recommendations, to the Executive Boardof the integrity and anti-doping programme

carried out against any external standard or

Audit & Finance Committee.

compliance, including the Athletics Integrity

for the purpose of making recommendations

Unit (AIU).

beyond the requirements set out in theConstitution and Rules. The procedures

Summaries of the 2021 non-financial audits

performed compare the relevant provisions of(governance and ethical compliance, and anti-

the Constitution and Rules and determine if

doping and integrity programme) are provided

World Athletics has complied with what it isbelow. These audits were approved by therequired to do, with respect to its governance

Executive Board and Council.

and ethical compliance obligations.

Governance and Ethical

The reason for performing “agreed upon audit

Compliance Audit

procedures” as opposed to a “traditional

EY performed certain “agreed upon audit

audit” has been due to the bespoke natureprocedures” to assist World Athletics inof the Constitution and Rules requirements.

addressing the requirements set out in

The procedures performed are determined by

its Constitution and Rules, and to issue aWorld Athletics and include review of evidence

final report.

of compliance with the certain provisions of
the Constitution and Rules and cover the year

The subject of the report is to present findings

ended 31 December 2021.

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APPENDIX A

APPENDIX AFINANCIAL AND AUDIT REPORTS

FINANCIAL AND AUDIT REPORTS

Anti-Doping and Integrity

Management Systems, using two different

Programme Audit

checklists. The first was a detailed list for the

The non-financial audit of the anti-doping andgovernance area, in which evidence of complianceintegrity programme under Article 79.3(b) is

has been collected for each requirement, and theundertaken by QSA.

second was a more general checklist for operational
processes related to anti-doping activities and to

The scope of the 2021 audit conducted bycombat against ethical misconduct within athletics.

QSA was to assess World Athletics’ compliancewith its anti-doping and integrity programme

The audit highlighted the capacity of the AIU to

obligations, as set out in the Constitution and Rules

identify applicable requirements coming from World(Integrity Code of Conduct, Athletics Integrity

Athletics (as well as WADA), and consequently,

Unit Rules, Anti-Doping Rules, Athletics Integrity

develop and adapt its processes to satisfy these

Unit Reporting, Investigation and Prosecution

requirements and noted effective management

Rules, Manipulation of Sports Competitions Rules,of the TUE (therapeutic use exemption) process,Disciplinary Tribunal Rules, and Disputes andas well as efforts made to improve education andDisciplinary Proceedings Rules) for the period from

communication with stakeholders.

1 January to 31 December 2021.
The AIU and World Athletics personnel involved
The audit covered the management by the AIU

in the integrity of athletics are competent andof the integrity programme on behalf of World

aware of the organisation objectives and theAthletics in relation to anti-doping, manipulation of

applicable risks. The personnel are also aware ofcompetition results, bribery and corruption, betting,the implications of not conforming to the standards

age manipulation, irregularities in transfers ofand rules.

allegiance and other breaches of the Integrity Codeof Conduct. It also included assessing compliance

Having reviewed the report, the Executive Board,by the Disciplinary Tribunal with its functions.

as well as the AIU Board, took note of some
findings that had arisen during the audit, but

The audit was conducted and managed inagreed with QSA’s conclusion that these did notaccordance with the applicable parts of thecompromise a general opinion of compliance withstandard ISO 19011 Guidelines for Auditing

World Athletics requirements.

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APPENDIX B
2021 AUDITED FINANCIAL STATEMENTS

A
C

B

APPENDIX B:
2021 AUDITEDFINANCIALS TAT E M E N T S

FINANCIAL REPORT 2021

6-8 Quai Antoine 1er
98000 Monaco

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

COUNCIL MEMBERS AND PROFESSIONAL ADVISERSFINANCIAL REPORT 2021
CONTENTS
Page

Council Members & Professional advisers
Executive Board Members
Statement of Executive Board responsibilities
Independent Auditors' report
Information about the Association and significant events of the period
Consolidated Financial Statements
Significant Accounting Policies
Notes to the consolidated statement of comprehensive income
Notes to the consolidated balance sheet
Other disclosures

3
4
5
6
11
14
18
27
32
38

PRESIDENT
Sebastian COE(GREAT BRITAIN & NORTHERN IRELAND)SENIOR VICE-PRESIDENT
Sergey BUBKA(UKRAINE)

VICE-PRESIDENTS
Nawaf Bin Mohammed AL SAUD
Geoff GARDNER
Ximena RESTREPO(SAUDI ARABIA)(NORFOLK ISLAND)(COLOMBIA)

COUNCIL MEMBERS
Valerie ADAMS
Dahlan Jumaan AL HAMAD
Beatrice AYIKORU
Sylvia BARLAG
William BANKS
Raul CHAPADO
Nawal EL MOUTAWAKEL
Robin Sapong EUGENIO
Helio Marinho GESTA DE MELO
Alberto JUANTORENA DANGER
Hamad KALKABA MALBOUM
Abby HOFFMAN
Dobromir KARAMARINOV
Renaud LAVILLENIE
Antti PIHLAKOSKI
Anna RICCARDI
Mike SANDS
Adille J. SUMARIWALLA
Nan WANG
Hiroshi YOKOKAWA(NEW ZEALAND)(QATAR)(UGANDA)(NETHERLANDS)(USA)(SPAIN)(MOROCCO)(NORTHERN MARIANA ISLANDS)(BRAZIL)(CUBA)(CAMEROON)(CANADA)(BULGARIA)(FRANCE)(FINLAND)(ITALY)(BAHAMAS)(INDIA)(CHINA)(JAPAN)CHIEF EXECUTIVE OFFICER

Jon RIDGEON

AUDITORS

Ernst & Young Audit Conseil & Associes

MAIN BANKERSBARCLAYS BANKCOMPAGNIE MONEGASQUE DE BANQUEWORLD ATHLETICS FINANCIAL REPORT | p. 32021 ANNUAL REPORT AND ACCOUNTS

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSEXECUTIVE BOARD MEMBERSPRESIDENT
Sebastian COE(GREAT BRITAIN & NORTHERN IRELAND)SENIOR VICE-PRESIDENT
Sergey BUBKA(UKRAINE)

VICE-PRESIDENTS
Nawaf Bin Mohammed AL SAUD
Geoff GARDNER
Ximena RESTREPO(SAUDI ARABIA)(NORFOLK ISLAND)(COLOMBIA)APPOINTED MEMBERS
Abby HOFFMAN
Sunil SABHARWAL
Hasan ARAT

(CANADA)(UNITED STATES OF AMERICA)(TURKEY)WORLD ATHLETICS FINANCIAL REPORT | p. 4

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSW O R L D A T H L E T IC S

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

Year ended 31 December 2021

Independent auditor’s report on consolidated financial statements

To the Executive Board of World Athletics,

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is amaterial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the consolidated Financial Statements

OpinionWe have audited the consolidated financial statements of World Athletics and its subsidiaries which comprise:

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines isnecessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due
to fraud or error.

