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2020 ANNUAL REPORTAND ACCOUNTS
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2020 Annual Report and Accounts

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CONTENTS
President’s Report  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Operations Report  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 112020 Revenue, Expenditure, Development at a glance  .  .  .  .  .  .  .  .  . 22
Athletics Olympic Dividend (AOD) grant case studies  .  .  .  .  .  .  .  .  .  . 24

Appendices  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 29
Appendix A – 2020 Audited Financial Statements  .  .  .  .  .  .  .  .  .  .  . 30
Appendix B – World Athletics 2020 Remuneration Policy  .  .  .  .  .  .  . 64

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2020 Annual Report and Accounts

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PRESIDENT’S REPORT

President’s Report﻿www.worldathletics.org

5President’s Report
From home workouts and backyard competitions toonline conferences and seminars and Athletics@Home,everyone worked hard to keep connected and keep
athletics going. By June we grew accustomed to thisnew virtual world including virtual in-stadium events– much to the delight of our fans, broadcasters andof course the athletes who finally got the chance tocompete again.
Bravery in the way we didn’t sit by and let the pandemic
wash over us. We took action and made decisions to help
our athletes navigate the year. We built a season when
we could, and when it was safe to do so. We found ways
to support our athletes through the Athlete Welfare Fundand we found ways to support each other. We worked
hard at keeping our fans engaged in new and creative
ways with a huge amount of help from our athletes andour Member Federations.

We have just staged our World Athletics U20
Championships in Kenya, right off the back of theTokyo 2020 Olympic Games, and we have seen the
return of most of our one-day meetings in the Diamond
League and the Continental Tour, albeit without
spectators for the most part. We have also celebrated
the extraordinary performances of our athletes as
they came back into global competition after a year of
disruption and frustration.

Flexibility in the way we adapted our ways of working,from our global decision-making forums going virtualto the staging of regular online Member Federation
Information Sessions joined by over 85% of our Member
Federations. This kept us connected in a strong andpowerful way and led to all our six Area Associations
running their own online information and education
sessions which reached thousands of people that workin our sport.

Against these most recent memories the year 2020
seems a lifetime ago, but I know that times are still
difficult for many of our athletes as the Covid-19 global
pandemic continues to restrict our movements and add
layers of complexity to our lives.

I was also delighted to welcome three new partners– Pinsent Masons, parkrun and Nielsen – in 2020.
And I was incredibly proud that we managed to stage
our World Athletics Half Marathon Championships in
Gdynia, Poland, as well as over 600 individual events
around the world in 2020 including eight Diamond
League and 28 Continental Tour meetings which gave
4000 athletes from 94 countries an opportunity toparticipate in high level competition through these twomeetings series.

Looking back on 2020 I am proud and grateful for theway we came together as a sport. Three words define
2020 for me: Resilience, Bravery and Flexibility.
Resilience in the way we managed to adapt to thecircumstances of the year. It was really hard work,
but we were told regularly that we were braverand delivered better than many other InternationalSports Federations. As most of the world adjusted to
lockdown, our sport rose to new heights, moving into avirtual and online world.

We have been prudent about how we have managed
our resources both financial and human, but continued
to deliver, where we could, competition and events forour athletes, and development initiatives and support
for our Member Federations and Areas. Over the2020 Annual Report and Accounts

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President’s Reportcourse of the year, as many as 60% of HQ staff were

athletes in all Areas as we have seen in 2021 where 43

fully or partially furloughed and we are grateful to theMonegasque Government for their generous financial
support of furloughed staff. This enabled us to top up

different teams won medals and 82 teams reached a final
at the Tokyo 2020 Olympic Games with 151 national
records set in 65 countries. At the World Athletics

salaries so no staff member was financially worse off
during this period.

U20 Championships 35 countries won medals with 63
countries finishing in a top eight position. The next four

Throughout the disruption we had the discipline tofocus on business-as-usual projects and programmes.

years offers unprecedented opportunities for thesechampions with athletics taking centre stage in the
middle of each year. Next summer we have the World

Presenting our four-year Strategy for Growth and our
10-year Sustainability Strategy, launching our eLearning

Athletics U20 Championships in Cali and the World
Athletics Championships Oregon 22. In 2023 we haveplatform and moving ahead on a new kids’ athletics
programme which will be launched at the end of 2021.
We also setup a Working Group to begin a large piece ofthe World Athletics Championships in Budapest followedby the Paris 2024 Olympic Games and then another
World Athletics Championships in 2025 which will bework around our eight-year World Plan which received
input from 85% of our Member Federations and over
25,000 individuals across the world through our Global

awarded early next year.