-

the consolidated balance sheet as at 31 December 2021,-

the consolidated statement of comprehensive income for the year then ended,-

the consolidated statement of changes in equity for the year then ended,

In preparing the consolidated financial statements, management is responsible for assessing the Association’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

-

the consolidated statement of cash flows for the year then ended, andThose charged with governance are responsible for overseeing the Association’s financial reporting process.

-the notes to the consolidated financial statements, including a summary of significant accounting policies.

Auditor’s Responsibilities for the Audit of the consolidated Financial Statements

Due to the global crisis related to the Covid-19 pandemic, the consolidated financial statements of this period have been
prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the stateof sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, andhave led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, havealso had an impact on the companies' internal organization and the performance of the audits.
These financial statements were approved by the Executive Board.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Association (including World Athletics and its subsidiaries) as at 31 December 2021, and its
consolidated financial performance and consolidated cash flows for the period then ended, in accordance with International
Financial Reporting Standards as adopted by the EU.

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually orin the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:•

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, orthe override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association’s internal
control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under thosestandards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Association in accordance with the International Code of Ethics for Professional Accountants(including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our

audit of the consolidated financial statements in Monaco, and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.

Other Information
Other information consists of the information other than the financial statements and our auditor’s report thereon. Management
is responsible for the other information.
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APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

Consolidated financial statements
according to IFRSINFORMATION ABOUT THE ASSOCIATION AND SIGNIFICANT EVENTS OF THE PERIOD ...... 11I.

GENERAL ......................................................................................................................................... 11II.

ABOUT WORLD ATHLETICS ............................................................................................................. 11

III.

SIGNIFICANT EVENTS OF THE PERIOD ............................................................................................ 13

IV.

OFFICIAL WORLD ATHLETICS PARTNERS ........................................................................................ 13

CONSOLIDATED FINANCIAL STATEMENTS ......................................................................... 14
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME.................................................................. 14
OTHER COMPREHENSIVE INCOME .......................................................................................................... 14
CONSOLIDATED BALANCE SHEET ............................................................................................................ 15
CONSOLIDATED STATEMENT OF CASH FLOWS ....................................................................................... 16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................... 17

SIGNIFICANT ACCOUNTING POLICIES ................................................................................ 18
A.

GENERAL INFORMATION AND STATEMENT OF COMPLIANCE ....................................................... 18

B.

BASIS OF PREPARATION ................................................................................................................. 18

C.

CONSOLIDATION PRINCIPLES AND PERIMETER .............................................................................. 19

D.

CURRENCY TRANSLATION............................................................................................................... 20E.

TANGIBLE FIXED ASSETS ................................................................................................................. 20F.

ACCRUALS AND PROVISIONS .......................................................................................................... 21G.

IOC LOAN ........................................................................................................................................ 21

H.

PENSION OBLIGATIONS .................................................................................................................. 22I.

DEBTORS ......................................................................................................................................... 22J.

REVENUE ........................................................................................................................................ 23

K.

OPERATING EXPENSES .................................................................................................................... 24

L.

FINANCIAL INCOME AND EXPENSES ............................................................................................... 24
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APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

M.

FINANCIAL RISK MANAGEMENT ..................................................................................................... 25

N.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENT .................................................................... 26

NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ...................... 27
1.

REVENUE FROM BROADCAST RIGHTS AND SPONSORSHIP RIGHTS ............................................... 27

2.

OTHER REVENUE FROM ACTIVITIES ............................................................................................... 27

3.

COMPETITION AND EVENTS ........................................................................................................... 28

4.

GRANTS AND DEVELOPMENT ......................................................................................................... 29

5.

LEGAL AND COMPLIANCE ............................................................................................................... 30

6.

ADMINISTRATION ........................................................................................................................... 31

7.

FINANCIAL INCOME ........................................................................................................................ 31

8.

FINANCIAL EXPENSES ..................................................................................................................... 31

NOTES TO THE CONSOLIDATED BALANCE SHEET ............................................................... 32
9.

INVESTMENTS IN EQUITY ............................................................................................................... 32

10. PROPERTY, PLANT AND EQUIPMENT ............................................................................................. 33
11. TRADE RECEIVABLES AND OTHER RECEIVABLES............................................................................. 34
12. CONTRACT ASSETS ......................................................................................................................... 34
13. CASH & CASH EQUIVALENTS .......................................................................................................... 35
14. EQUITY ............................................................................................................................................ 35
15. POST-EMPLOYMENT BENEFIT AND SIMILAR OBLIGATIONS ........................................................... 35
16. FINANCIAL LIABILITIES CURRENT AND NON CURRENT ................................................................... 36
17. TRADE PAYABLES ............................................................................................................................ 36
18. OTHER PAYABLES AND ACCRUED EXPENSES .................................................................................. 36
19. DEFERRED INCOME ........................................................................................................................ 37

OTHER DISCLOSURES ........................................................................................................ 38
20. FINANCIAL RISK MANAGEMENT ..................................................................................................... 38
21. COMMITMENTS GIVEN AND CONTINGENT LIABILITIES AND OFF-BALANCE SHEET EVENTS.......... 38
22. POST BALANCE SHEET EVENTS ....................................................................................................... 38
23. RELATED PARTIES ........................................................................................................................... 38

INFORMATION ABOUT THE ASSOCIATION AND
SIGNIFICANT EVENTS OF THE PERIODI.

GENERAL
Athletics compiles rules with regulations
governing international competitions and fosters
the worldwide development of athletics and thedissemination of technical and other information
to its affiliated entities.

World Athletics is a non-profit-making
association, the members of which are the
National Federations, which represent athletics
in each country of the world. Its object is toestablish legal and friendly cooperation between
all members for the benefit of athletics. WorldII.

ABOUT WORLD ATHLETICSand find new hosts for their events. It is also
fundamental that we fully understand that
athletics is no longer just about highperformance, gold medals and records, but also
about 'sport for all' and about ensuring that the
maximum number of citizens are able toparticipate in athletics.

Athletics, a sport that was founded in Antiquity,
has continued to adapt through the centuries,
offering a dynamic, life-enhancing sport.
On 17 July 1912 in Stockholm, Sweden, following
the closing ceremony of the Olympic Games, theInternational Amateur Athletic Federation (IAAF)
was founded as the world governing body for the
sport of track and field athletics.

This means, of course, the thriving world of roadrunning, which is where the majority of people
actually connect directly with the world of
athletics, but it is also athletics in schools, where
World Athletics is keen to ensure that we reachthe maximum number of children, all over theworld, starting at the age of four but also
including youngsters in their teens, where thedrop-off from sport is most acute.

During the 10 decades that followed, athletics
underwent many changes which reflected thepolitical and socio-economic evolution of thewider world. Even the IAAF’s name has changed,
in 2001 becoming the ‘International Associationof Athletics Federations’ to reflect the growth ofa professional sporting world which did not exist
in 1912, and then again in 2019 to 'World
Athletics'.

Despite such inherent benefits, World Athletics
recognises that athletics is competing for the
public’s attention in an ever more varied andcomplex media and entertainment-driven world
but also that we properly embrace matterstouching on social responsibility, theenvironment and all matters that help advanceathletics as a force to change the world for good.

World Athletics was founded to fulfil the need fora world governing authority, for a competition
program, for standardised technical equipment
and for a list of official world records. All of theserequirements remain today.
Yet in an ever-changing world, international
sport federations such as World Athletics need to
be proactive when trying to reach new audiencesWORLD ATHLETICS FINANCIAL REPORT | p. 11

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2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

Athletics disciplines are among the oldest of all
sporting competitions known to mankind, with‘run, jump, throw’ the natural and universal
forms of human physical expression. The sportalso offers broader values that help us deal withlife’s challenges.
We are also adapting our competition programs
to reflect the increasing diversity of attractions
from which the public can now choose.
Attracting, and most importantly retaining, theyoung as both participant and spectator are
essential if athletics is to retain its appeal. But weare also closely linked to the masters’ athletics
movement as well as ultra-distance running andmountain and trail racing.

Championships will be hosted in Eugene, USA(2022) and Budapest, Hungary (2023).

III.

The wide variety in the type, size and scope of therest of the events of the World Athletics Series,
with their different demands in terms of logistics,
budget and facilities also means that there areWorld Athletics events available to fit the hosting
ambitions and resources of cities, large andsmall, among most of the Association’s 214
Member Federations.

OLYMPIC GAMESShowing the sport's ability to innovate andrespond to changing demands, an exciting newteam competition, the World Athletics Relays,
was launched in 2014 in Nassau, The Bahamas
and has now been staged on four further
occasions, most recently in Silesia, Poland.

The biennial World Athletics Championships is
the jewel of our World Athletics Series which also
includes indoor, U20, relays, cross country, racewalking and road running throughout a four-year
cycle of events.

This variety extends beyond championships.
In 2010 a new global one-day competition
structure was unveiled. It is headed by the
Diamond League of 14 invitational track and fieldmeetings in Africa, Asia, Europe, and USA. The
Continental Tour, with Gold, Silver and Bronze
one-day meetings held across all six World
Athletics continental areas, along with the Indoor
Tour, Cross Country Tour, Race Walking Tour andCombined Events Tour offer a second tier of eliteinternational competitions. All these play out tolarge stadium, crowds and TV audiences aroundthe world.

Athletics also carries the mantle of being theleading sport of the Olympics Games. Athletics isthe main spectator stadium sport of the Games,
central to the success of each summer edition.
The histories of athletics and the Olympic Gamesare closely entwined and World Athletics is
extremely proud of this association.
Both the World Athletics Championships and the
Olympic Games continue to play to packed
stadiums and attract TV audiences in theirbillions.

SIGNIFICANT EVENTS OF THE PERIOD
none of our World Athletics Series events
scheduled to be held during the year werecancelled, the World Athletics Cross Country
Championships in Bathurst, Australia and theWorld Athletics Indoor Championships inNanjing, China which were both originallyscheduled for 2021 were both postponed to2023, and some Area competitions for 2021 havealso been postponed or cancelled.

The Olympic Games that were postponed from2020 were held in Tokyo during 2021. The Games
were an excellent showcase for someoutstanding Athletics competition this year.
Following the Games being held in 2021, World
Athletics received its share of the Olympic
Dividend from the International Olympic
Committee (IOC) amounting to $39.48m.

For the first seven months of 2021, we continued
to utilise the benefit provided by the
Monegasque Government to put a portion of ourstaff on furlough.

COVID-19
Consequent to the ongoing impact caused by
Covid-19 pandemic, a number of athletics eventson our calendar were postponed during 2020
and 2021. During 2021 we held two World
Athletics Series events – the World Athletics
Relays in Silesia, Poland and the World Athletics
U20 Championships in Nairobi, Kenya. WhileIV.

The Association continues to have strong longterm revenue commitments and has sufficient
cash and reserves to continue with day-to-day
operations and to meet future liabilities as theycome due.

OFFICIAL WORLD ATHLETICS PARTNERS

As World Athletics continues in its second
century of existence, our aim is to further
enhance our vibrant sport to offer new andexciting prospects for athletes and spectators
alike. We are working hard to ensure that every
area of our sport is reviewed, tested andencouraged to strive for athletics excellence.

The marketing potential of each edition of theWorld Athletics Championships is excellent with
only the Olympics and the FIFA World Cup aheadof it in terms of global reach and impact. The next
two editions of the World Athletics

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEETCONSOLIDATED STATEMENT OF COMPREHENSIVEINCOME

in k USD
Assetsin k USD
Revenue

Note

2021
268

402

Property, plant & equipment
Long term financial assets

10

5,324
211

6,135
210

Investments in equity-accounted investees

9Intangible assets

Note

2021

2020

1
2

38,241
44,62834,945
9,294

Non-current assets

82,86944,239Trade receivables
Prepayments & tax receivables
Other receivables

Television Rights & Sponsorship
Other revenue
Total revenue
Expenses

2020

472

531

6,275

7,278

11

373

521

11
11

505
21,644

814
1,171

12
13

0
53,5895,781
40,048Competitions & Events
Grants & Development

3
4

23,536
9,076

15,004
8,028

Contract assets
Cash and cash equivalents

Legal & Compliance
Administration

5
6

13,138
6,898

11,922
6,782

Current assets

76,111

48,335

Total assets

82,38655,613

Total expenses

52,64841,736

Operating Profit

30,221

2,503

Reserve Fund
General Fund

10,00020,93410,00018,868

597
-987

302
-922

-390

-620

Financial Income
Financial Expenses

7
8

Financial Result (Loss)
Share of (loss)/profit on investment in equity

9

Profit for the year

-59

188

29,772

2,071

Profit/loss of the year

29,7722,071

1460,70630,939Trade payables
Other payables and accrued expenses

17
18

4,235
7,323

3,041
7,189

Financial liabilities
Deferred income

16
19

253
4,655

320
3,475

16,466

14,025

Total equity & reserves (general funds)
Liabilities

OTHER COMPREHENSIVE INCOME

Current liabilities
Note

in k USD
Profit for the year
Items that will not be reclassified subsequently to profit or loss
Actuarial gains (losses) on retirement benefit obligations
Items that will be reclassified subsequently to profit or loss
when specific conditions are met
Currency translation differences

15

Other comprehensive (expense)/income
Total comprehensive income (loss) for the year

2021
29,772

2020
2,071

-5

6

-

-

-5

6

29,7682,077

Provisions

15

769

1,229

Financial liabilities
Deferred income

16
19

2,511
1,935

2,830
6,590

Non-current liabilities

5,214

10,649Total liabilities

21,68024,674

Total liabilities and reserves

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSCONSOLIDATED STATEMENT OF CASH FLOWS
Notein k USD
Operating activities
Net result for the year

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
2021

2020

29,772

2,071

in k USD

Net financial /expense
Depreciation

7,8
10

390
1,118

502
1,023

As at 31 December 2019

Share of loss (profit) on investment in equity
Increase/(Decrease) in provisions for pension obligations

9
15

59
-461

-188
128

Net income allocation(Increase)/Decrease in receivables(Increase)/Decrease in contract assets