Conversation for Athletics campaign. The World Plan will
be presented by Council to the Congress in 2021.

my thanks go to the World Athletics team, our Area
Associations, Member Federations, our athletes and all our

We will continue to drive our sport forward and again

partners for the work they have done and continue to do.
This has been a huge effort. But we have made significant
progress across so much of our sport. We didn’t justTogether we have come through this year stronger,

survive, we thrived. In a year when it would have been
easy to let go of some of our ambitious goals, we rallied

more resilient, more innovative and creative, moreconnected, and more confident about our sport and its

and delivered across all four of our strategic pillars. My
thanks go to all our hard-working Commissions, Working
Groups, Headquarters, our Executive Board and ourCouncil for the work they have all done in developing
and planning for growth in our sport.

future. And, dare I say it, a little braver.
I would not want to end this report without
remembering one of our sport’s largest characters,
Svein Arne Hansen, who sadly passed away in 2020.
His passion, innovation and tenacity to drive and growathletics will be the legacy that we will all push forward
on his behalf.

The priority for all of us right now is to continue towork hard for our sport in a pandemic environmentthat will be with us longer than we had envisioned. We
have extraordinary breadth and depth of talented elite

we have come through this year stronger,“ Together
more resilient, more innovative and creative, moreconnected, and more confident about our sport andits future. And, dare I say it, a little braver.

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President’s Report
President’s Report2020 Annual Report and Accounts

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President’s Report
President’s Report

It was my great pleasure and immense honour to“present
the 2020 President’s Award to Tommie Smith,Peter Norman and John Carlos. May their story one
day be a part of our history rather than our present.

”www.worldathletics.org

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President’s Report2020 Annual Report and Accounts

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OPERATIONS REPORT

Operations Report
President’s Reportwww.worldathletics.org

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Unremitting focus on managing expenses and protecting revenue delivereda solid set of financial results in an unpredictable year

↗ 17% ↘
Cashflow increased

Expenditure
decreased byin a year where managing expenditure was critical↘

38%

which more than offset
the decline in revenue

Strong partnershipmanagement
ensured revenue
decline wasminimal at 13%

US$600k

HQ staff costs reduced by7%

as a result ofa generous
Monegasque
Government furlough
scheme which enabled World Athletics
to top up all furloughed staff salaries

Athlete Welfare Fund was established, largely
funded by the International Athletics Foundation,
which gave some level of respite in an unpredictable
year to 197 athletes from 59 member federations.

OVER

600

3 new partners
signedevents took place in 2020 including 1 World
Athletics Series event, 7 World Indoor
Tour Meetings, 8 Diamond League and 28
Continental Tour meetingsin 2020 and a new 10-year broadcast rights
collaboration with NBC negotiated

The 2020 consolidated financial accounts should havemarked the beginning of a new four-year funding cycle
tied, in the main, to the revenues received from theInternational Olympic Committee (IOC). This was not
the case given the postponement of the Tokyo 2020
Olympic Games to 2021 and three of our four World
Athletics Series events during 2020. Included in ourdeferred income for the year is an advance payment of
US$2.5m from the IOC against the Olympic Dividend
expected in 2021.

expenditure. This was a good strategy which saw ourcash reserves increase by 17% to US$40m.
Revenue for the year ending 31 December 2020
did decline by 13% to US$44.2m from US$51.1m
in 2019, primarily due to the reduced number of
events, particularly Label Road Race events. However,maintaining revenue from Broadcast and Commercial
rights by postponing rather than cancelling events
helped to deliver US$34.9m revenue in a difficult year.
The revenue also benefitted by US$6.8m from theRussian Athletics Federation (RusAF), a combination ofreimbursement and the fine that was levied.

Against this background we made a decision early inthe year to concentrate on protecting the revenue we
had and, more importantly, focusing on reducing our2020 Annual Report and Accounts

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Operations Report

Four early priorities set the agenda
for a year of achievements

In anticipation of a fractured year of events, significant
effort went into the careful management of expenditurewith strong results. Expenditure for the period of 31
December 2020 decreased by 38% to US$41.7m

In March 2020, when the pandemic moved from a local

from US$67.8m in 2019. A number of mitigations
contributed to this decrease.

to a global pandemic, we had just held a successful
World Athletics Indoor Tour with almost 600 athletesCompetition related expenses dropped by almost half
(49% to US$15m) as three of our four World Athletics

from 73 Member Federations and had held our first,
and only, in-person Executive Board and Council
meetings of 2020. As the world closed borders andSeries Events were postponed, and competition, eventand development related Area and Member Federation

imposed self-isolation we, as a sport, created fourpriorities to see us through what, at that stage, was a

grants also decreased significantly (48% to US$8m)
as staggered and extended lockdowns across theworld took hold. Administration grants to both Areasea of confusion and fog. Our four priorities kept us
focused on what we had set out to achieve during theyear before the global pandemic and helped us weather

Associations and Member Federations, where they areused to fund the running of the organisations, remainedlargely the same year on year.

the uncertainty Covid-19 caused better than a lot ofsports.