11
12-23,493
5,781

11,331
3,563

1,202

-11,493

14,368

6,937

Increase/(Decrease) in payables

17,18

Net cash generated by operating activities
Investing activities(Purchase)/sale of property, plant & equipment(Purchase)/sale of intangible assets

10

Net cash (used)/generated in investing activities
Proceed from new loans / borrowings
Reimbursement of loans / borrowings
Interest received
Interest paid

10
10
7
8

Net cash used in financing activities
Net (decrease)/increase in cash & cash equivalents
Cash & cash equivalents as at 1 January

13

-172

-661

0
-472

172
-412

32
-215

23
-313

-655

-530

13,541

5,746

Actuarial loss on retirement benefit
obligations, net of taxes
Other comprehensive income for theperiodProfit for the year
Total comprehensive income for theperiodAs at 31 December 2021

34,302

13,541

5,746

Cash & cash equivalents as at 31 December

53,58940,04818,862

28,862

-

-

6

6

6

6

-

As at 31 December 2020

Transfer fromincome statement

Total equity

2,071

-

2,071

-

2,077

-

2,077

10,00020,939-30,939Profit for the year
Total comprehensive income for theperiod-588-74

40,04810,000

Actuarial loss on retirement benefit
obligations, net of taxes
Other comprehensive income for theperiod-1720

Net increase/(decrease) in cash & cash equivalents

Reserve Fund

Other Reserves
Transfer fromincomeNet income allocation

-

-

-

-5

-5

-5

-5

29,772-

29,772-

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSSIGNIFICANT ACCOUNTING POLICIES
years presented, unless otherwise stated. The
financial statements are for the Associationconsisting of World Athletics and its subsidiaries.

This note provides a list of the significant
accounting policies adopted in the preparation ofthese consolidated financial statements. These
policies have been consistently applied to all the

A.

GENERAL INFORMATION AND STATEMENT OF COMPLIANCE

World
Athletics’consolidated
financialstatements for the year ended 31 December
2021 have been prepared in accordance with the
IFRS as adopted by the European Union. Thesestandards are available on the European Union’s
website at:https://ec.europa.eu/info/business-economyeuro/company-reporting-andauditing/company-reporting/financialreporting_en#ifrs-financial-statements.

B.

The financial statements are accompanied bydisclosures deemed to be material as required byregulation no. 1606/2002 of the European
Parliament and of the council, which areavailable on the European Union’s website at:https://ec.europa.eu/info/law/internationalaccounting-standards-regulation-ec-no-16062002_en

BASIS OF PREPARATIONof the Covid-19 pandemic and the measures
adopted by the governments worldwide to
mitigate its spread impacted the Association in
2020. These measures led to the cancellation ofmany sporting events during 2020, and mostimportantly to the rescheduling of the Olympic
Games in 2021. This had negatively impacted the
Association’s financial performance during 2020
and also its liquidity position. A loan agreementwith the IOC for US$7.5m had been contracted
during 2020. Reimbursement of the loan took
place upon the payment of the Olympic Dividendby the IOC for the Tokyo Olympic Games,
received in 2021.

The financial statements have been prepared ona going concern basis, under the historic costconvention, except for the following:

•
•

–
–

certain financial assets and liabilities(including derivative instruments),
certain classes of property, plant andequipment and investment property –measured at fair value
assets held for sale – measured at fairvalue less costs to sell, anddefined benefit pension plans – plan
assets measured at fair value.

Also, to respond to a severe downside scenario,
due to another global crisis, management cantake the following mitigating actions to reduce
costs, optimise the Association’s cash flow andpreserve liquidity:

Management has concluded that the Association
has adequate resources to continue in operation
for at least the next 12 months from 31
December 2021 and that the going concern basisof accounting remains appropriate. The outbreak•

reducing
non-essential
capitalexpenditure and deferring or cancelling
discretionary spend;
freezing non-essential recruitment;
andreducing marketing spend.

•

New and amended standards adopted by the
Association•

Interest Rate Benchmark Reform Phase 2– Amendments to IFRS 9, IAS 39, IFRS 7,
IFRS 4 and IFRS 16,
Decision of the IFRS IC concerning IAS 19"Employee Benefits" on the calculationof obligations relating to certain defined
benefit pension plans.
The Association also elected to adopt thefollowing amendments early:

The Association has applied the following
standards and amendments for the first time for
their annual reporting period commencing 1
January 2021:

C.

Going concern

•

–

•

Annual Improvements to IFRS Standards
2018-2020 Cycle.

The amendments listed above did not have any
impact on the amounts recognised in prior andcurrent periods and are not expected tosignificantly affect the current or future periods.

Covid-19-related Rent Concessions –Amendments to IFRS 16,

CONSOLIDATION PRINCIPLES AND PERIMETER
the power to participate in the financial andoperating policy decisions of that entity but does
not have the power to exercise control or joint
control over those policies. Under the equity
method, the investment is initially recognised atcost, and subsequently adjusted to reflectchanges in the net assets of the associate or joint
venture.

The Association consolidates its subsidiaries, i.e.
entities directly or indirectly controlled by the
Association. The Association controls an entity
when (i) it is exposed to, or has rights, to variable
returns from its involvement with the entity, and(ii) it has the ability to affect those returns
through its power over the entity.
Subsidiaries are accounted for using the fullconsolidation method from the date the
Association obtains control and until the
Association loses control of the subsidiary.

The perimeter of the consolidation is comprisedof World Athletics and World Athletics
Productions Ltd, partially owned by World
Athletics (50%) and recorded as equity
accounted investment.

Entities over which the Association has joint
control or significant influence are accounted forusing the equity method. The Association is
generally presumed to have significant influencewhen it holds at least approximatively 50% of theentity’s voting rights. The Association exercises
significant influence over an entity when it has

World Athletics has the ability to exercise
significant influence over this entity andconcluded this investment should be recorded as
equity accounted investment.

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D.

APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSF.

CURRENCY TRANSLATION
Transactions in currencies that are not the US
dollar are translated into US dollars at thetransaction date exchange rate.

The consolidated financial statements arepresented in Thousands of United States Dollars,
the functional currency of the Association at theexchange closing rate. Any resulting exchange
differences are recognised in the statement ofcomprehensive income.

E.

Monetary assets and liabilities whose currency is
not US dollars are translated into US dollars at
the closing exchange rate.

TANGIBLE FIXED ASSETS
equipment are recognised in the consolidated
statement of comprehensive income.
Depreciation is calculated on a straight-line basis
over its estimated useful lives that are as follows:

Property, plant and equipment are measured atcost less accumulated depreciation andaccumulated impairment losses. Gains andlosses on the disposal of property, plant andOffice furniture and equipment
Computer equipment
Leasehold improvements
Motor cars

5 to 10 years
5 years
up to 15 years
5 yearsincremental borrowing rate, which is a risk-freerate adjusted to reflect the specific risk profile ofWorld Athletics. Because lease payments are
spread over the lease term, the Association
applies a discount rate based on the duration of
those payments.

Leases contracted by the Association areaccounted for in accordance with IFRS 16(Leases). The Association recognises a right-ofuse asset and a lease liability for all of its lease
contracts, except for (i) leases relating to lowvalue assets and (ii) short-term leases (12months or less). Payments made in respect ofleases not recognised on the balance sheet arerecognised as an operating expense on astraight-line basis over the lease term.

The payments used to determine the liability for
future lease payments exclude non-lease
components but include fixed payments that the
Association expects to make to the lessor overthe estimated lease term.

On commencement of a lease, the liability for
future lease payments is discounted at the

ACCRUALS AND PROVISIONS
specific circumstances justify the balance to be
maintained in the balance sheet.

A provision is recognised when World Athletics
has a legal or constructive obligation towards a
third party as a result of a past event, when it isprobable that an outflow or economic benefits
will be required to settle the obligation and whena reliable estimate can be made of future cash
outflows.

Payables are not interest bearing and are statedat their nominal value.
Contingent liabilities are not recognised unlessthe likelihood of a liability is probable. They aredisclosed in the notes to the financial statements
unless the possibility of an outflow of economic
resources is remote.

Any accrued liability not consumed within two
years after the recognition date shall be reversedin the consolidated income statement unless

G.

IOC LOAN
recorded as current deferred income as of 31
December 2020. The amount of US$7.5m thathas already been received was reduced from thefull Olympic Dividend that was due to World
Athletics at the end of the Tokyo Olympics.

Once in a 4-year cycle, when the Olympic Gamesare held, the International Olympic Committee(IOC) pays an Olympic Dividend of approximately
US$40m to World Athletics. This revenue, as
defined by IFRS 15, is recognised post thesuccessful completion of the Olympic Games. In
2020, due to the Covid-19 pandemic, the Tokyo
Olympics have been postponed to 2021. To takecare of cash flow concerns arising from thispostponement, the IOC entered into a loan
agreement with World Athletics for an amount of
US$7.5m. Of this amount, US$2.5m was received
by World Athletics in 2020 and the balance
US$5m in early 2021. This loan has been

The Tokyo Olympic Games were held during2021. As expected, World Athletics received an
Olympic Dividend of US$39.48m (including the
IOC loan previously discussed), which has been
fully recognised through profit & loss in 2021
(refer to note 2. Other revenue from activities).

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTSJ.

PENSION OBLIGATIONS
benefit obligation. This cost is included in
employee benefit expense in the statement of
profit or loss.

The retirement benefit obligations relate to
Monaco employees. Under legislation in
Monaco, the Association is required to provide a
pension based on legal requirements, or, on thecollective labor agreement requirements if theseones are more advantageous than legal. For
Monaco employees, pensions are computed
based upon the last twelve months grossremuneration, excluding bonuses and othercomplementary remuneration. The liability
which is paid once upon the retirement of theemployee is recognised in the balance sheet inrespect of these defined benefit pension plans.
This is the present value of the defined benefit
obligation at the end of the reporting period. The
defined benefit obligation is calculated each year
using the projected unit credit method. The
present value of the defined benefit obligation isdetermined by discounting the estimated future
cash outflows using interest rates of high-quality
corporate bonds that are denominated in thecurrency in which the benefits will be paid, andthat have terms approximating to the terms of
the related obligation.

Remeasurement gains and losses arising fromexperience adjustments and changes in actuarial
assumptions are recognised in the period inwhich they occur, directly in othercomprehensive income. They are included inretained earnings in the statement of changes inequity and in the balance sheet.
The decision of the IFRS IC, published on 24 May
2021, concludes, in this case, that no rights are
acquired in the event of departure before
retirement age and that the rights are capped
after a certain number of years of seniority ("X"),and the commitment would only be recognised
for the last X years of the employee's career
within the company.
This decision was implemented by the
Association at 31 December 2021 for plans fallingwithin the scope of the Interpretation
Committee's decision. The effect of this
implementation is considered not material.

The net interest cost is calculated by applying thediscount rate to the net balance of the definedI.

DEBTORSfinancing components, when they are recognised
at fair value. The Association holds the tradereceivables with the objective to collect thecontractual cash flows and therefore measuresthem subsequently at amortized cost using theeffective interest method.

Trade receivables are amounts due from
customers for services performed in the ordinary
course of business. They are all classified as
current. Trade receivables are recognised initiallyat the amount of consideration that is
unconditional unless they contain significant

REVENUEare accounted for on the basis of the value of inkind contribution.

Revenue is recognised to the extent that it isprobable that the Association will derive
economic benefit from it and that the revenue
can be reliably measured.
World Athletics related revenue
primarily of the following items:••••

During 2018, an amendment to the agreement
for the period of 2020-2029 was signed. This new
agreement calls for a minimum guarantee overthe 10-year period of US$130m. The agreement
for commercial Sponsorship also includes a
profit-share income clause.

consists

television rights (e.g., media rights)
commercial rights (e.g., sponsorship)value in kindtechnical certification

The performance obligations are identified as theright to access intellectual property and as suchrevenue is recognised on a straight-line basis
over the term of the contract.

The exclusive broadcast partners payment isreceived twice per year and covers the broadcast
rights for all World Athletics events for the year.
The current agreement was signed in April 2018
and covers the period from 1 January 2018 to 31
December 2023.

For profit share revenue recognition,
management
exercises
itsjudgement
to determine an estimate of the profit sharedirectly attributable to the financial year andrecognises this in the period it is earned.

Commercial sponsorship income is split in threeparts: the first part corresponds to theCommercial rights and yearly invoices amounts
to US$8.5m per year. The second part relates to
the TV rights in Japan which generates a revenueof US$4.5m per year. The third part relates tocommission based on the value in kind undersponsorship contracts. Value in kind in the formof products and services supplied by sponsors foruse in events and is recognised as revenue andexpenses in the consolidated statement ofcomprehensive income. Commissions on value inkind due to the Association’s marketing partner

Technical certifications provided by World
Athletics are performed at a point in time with acertification duration of three or five years,
regarding sportive infrastructures. Revenue
generated from Technical certifications is
recognised at a point in time when the technicalcertification is provided.
The performance obligations have been
determined for each contract and the revenue
recognition method for each contract has been
determined in accordance with IFRS 15.

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

M. FINANCIAL RISK MANAGEMENTOPERATING EXPENSES
marketing, promotion, publications, hospitality
and other event expenses), information
technology, employee salaries and benefits,depreciation and amortization of non-current
assets.

Total expenses are the gross outflow of
economic benefits that arise from the ordinary
activity of organising an event as well as fromWorld Athletics administrative activities.
Total expenses consist primarily of the following
items: contributions to member federations,anti-doping integrity unit, event expenses (direct
event expenses, broadcast and media,

L.

Expenditure relating to future events is deferred
and recognised in the consolidated income
statement when the event takes place

The Association’s overall risk management
program focuses on the unpredictability of thefinancial markets and seeks to minimise any
potential adverse effects on the Association’s
financial performance.

equivalents, and deposits with banks andfinancial institutions, as well as credit exposure
to customers, including outstanding receivables
and committed transactions. The credit risk onreceivables is mitigated by the quality of theclient.