Furlough led to a reduction in staff costs of 7%

GETTING OUR ATHLETES BACK INTOCOMPETITION AS SOON AS POSSIBLE, ONCE IT(US$750k) in 2020 with up to 60% of head office
staff fully or partially furloughed during the year. The
generous provision for companies based in Monaco

WAS SAFE TO DO SO
We were able to preserve and create an outdoor
season of one-day meetings in 2020, starting andmeant we were able to top up the salaries of those
staff members that were furloughed so no one wasending later than usual, so athletes had access tocompetitions in every region. Over 600 events took

left ‘out of pocket’. Our thanks go to the Monegasque
Government for their clarity and support to businesses
during this period.
Non-event related travel spend (including

place in 2020 including eight Diamond League and
28 Continental Tour meetings which gave athletes
some competition so they could benchmark theirperformances and adjust their training accordingly for
the Tokyo 2020 Olympic Games. Over 4000 athletes

accommodation costs) dropped 85% from US$3.6m
in 2019 to just US$550k in 2020. This included
non-event travel expenses for all the World Athletics
departments and also in person Council, Executive
Board, Commissions and Working Group travel.

from 94 countries participated in these two meetings
series. This was possible because of our strong
network of meeting directors, cities, governments andorganising committees across our World Championshipand Continental Tour events to the Diamond League,

Whilst the cost of non-event related travel spend will
increase in 2021 as events are rescheduled, World
Athletics is committed to reviewing its ‘in person’
meetings and site visits to replace those it can withmarathons and road events who were willing to beflexible and work with us to do this. Our immense
thanks also go to our resilient partners who were
working with us on schedules and opportunities and214 determined federations who went out of their way

virtual meetings and explore commercial partnerships
to defray this cost and impact. This will reduce bothfinancial expenditure and environmental impact.

to explore national and local opportunities.

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Operations Report

Whilst three of our four World Athletics Series events

They wrote the playbook that our sport and many otherwere postponed, we were able to host one of ourWorld Championships in 2020 – the World Athletics
Half Marathon Championships in Gdynia, Poland, wassporting events, including the Tokyo 2020 Olympic
Games, followed and still follow in 2021.

held in October. Tribute must be paid to the organisingcommittee, the Polish Athletics Federation, and the

PROVIDING CLARITY ON QUALIFICATION CRITERIAAND MAKING EARLY DECISIONS IN THIS AREA

local and national Government of Poland for theenormous part they played in getting this event overthe line. Their resilience and fortitude were second

WAS CRUCIAL TO ATHLETES
We supported the IOC’s proposal that all athletes
that had qualified for the Tokyo 2020 Olympic Games

only to ours and our athletes who so desperately
wanted to compete. And that is, after all, our primary

before they were postponed would remain qualified
for the Games. We also listened to the athletes andreason to exist. The Championships gave us a fleetingappreciation of what was to come in 2021 with one
world record, one area record, two championshipgiven the inconsistency of competition and training
opportunities worldwide we agreed to freeze thequalification period from April to the end of November

records and 22 national records set at the event.
Being able to stage and host events across the world wasto level the playing field and provide a fairer process forthe remaining athletes to qualify. Once the qualification
period resumed, where possible, to support athletes’

the result of a huge effort from our Member Federations incollaboration with our Health and Science Department who

qualification ambitions we prioritised preserving outdoor
competition opportunities with a series of one-day

worked tirelessly, in an ever changing landscape, to create
the Covid protocols around athletes, coaches, officials,
media and volunteers that allowed us, with confidence, tomeetings on each continent that continued into 2021.

bring back safe, world-class meetings in August, stretching
all the way to the end of the year, with road races taking

provide real time tracking of the qualification process
for the Olympic Games searchable by discipline,

centre stage in the final months of this unusual season.

country and qualification.

A new Road to Tokyo online tool was created to

REORGANISING THE GLOBAL CALENDAR OF
EVENTS, NOT JUST FOR THE DISRUPTED 2020,2021 AND 2022 SEASON BUT FOR THE LONG TERMWorld Athletics Half
Marathon Championships

World Athletics was one of the first International
Federations to call for a postponement of the Tokyo
2020 Olympic Games on the feedback we received
right across our sport, particularly from our athletes.
We also took the lead to work with all sports to sort

283 athletes
61 Countries
1 World Record
1 Area Record
2 Championship records
22 National records

out the sporting calendar in 2021 and 2022.
We also started a review of our own sport’s global
calendar in February following the recognition byCouncil in 2019 that we needed to better coordinate
the global calendar dates, including the need to identify
national championship windows. A Global Calendar
Unit was established, bringing together a team fromdifferent aspects of our sport and from different partsof the world to review and manage the range of events

2020 Annual Report and Accounts

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Operations Reportthat happen every year on a national, regional andglobal level. Its aim is to create a three to four year
long-term, constantly updated global calendar to makethe competition schedule across the globe easier toWorld Indoor Tour

600 athletes
73 Countries

understand and follow for all stakeholders.
We put renewed effort and time into the expansion of
our one-day meetings to deliver high quality events in allparts of the world so our athletes do not have to travel
across the world to compete and earn a living but can doso on their own continents and in their own countries.
This work, particularly in the new Continental Tour
concept created in 2019, has paid dividends in 2021
and is good for athletes as it increases the prize money
they can earn, their families and friends and the legionsof fans who follow our sport. The increased Continental
Tour meetings staged in 2021 has created a strong
foundation for further growth over the coming years.

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Operations Report
Operations Report

STRATEGY FORGROWTH
2020-2023

Our Vision

TO USE THE
POWER ANDACCESSIBILITY OF
ATHLETICS AND OUR
ATHLETES TO CREATEA HEALTHIER AND
FITTER WORLD
Our Mission

GROW

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

LEAD

INSPIRE

Create globally appealing and accessible
competitions, events, and activities so ourtalented athletes can entertain and inspire
the world.

Be the best example of a well-governed
sports federation taking brave leadershipdecisions and valuing partnerships thatdeliver athletics around the world.

Our Approach
By doing the good things we do already even better via a programme of continuous improvement, and by delivering new innovative initiatives and programmes.

Our Goals

PARTICIPATIONPEOPLEFANSPARTNERSHIPS

We will deliver more events at every
level of the sport. From more worldclass athletics competitions in allcontinents at national, regional
and international level, through toensuring there are opportunities forchildren to try our sport wherever
they live and campaigns for more
people to get active through running.

We will celebrate, support anddevelop the people (coaches,
officials, volunteers and professionals)
who deliver our sport throughout theworld, at every level, providing clear
access and pathways and we will
double the number of new recruits
who help deliver our sport - ascoaches and officials or in Member
Federation, event or club roles.

We want our fans to attend and watch
our athletes compete, as well as get
to know and engage with themthrough new platforms and initiatives.
By 2023 our aim is to grow ourbroadcast reach, double our digital
following and create a database of
1 million known fans who actively
choose to connect and engage with
us and our sport.

As the world’s most accessible
sport we rely on strong partnerships
to deliver events and programmes
at all levels. We value thesepartnerships and aim to double
our current number of meaningfulcommercial and non-commercial
partnerships to generate new financial
and activation opportunities for our
sport, our athletes, our MF’s and ourcommunities around the world.

Our Stakeholders

Member Federations, Athletes, Partners, Media, Fans, and Our People.

© 2020 World Athletics. All Rights Reserved.

Our Values2020 Annual Report and Accounts

16Respect, Integrity, Leadership, Commitment, Innovation, Excellence.

Operations Report

DEVELOPING OUR STRATEGY TO GROW

We worked with existing partners to help get the

ATHLETICS
Whilst a global pandemic was not in our planningfor 2020, we had set ourselves an ambitious year inworld moving and embarked on new collaborations
around sustainability, air quality and health. We worked
closely with our technology partners to create newterms of growing our sport and we were determined
to keep to the plan as well as respond to the changing

ways of capturing and illustrating the amazing talentsof our athletes, their stories and their triumphs so

circumstances that Covid-19 presented. We finalised
and released our four-year Strategy for Growth andour 10-year Sustainability Strategy. We had teams

broadcasters and digital platforms could take them into
the homes of millions of fans around the world.

planning a new kids’ athletics programme which will
launch towards the end of 2021. We added more

Investment in new technology also enabled us tolaunch our new eLearning platform, which will be aevents to our 2021 Continental Tour one-day meetings,
revamped events and sport presentation and created
and approved a new global championship – World

key educational tool for our Member Federations andprovide our stakeholders with increased access andopportunities to participate in courses and achieve

Athletics Road Running Championships – which builds
on the huge global popularity in running which increased
during lockdown periods and will be held for the firstqualifications. One of the first eLearning courses
launched with the platform was a series of five online
sustainability modules covering the core strands

time in 2023.

of our 10-year Sustainability Strategy providing
Member Federations and stakeholders with both issue

We also continued to sign up new partnerships.
Pinsent Masons, parkrun and Nielsen joined in 2020
and we also negotiated and announced a new 10-

awareness and practical solutions to addressing theclimate issues the world is facing. The combination oftutorial, interactive Q&A and quizzes provide a new andyear broadcast collaboration with NBC which will be
instrumental in growing our USA market in the lead up

engaging learning experience.

to both the World Athletics Championships Oregon22
and the Los Angeles 2028 Olympic Games.