The Management Board provides principles forthe overall management of risks such as foreignexchange risk, credit risk and liquidity risk.

Credit risk linked to cash, deposits and current
financial instruments is not material given thequalityofthefinancial
institutions’counterparties.

(a)

FINANCIAL INCOME AND EXPENSES-

The financial income and financial expenses
include the following:- financial income, consisting of interest
income from interest-bearing assets, aswell as realised and unrealised foreignexchange gains;

financial expenses comprising realised
and unrealised foreign exchange losses
as well as bank charges and any interest
costs.

Foreign exchange risk(c)

The Association operates internationally and is
exposed to foreign exchange risk arising fromtransactions denominated in currencies otherthan the United States Dollar, which is thefunctional and presentation currency of the
Association.

Management monitors rolling forecasts of the
Association’s liquidity requirements on aquarterly basis to ensure it has enough cash
available to meet its operational needs.
Expenditure trends are balanced with committed
revenues to ensure adequate liquidity is
maintained.

Operating income/expenses and the cash flowsof the Association are affected by exchange rate
fluctuations, principally between the Euro andthe US Dollar. The Association estimates that the
impact in absolute terms of a 10% increase or
decrease in this rate on its operating income forthe year ended 31 December 2021 would nothave been material.

World Athletics benefits from long term
Commercial and Broadcast contracts thatprovide flexibility in managing operational cashneeds. In addition, the Olympic Dividend
generally received every four years allows the
Association to smoothen its long-term
expenditure patterns.

During the periods presented, the Association
did not engage in any hedging operations.
(b)

Liquidity risk

As a result of Covid-19, the IOC Olympic Dividend
had been delayed to 2021. As the Tokyo Olympic
Games happened in 2021, this amount ofdividend has been received at the end of theGames.

Credit risk

Credit risk is managed on an Association-widebasis. Credit risk arises from cash and cash

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENT
determining the net pension obligations (seenote 15).

The preparation of financial statements requires
the use of accounting estimates which, bydefinition, will seldom equal the actual results.
Management also needs to exercise judgement
in applying the Association’s accounting policies.

Television rights and commercial rights
performance obligations. Management uses its
judgement todetermine
the uniqueperformance obligation, which is defined as theright to access intellectual property.

This note provides an overview of the areas thatinvolved a higher degree of judgement orcomplexity, and of items which are more likely to
be materially adjusted due to estimates andassumptions turning out to be wrong. Detailed
information about each of these estimates andjudgements is included in other notes together
with information about the basis of calculationfor each affected line item in the financial
statements.

Accrual of profit share expectation forthe year. Management exercises its judgement
to determine an estimate of the profit sharedirectly attributable to the financial year andwhen the recognition criteria has been met.
Value in kind amount for year included inrevenue. Management is required to estimate
the fair value of any value in kind goods orservices received during the period and record
these amounts as revenue and expenses.
Determining fair value requires management toexercise significant judgement. In the event fairvalue cannot be reasonably estimated, no value
is recognised.

Estimation of post-employment benefits
and other employee benefits. The Association
has obligations to pay certain pension benefits tocertain employees. The cost of these benefits
and the present value depend on several factors
including salary increases and discount rates.
Management estimates these factors in

Notes to the consolidated statement of comprehensive
income1. REVENUE FROM BROADCAST RIGHTS AND SPONSORSHIP RIGHTS
in k USD
Broadcast Rights

2021
14,725

2020
14,775

Commercial Rights

13,00013,000Commercial Rights (Profit share)

5,712

5,751

Value in kind

3,424

1,419

Diamond League

1,380

-

Total revenue from Broadcast Rights and Commercial Rights

38,241

34,945

2. OTHER REVENUE FROM ACTIVITIES
2021

in k USD

2020

Olympic Dividend

39,478-Russian Athletics Federation reimbursement

1,532

6,815

International Olympic Committee Development program contribution
World Athletics certification system
Court of Arbitration for Sport refund

250

250

1,416

1,439

43

21

Other income

1,908

769

Total revenue from other activities

44,628

9,294

Other revenue includes monies received across a host of miscellaneous areas; the largest portion for 2021
pertains to a reimbursement for Legal and Task Force related costs arising from the suspension of theRussian Athletics Federation.
Certification income pertains to monies received from across the globe where World Athletics assists indefining and measuring standards for tracks and equipment used in athletics events.
Incomes from our Label Road Race program and out-of-competition anti-doping testing are included inother income.

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

4. GRANTS AND DEVELOPMENT
3. COMPETITION AND EVENTS

in k USD
Area Development grant (a)in k USDWorld Athletics Series Competitions

2021
1,453

2020
477

Diamond League

2,464

961

Olympic Games

1,390

276

WA Tours & Permit

1,286

857

Other expenses (Competition & Events)

1,032

1,005

Staff costs and consultants

2,030

1,819

Competition & Events

9,655

5,395

Value in kind commissions

3,852

1,597

Information technology

3,504

2,822

Broadcasting

1,392

1,069

Marketing

762

488

Commercial partnerships

430

392

3,190

2,628

751

613

23,53615,004

Communication & publications
Health & science
Total Competition and Events

This includes spend on our World Athletics Series (WAS) events and costs for departments that work mostclosely with our event cycle.
The significant impact of Covid-19 on our Competition and Events cycle in 2020 led to greatly reduced
spends in this part of our business. In comparison, during 2021 we were able to host more events and saw
an improved cycle of events within our Member Federations and the Area Associations. Our otherdepartments that closely support our annual events cycle were also able to execute on more activities andprojects in support of these events. Consequently, the overall spends by department included above arehigher in 2021.
Our WAS events are held on a biannual basis. During 2021 we had two WAS events (WRE, Silesia 2021 and
WU20, Nairobi 2021) compared to only one during 2020 (WHM, Gdynia 2020). In addition, we saw thesuccessful conclusion to the Tokyo Olympic Games that were postponed from 2020.
The above total includes our annual spend towards the support we offer to the Diamond League. Also
included in this total is the support we offer to the World Athletics Continental Tour, World Athletics
Indoor Tour, World Athletics Cross Country Tour, World Athletics Race Walking Tour, and World Athletics
Combined Events Tour.
Staff costs across all our departments are higher in 2021 and should be viewed in the context of a reduced
furlough benefit received in 2021 from the Monegasque Government as compared to 2020.

Education
Publications (NSA)
Other items
Staff costs

2021
1,418

2020
1,306

683

280

0

2

275

519

992

792

Area Administration grant (b)

1,450

1,450

Competition grant (c)

1,041

1,280

Member Federation grant (d)

1,591

1,510

Athletics Olympic dividend (e)

1,574

889

Continental program, exceptional support & tracks
Total Grants and Development

54

0

9,076

8,028

This includes World Athletics spend on the Development of the sport and the support that we offer to ourMember Federations and Area Associations.
The reduced impacts coming from Covid-19 during 2021 are the primary drivers for increased activity andproportionately higher spends on Education and the Athletics Olympic Dividend (AOD). Following theinitial 4-year cycle from 2016 to 2019 of the AOD grant, the grant principles and eligibility were refined forthe 2-year 2020-21 cycle. As 2021 marks the end of this initial 2-year cycle, and due to the limited activity
in 2020, AOD spends are higher in 2021.
Area Development grant (a) are paid annually to support Area Associations to deliver development andeducation programs primarily through the Area Development Centres (ADCs). The Areas determine theirbusiness plans and activities to be supported based on the needs of their member federations with World
Athletics providing an oversight role. The Areas are responsible for the day-to-day management of the
ADCs in their respective region and for the selection and organisation of educational coaching courses andseminars. Two activities remain mandatory at the ADCs – women’s and youth.
Area Administration grants (b) are paid annually to assist Area Associations to operate and include:••

Maintaining a permanent office as HQ
Defraying costs of rent, utilities, internet, telephone, website, office supplies, staff salaries,
institutional meetings and other costs.

Area Competition grants (c) are paid annually to support the organisation and delivery of competitions at
a continental level including:•••

Regional and International Competitions
Area Championships
One-day Continental Tour meetings.

Member Federation grants (d) are paid annually to ensure the Member Federation can function and meetits basic membership obligations. It covers:••

Administration (including staff, office, utilities and communication equipment)
Organisation (national championships)

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

Travel to competitions.

Athletics Olympic Dividend grant (e) is a 2-year project-based grant designed to provide tailored support
across the 2-year period to meet Member Federations individual strategic priorities focused on thedelivery of activity within one of the following five areas:
•
•
•
•
•

Provide education and training
Provide equipment
Support development and delivery of competitions
Support athletes (training, competition, talent ID)
Supports youth and grassroots projects (mass participation and school projects).

in k USD
Administration

2021
5,084

2020
5,264

Amortisation

1,118

1,023

Heritage
Total Administration

696

495

6,898

6,782

This includes spend for our administrative departments such as Finance, Human Resources and Heritage
along with their associated staff costs. Expenses such as Audit fees, rentals, telephony, travel andtranslation are all included here.

5. LEGAL AND COMPLIANCE
in k USD

6. ADMINISTRATION

Congress

2021
178

2020
0

World Athletics Council and Executive Board

991

928

World Athletics committees

08World Athletics Independent Ethics Board

91

178

As mentioned before, Staff costs between 2020 and 2021 are not comparable due to the significant benefit
arising from our ability to put staff on furlough in 2020. Spend in our Heritage department was significantly
lower in 2020 since Covid-19 impacted our inability to host global exhibitions.

7. FINANCIAL INCOME

1,315

568

in k USD

2021

2020

International Associations meetings

48

63

Foreign exchange

288

221

Staff costs

539

472

Interests

309

81

Governance

3,160

2,218

Financial income

597

302

Athletics Integrity Unit

8,809

7,857

Legal

1,168

1,847

Total Compliance

13,138

11,922

World Athletics working groups

This includes World Athletics spend on Governance activities, Legal & Regulatory spend and spend
associated with the Athletics Integrity Unit (AIU).

This includes our financial incomes during the year primarily related to the multi-currency impacts fromour business operations.

8. FINANCIAL EXPENSES

The AIU is an independent body created by World Athletics that manages all integrity issues – both doping
and non-doping – for the sport of athletics. Their annual budget is approved by the World Athletics
Executive Board. The total AIU spend as shown above includes amounts reimbursed by the Russian
Athletics Federation that have been shown as income in ‘Other Revenue’.

in k USD

2021

2020

Foreign exchange

235

475

Bank charges

112

208

Interest expense

633

221

Legal costs are significantly lower in 2021 and show the impact of reduced litigation spend and alsosignificantly reduced external dependance on Legal advisors.

Post-employment benefit obligations

During 2021 we held our first ever virtual Congress leading to a significantly reduced spend compared toprevious years.

This includes financial and bank charges incurred during the year.

Financial expenses

WORLD ATHLETICS FINANCIAL REPORT | p. 30

7

17

987

922

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APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

10.

Notes to the consolidated balance sheet

9. INVESTMENTS IN EQUITYPROPERTY, PLANT AND EQUIPMENTThe Right of Use of assets detailed below predominantly relates to leased offices premises.

in k USD
Significant influence

2021

2020

Carrying amount as of January 1st

531

343

Share of profit / (loss) on investment in equity

-59

188

472

531

Investment at cost
Investments in equity as of December 31st

Investments in equity are related to World Athletics Productions Ltd, partly owned by World Athletics(50%).
World Athletics Productions Ltd
in k USD
Current Assets

2021
7 187

2020
2 139

Current Liabilities

6 701

1 544

Revenue

2 422

311

Profit/(loss)

-118

-97

Furthermore, World Athletics holds a 6% investment in Nitro Athletics Australia which is held at nil value.

Property, plant and equipment break down as follows:in k USD
Cost
Balance as of
31 December
2020
Additions
Balance as of
31 December
2021
Accumulated
depreciation
Balance as of
31 December
2020
Depreciation
Balance as of
31 December
2021
Net carrying
amountAs of 31
December 2020
As of 31
December 2021

Officefurniture &equipment

Computerequipment

Leaseholdimprovements

Motor cars

Right of use of
asset

Total

629

2 033

4 555

82

4 059

11 358

1

171

-

-

-

172

630

2 204

4 555

82

4 059

11 530

320

1 413

2 027

82

1 381

5 223

62

207

341

-

374

984

381

1 619

2 368

82

1 755

6 206

309

620

2 528

0

2 678

6 135

248

585

2 187

0

2 304

5 324

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

13.

TRADE RECEIVABLES AND OTHER RECEIVABLES
2021

2020

in USD
Trade receivables

Gross
606

Provision
232

Net
373

Net
521

Trade receivables

606

232

373

521

2021

2020

in USD
Receivables from directors

Gross
3

Provision

Net
3

Net
4

Other receivables

22,355715

21,641

1,168

Other receivables & current assets

22,358715

21,644

1,171

Prepayments

86

86

252

Tax receivables (VAT)

419

419

562

Prepayments & tax receivables

505

505

814

-

Trade receivables and other receivables that are not yet due are not considered impaired. The main
reasons for the increase in other receivables at the end of 2021 is on account of a receivable from Dentsu
for the profit share payable to World Athletics for 2020-2021 amounting to US$11.4m; the final instalmentof our Olympic Dividend due from the IOC amounting to US$6.3m; and a receivable from the World
Athletics Indoor Championships Belgrade 2022 amounting to US$2m. All of these amounts have beensubsequently received in 2022.
Allowances for doubtful accounts amounted to US$715k in 2021, with no variation compared to 2020.

12.

CONTRACT ASSETS

in k USD
Dentsu Profit Sharing

2021
-

2020
5,781

Total Contract Assets

-

5,781

Contract assets correspond to receivables related to the Commercial Rights profit share. The amount of
US$5,781k was related to the profit share revenue earned for the period 2020-2021. As of 31 December
2021, this profit share has been fully received.