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Operations Report

Strong structures put in place
to govern the sport in 2020 aredelivering well in 2021

Three working groups were also established this year to

Our new partnerships and the work our commercial
team are doing, with Dentsu to expand our partners, isassessment of World Athletics operations, policies andrules in relation to human rights and develop a humana regular part of the agenda for the Executive Board
formed at the end of 2019 under a new remit. During
the year, the two committees established to supportrights framework which will be presented to Congressin 2021.

the Board – Audit, Risk & Finance Committee and a
Remuneration Committee – was expanded to three

The World Plan for Athletics Working Group wasestablished to create the key roadmap for our sport

Committees as the Executive Board agreed to separate
Audit and Finance and Risk, particularly given theincreased risk that Covid-19 was presenting on thefrom 2022-2030. On behalf of the Council it sets out
the vision and goals for the sport globally and thesteps World Athletics, Area Associations and Member

sport. An open recruitment process was held to appoint
the independent members of all three Committees.
Details of each of these committees are available onFederations will undertake to grow the sport. The World
Plan will be signed off by Council in 2021 ahead ofbeing presented to the Congress at the end of the year.

move forward on three important areas of our sport.
The Human Rights Working Group to undertake an

the website.
Athletic Shoes Working Group was established
2020 was the first year of the establishment of thefour Commissions under the new governance structure– Athletes’ Commission, Competition Commission,

by Council in June 2020 to advise and makerecommendations on the future direction of its rules
and regulations concerning elite athlete shoes, with

Development Commission and GovernanceCommission. Each of these Commissions created terms

the aim to try to find the right balance between
embracing innovation whilst at the same time ensuringof references and four-year plans which were approved
by Council in July and are available on the website here.
Each Commission reports to Council on key activities
and where decisions are required. The chairs of all fourCommissions aim to meet at least twice a year to look

the principles of fairness and universality for all athletes
are protected.

across the combined activity to ensure there is nothing
being overlooked and to coordinate activities in areasthat cross over. All Commission meetings in 2020 were
held remotely.

female administrators, coaches and technical officials
and driving the gender leadership programmes toensure we meet the gender targets set for 2027.
Almost 1000 individuals participated in online seminars
and forums during the year and around 300 women

The Gender Leadership Taskforce continued its vitalrole of building the pipeline of talented and empowered

within athletics from all six Areas attended a virtualglobal conference to inspire women leaders in athletics.
The Russian Taskforce continued its role of reviewing
and reporting to Council on RusAF’s reinstatement
plans. In March 2020, RusAF admitted breaching
the World Athletics Anti-Doping Rules by its senior
management being complicit in and covering up
a whereabouts rule violation by high jumper Danil
Lysenko. As a result, Council imposed a package

2020 Annual Report and Accounts

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Operations Reportof sanctions on RusAF, including a US$10 million
fine, of which US$5 million was payable by 1 July
2020, as well as US$1.31 million in costs. Following
non-payment of those amounts by the due date,
the Council unanimously agreed with the Taskforce’s
recommendation to recommend to Congress to expel
RusAF from membership of World Athletics, but tosuspend the making of that recommendation provided
RusAF met specific conditions, including making theoutstanding payments before 15 August 2020. The
payments were received before the deadline. The
appointment of international experts has helped RusAF
develop a clear strategic and operational plan to drive
the cultural changes required for Russia to return tofull international membership of the sport. This wasapproved by Council in February 2021.

In a year of so much disruption and uncertainty wemanaged to bring the sport closer together, remaining
focused on key activities within our strategic plan
to grow the sport as well as managing the dayto-day, week-to-week impact of Covid-19 in all
our communities. All of this was delivered with anunremitting focus on prudent financial management andwell managed resources both financial and human. With
the performances we have seen from our athletes at theTokyo 2020 Olympic Games, the World Athletics U20
Championships in Nairobi and at our one-day meetings
most have used a difficult year to get stronger andrefocus.

In addition to the Global Calendar Unit to better
coordinate the global calendar dates of all athletics
event, a Pro Running Board was set up in 2020 as
an informal consultative and advisory body to theCompetition Commission on all aspects of World
Athletics’ involvement in professional road racing.

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Operations Report
Operations Report

2020

January – February – March – April – May – June

2020 Annual Report and Accounts

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July – August – September – October – November – December

www.worldathletics.org

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Operations Report2020 Revenue, Expenditure, Development at a glance2020 Annual Report and Accounts

22Operations Report2020 Revenue, Expenditure, Development at a glance

94 Countries

8 Wanda Diamond League

600+ events 2020 Events 4000 athletes
28 Continental Tour meetings

www.worldathletics.org

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Operations Report

Athletics Olympic Dividend (AOD) grant case studies
Despite a difficult year, some strong work continued across the world with
AOD funding
Athletics Federation of Pakistan

Eritrean National Athletics
Federation
TALENT IDENTIFICATION PROGRAMME (YOUTH &GRASSROOTS PROGRAMMES)
This AOD project will establish a talent identification
programme to uncover new talents and support thedevelopment and progression of 70 new talented
athletes in different regions of Eritrea. The project also
involves the parents of the athletes to encourage themto support the athletes’ progression.

Athletics Papua New Guinea

NATIONAL DEVELOPMENT FOR COACHES AND
FEMALE TECHNICAL OFFICIALS (EDUCATION)
To upgrade the knowledge of coaches and technicalofficials in Pakistan, this AOD project will deliver a
Coach Education & Certification System Level I course,
and two Technical Officials Education & Certification
System (TOECS) Level I courses, including a female
only TOECS course to address the shortage of female
officials in the country. Additionally, a mentoring
programme will be set up for the newly qualifiedcoaches to support the development and network ofregistered coaches in the 15 regions of Pakistan.
DEVELOPMENT OF DISTANCE RUNNING(ATHLETES’ SUPPORT)
In view of the 2023 World Athletics Cross Country
Championships in Australia, this AOD project aims tobuild a strong team for the championships and add
more athletes to its squad. In addition to the athlete
training programmes and in partnership with the
National Olympic Committee and local sponsors, theFederation will organise coaches and technical officials’
courses to raise the standards of middle and longdistance running in the country.

2020 Annual Report and Accounts

24Operations Report
Athletics Olympic Dividend (AOD) grant case studies

Athletic Federation of Georgia

Confederación Atletica del Uruguay

TRAINING CAMPS FOR GEORGIAN ATHLETES(ATHLETES’ SUPPORT)
With the AOD grant, the Federation plans to organisefour training camps for senior, U20 and U18 Georgianathletes, to support their preparation and performancein major athletics events in 2021 and 2022. The overall
aim through the training camps is to improve theperformance level and success of athletes and help
develop role models to promote the sport of athletics
to the younger generations as well as to potential
sponsors.
IDENTIFICATION OF THE NEXT GENERATIONOF ATHLETES (ATHLETES’ SUPPORT AND
DEVELOPMENT OF COMPETITION STRUCTURES)

Federación Salvadoreña de
Atletismo

The purpose of the AOD project is to support theidentification and development of the next generationof athletes. The Federation will strengthen and expand
the current structure of competitions by organising
events in two different locations, Durazno andPaysandú, where new tracks have been built recently.
Delivering competitions in these new locations will
attract more athletes to take part and provide increased
frequency and opportunity for participation.

ATHLETICS PROGRAMME IN THE CITY OF SANMIGUEL (YOUTH & GRASSROOTS PROGRAMMESAND EQUIPMENT)The purpose of the AOD project is to establish an
athletics programme for athletes aged 14-17. The
Federation will carry out talent identification activities
in which they will test and select the best athletes tobe part of the athletics programme at the San Migueltraining centre. The Federation will organise one
training camp per month bringing five athletes from thenational team to promote joint training between elite
and young athletes. The AOD grant will also be used
to purchase throwing equipment and contribute to theorganisation of the training camps. The Government
and the National Sport Institute will also support theconstruction of the horizontal jumps areas and throw
circles at the sports centre.

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Operations Report
Athletics Olympic Dividend (AOD) grant case studies

2020 Annual Report and Accounts

26Worldathletics.org 30 November 2019 – 29 November 2020
Operations Report
Athletics Olympic Dividend (AOD) grant case studies

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289,966

663,884

422,000

1,300,000

Likes

Followers

Followers

Subscribers

Subscribers

+11%

+7.4%

+44%

+94%

+100%

Total social media fanbase

Info Sessions with the participationof 179 Member Federations

President Interviews

World Athletics Media Operations

1 Feb 2020 – 11 Oct 2020

4 meetings of the Media Ops Focus Group composed by the
top 30 news agencies, sports media and photo agencies
Remote Mixed Zones set-up for WA Half Marathon Championships Gdynia 2020,
Wanda Diamond League meetings and Continental Tour Gold meetings