CASH AND CASH EQUIVALENTS

As of 31 December 2021, this item comprised cash at bank of US$53,589k. There are no short-term
investments.
Cash and cash equivalents break down as follows:
2021
52,988in k USD
US Dollars
Other currencies
Deposit and current accounts

2020
38,829589

1,206

53,57740,035US Dollars

1

1

Other currencies

11

12

Cash on hand

12

13

53,58940,048

Total cash and cash equivalents

14.

EQUITYThe change in equity from 2020 to 2021 is on account of profit of US$29,772k.

15.

POST-EMPLOYMENT BENEFIT AND SIMILAR OBLIGATIONS
Post-employment benefit obligationsin k USD
Balance as of 31 December 2020

1,229

Operating costs-473

Financial expense

7

Other comprehensive expense

5

Balance as of 31 December 2021

769

The pension obligation is unfunded and therefore, no pension assets are held by World Athletics.
Furthermore, the changes of the significant actuarial assumptions were considered as not significant in
the context of the consolidated financial statements. The main impact of the decrease is related to theimplementation of the IFRS IC standard regarding post-employment benefits computation (refer to noteH).
The significant actuarial assumptions were as follows:- Assumptions regarding future mortality are set based on actuarial advice in accordance with publishedstatistics and experience in the region (INSEE 2015-2017 mortality table). These assumptions translate into
an average life expectancy in years for a pensioner retiring the ages of 62 for employees, and 63 formanagement.

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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS- Probability of departure before retirement age for current employees.
- Financial discount rate of 0,95% and salary increase rate of 4% for the pension obligation as of 31
December 2021

16.

FINANCIAL LIABILITIES CURRENT AND NON CURRENT

in k USD

2021

Current financial liabilities

253

320

Non-current financial liabilities

2,511

2,830

Total lease liabilities

2,763

3,149

DEFERRED INCOME

in k USD

2021

2020

Current deferred income

4,655

3,475

Non-current deferred income

1,935

6,590

Deferred income

6,590

10,0652020

The financial liabilities balance as shown above is comprised of lease liabilities under IFRS 16. Of the total
payable of US$3,149k, the amount due in the next 12 months is US$253k, amount due between 1 and 5
years is US$1,079k and the amount due in more than 5 years is US$1,431k.

17.

19.

Current deferred income amounts include US$1,705k from television rights and sponsorships contracts,and US$2,950k related to World Athletics Series events which are scheduled to be held in 2022.
Non-current deferred income consists of US$1,705k from television rights and sponsorships contracts andUS$230k received as advance payments against future events.

TRADE PAYABLES

in USD

2021

2020

Trade payables

4,235

3,041

Trade payables

4,235

3,041

Trade Payables include dues for regular operating expenses incurred by the Association. These include apayable amount to World Athletics Productions for US$1,854k. Another reason for the variance is on
account US$2,381k of invoices pertaining to 2021 received after the cut-off date of 31 December 2021.

18.

OTHER PAYABLES & ACCRUED EXPENSES

in k USD

2021

Payable to directors

138

125

Other payables

6,108

5,792

Accrued expenses

1,077

1,272

Tax payables
Other payables & accrued expenses

2020

0

1

7,323

7,189

Other payables as of 31 December 2021, includes expenditure related to 2021 for which invoices were notreceived until 31 December 2021.
This amount is primarily made up of expenditure around Grants given to Area Associations and Member
Federations that have not been paid yet, Prize money payments due for 2021 events and Bid guarantees
received from hosts of our future World Athletic Series events. All of these expenses will be settled during2022.
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APPENDIX B

APPENDIX B

2021 AUDITED FINANCIAL STATEMENTS

2021 AUDITED FINANCIAL STATEMENTS

OTHER DISCLOSURES20.

In 2021, World Athletics has recorded an amount of US$170k payable to the Complete Leisure Group, forservices and workspace of an executive assistant to the President during time spent in London inconnection with World Athletics business, provided at cost pursuant to a secondment agreement.

FINANCIAL RISK MANAGEMENT

The different types of financial risks and their impacts are detailed in note L of this document.

21.

COMMITMENTS GIVEN AND CONTINGENT LIABILITIES AND OFF-BALANCESHEET EVENTSIn October 2021, World Athletics entered into a loan agreement with Diamond League AG (“DLAG”) andagreed to provide DLAG with a loan of US$2m payable in two instalments as of 31 March 2023 and 31
March 2024. The loan shall be fully reimbursed to World Athletics by the end of June 2025.

22.

POST BALANCE SHEET EVENTS

A review was undertaken by management to assess any consequences on the financial statements arisingfrom the Russia-Ukraine conflict or from the resulting sanctions imposed on Russia. It was concluded there
are no material impacts on the consolidated financial statements.

23.

RELATED PARTIES

Under IFRS guidelines, the following are treated as related parties: Executive Board Members, Council
Members, President, Chief Executive Officer, Diamond League and World Athletics Productions Ltd. The
table below includes amounts paid to related parties during the year.
2021
1,127
1,031
42
54

in k USD
Executive Board, Council Members, President and Chief Executive Officer
Allowances
Other benefits (housing)
Other long-term benefits (retirement)

2020
1,095
1,012
32
51

Amounts paid to World Athletics Productions Ltd. during 2021 were US$1,734k primarily on account ofsalary reimbursements and office costs. A loan agreement from World Athletics to World Athletics
Productions Ltd has been signed in 2018 for US$234k.
Amounts paid to Diamond League during 2021 were US$2,464k primarily to cover costs in relation to
Diamond League meets that were held during the year. As on 31 December 2021 amount due to Diamond
League was $0.

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A
B

APPENDIX CAPPENDIX CWORLD ATHLETICS 2021 REMUNERATION POLICYWORLD ATHLETICS 2021 REMUNERATION POLICYC

APPENDIX C:WORLDAT H L E T I C S 2 0 2 1
R E M U N E R AT I O N
POLICYWorld Athletics position

Remuneration and expenses

Executive Board(base fee for all members including
President and Vice-Presidents)

US$22,500 per annum

Chair of EB Committee(supplementary fee)

US$2,500 per annum

President

US$250,000 per annum (plus EB base fee above)

Council(all Members, including EB Members)

Per diem of US$300 per day, plus allowance of US$6,000 per annum (except
for Area Presidents where the allowance is US$3,000 due to the additional
allowance)
Travel, meals and accommodation provided by World Athletics (travel based on
business class airfare plus per diem for each day (12 hours) of travel)

Council (Area Presidents)

Per diem of US$300 per day, plus allowance of US$3,000 per annum and:
• US$12,000 per annum (if lives in the same city as Area HQ)• US$18,000 per annum (if does not live in the same city as Area HQ)

Commissions(members other than Council Members)

Per diem of US$50 per day
Travel, meals and accommodation covered

Working Groups(members other than Council Members)

Per diem of US$50 per day
Travel, meals and accommodation coveredAIU Board members(independent members and supplementary
fee for Council Member)

US$15,000 per annum

AIU Board Chair

US$25,000 per annum

2021 ANNUAL REPORT AND ACCOUNTS

2021 ANNUAL REPORT AND ACCOUNTS

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