8

Covid-Connect sessions during
the March – August lockdown

3

media interviews
indifferent countries

World Athletics Coverage in Mainstream and Social MediaTop 50 athletics nations / 9,500 articles / 227,000 posts
1 Feb 2020 – 31 Oct 2020

Top 8 Most Visible Federations
FIFA (Football)(positive 14% – negative 16%)

IOC (Olympics)(positive 4% – negative 8%)

World Athletics

Sports Events Athletics Topics Social Media(positive 24% – negative 8%)

World Rugby

Olympic Games 2020/21
4,294 articles

Effects of pandemic
3,047 articles

USA
78,763 posts

ITF (Tennis)

Wanda Diamond League 2020
950 articles

Doping issues
1,998 articles

Great Britain
13,247 posts

UCI (Cycling)

WA Championships 2021/22
715 articles

Reinstatement of RusAF
1,170 articles

Spain
11,192 posts

FIBA (Basketball)

WA Indoor Championships 2020/21
345 articles

Lamine Diack trial
550 articles

WA Continental Tour 2020
190 articles

Nike shoe technology
279 articles

Ugandawww.worldathletics.org

10,925 posts

27 Kenya
9,883 posts

FINA (Aquatics)

Operations Report
Athletics Olympic Dividend (AOD) grant case studies

2020 Annual Report and Accounts

28

APPENDICES

Appendices
Athletics Olympic Dividend (AOD) grant case studies

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29

Appendices
Appendix A – 2020 Audited Financial Statements

Appendix A –2020 Audited
Financial Statements

2020 Annual Report and Accounts

30Appendices
Appendix A – 2020 Audited Financial Statements

Contents
Officers & Professional advisers.......................................................... 32

Statement of Executive Board responsibilities............................. 33

Independent Auditors’ report............................................................... 34

Information about the Association and significant
events of the period.................................................................................. 38

Financial Report 2020.............................................................................. 41
Consolidated financial statements...................................................................................41
Significant accounting policies...........................................................................................45
Notes to the consolidated statement of comprehensive income................51
Notes to the consolidated balance sheet...................................................................57
Other disclosures........................................................................................................................62www.worldathletics.org

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Appendices
Appendix A – 2020 Audited Financial Statements

Officers and Professional Advisers
PRESIDENT
Sebastian COE(GREAT BRITAIN & NORTHERN IRELAND)SENIOR VICE PRESIDENT
Sergey BUBKA(UKRAINE)

VICE PRESIDENTS
Nawaf AL SAUD(SAUDI ARABIA)

Geoff GARDNER(NORFOLK ISLAND)

Ximena RESTREPO(COLOMBIA)

COUNCIL MEMBERS
Valerie ADAMS(NEW ZEALAND)

Dahlan AL HAMAD(QATAR)

Beatrice AYIKORU(UGANDA)

Sylvia BARLAG(NETHERLANDS)

William BANKS(USA)

Raul CHAPADO(SPAIN)

Nawal EL MOUTAWAKEL(MOROCCO)

Helio GESTA DE MELO

(BRAZIL)

Abby HOFFMAN(CANADA)

Alberto JUANTORENA DANGER(CUBA)

Hamad KALKABA MALBOUM(CAMEROON)

Dobromir KARAMARINOV(BULGARIA)

Renaud LAVILLENIE(FRANCE)

Antti PIHLAKOSKI(FINLAND)

Anna RICCARDI(ITALY)

Mike SANDS(BAHAMAS)

Robin SAPONG EUGENIO(NORTHERN MARIANA ISLANDS)

Adille J. SUMARIWALLA(INDIA)

Nan WANG(CHINA)

Hiroshi YOKOKAWA(JAPAN)CHIEF EXECUTIVE OFFICER

Jon RIDGEON

AUDITORS

Ernst & Young Audit Conseil & Associes

MAIN BANKERSBARCLAYS BANKCOMPAGNIE MONEGASQUE DE BANQUE

2020 Annual Report and Accounts

32Appendices
Appendix A – 2020 Audited Financial Statements

STATEMENT OF EXECUTIVE BOARD RESPONSIBILITIES2020 CONSOLIDATED FINANCIAL STATEMENTS
In addition to the basic financial reporting requirements set out in the statutes of World Athletics (“the Association”),
the Executive Board undertakes to prepare consolidated financial statements for each financial period which give atrue and fair view of the state of affairs of the Association as at the end of the financial period, of the surplus or loss
and of the cash flow statement of the Association for that period.
In preparing those consolidated financial statements, the Executive Board considers that the Association has usedappropriate accounting policies in accordance with the note A and B of the consolidated financial statements,
consistently applied and supported by reasonable judgments and estimates, that all accounting standards which
they consider to be applicable have been followed and that the preparation of the consolidated financial statements
on a going concern basis is appropriate.
The Executive Board has responsibility for ensuring that the Association keeps accounting records, which disclosewith reasonable accuracy the financial position of the association.
The Executive Board has general responsibility for taking such steps as are reasonably open to them to safeguard
the assets of the Association and to prevent and detect fraud and other irregularities.
Approved by the Executive Board.
And signed on behalf of World Athletics.
As of 27th July, 2021

Sebastian Coe
President

Vineesh Kochhar
Chief Operating Officer

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Appendices
Appendix A – 2020 Audited Financial Statements

Independent auditor’s report on consolidated financial statements
ERNST & YOUNG Audit Conseil & AssociéWorld Athletics
Year ended 31 December 2020
To the Executive Board of World Athletics,
OPINION
We have audited the consolidated financial statements of World Athletics which comprise:• the consolidated balance sheet as at 31 December 2020,• the consolidated statement of comprehensive income for the year then ended,• the consolidated statement of changes in equity for the year then ended,• the consolidated statement of cash flows for the year then ended, and• the notes to the consolidated financial statements, including a summary of significant accounting policies.
Due to the global crisis related to the Covid-19 pandemic, the consolidated financial statements of this period havebeen prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in thecontext of the state of sanitary emergency have had numerous consequences for companies, particularly on theiroperations and their financing, and have led to greater uncertainties on their future prospects. Those measures, suchas travel restrictions and remote working, have also had an impact on the companies’ internal organisation and theperformance 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, theconsolidated balance sheet of the Association (including World Athletics and its subsidiaries), its consolidated
financial performance and consolidated cash flows for the period then ended, in accordance with the accounting
principles described in the notes to the consolidated financial statements.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities underthose standards 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 requirementsthat are relevant to our audit of the consolidated financial statements in Monaco, and we have fulfilled our otherethical responsibilities in accordance with 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.

2020 Annual Report and Accounts

34Appendices
Appendix A – 2020 Audited Financial Statements

OTHER INFORMATIONOther information consists of the information other than the financial statements and our auditor’s report thereon.
Management is responsible for the other information. Our opinion on the financial statements does not cover theother information and we do not express any form of assurance conclusion thereon. In connection with our audit of
the financial statements, our responsibility is to read the other information and, in doing so, consider whether theother information is materially inconsistent with the financial statements or our knowledge obtained in the audit orotherwise 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 thisregard.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTSManagement is responsible for the preparation and fair presentation of the financial statements in accordance with
International Financial Reporting Standards, and for such internal control as management determines is necessary toenable the preparation of consolidated financial statements that are free from material misstatement, whether due tofraud or error.
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.
Those charged with governance are responsible for overseeing the Association’s financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conductedin accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected toinfluence 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 tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Association’s internal control.

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35

Appendices
Appendix A – 2020 Audited Financial Statements• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Association’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Association to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Association to express an opinion on the consolidated financial statements. We areresponsible for the direction, supervision and performance of the Association audit. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
RESTRICTION ON USE OF OUR REPORTThis report is addressed to the Executive Board of the Association. We assume or take no responsibility in respectof a third party which may use this report.
This report shall be governed by, and construed in accordance with Monaco law. The courts of Monaco shall haveexclusive jurisdiction in relation to any claim or dispute concerning the engagement letter or this report, and any
matter arising from them. Each party irrevocably waives any right it may have to object to an action being brought inany of those courts and to claim that the action has been brought in an inconvenient forum or that those courts do
not have jurisdiction.
Monaco, August 23rd, 2021
The independent auditor
ERNST & YOUNG Audit Conseil & Associés

Sandrine Arcin2020 Annual Report and Accounts

36Appendices
Appendix A – 2020 Audited Financial Statements

Consolidated financial statements according to IFRSContents
Information about the association andsignificant events of the period....................... 38

Notes to the consolidated statementof comprehensive income................................... 51

I. General.............................................................................................38
II. About World Athletics...........................................................38
III. Significant events of the period......................................39

1. Revenue from broadcast rights andsponsorship rights....................................................................51
2. Other revenue from activities............................................51

IV. Official World Athletics partners.....................................40

3. Competition & events............................................................52
4. Grants & development...........................................................53
5. Legal & compliance..................................................................54
6. Administration.............................................................................55
7. Financial income.........................................................................55

Consolidated financial statements.................. 41
Consolidated statement ofcomprehensive income....................................................................41
Other comprehensive income.....................................................41
Consolidated balance sheet........................................................42

8. Financial expenses....................................................................56

Consolidated statement of cash flows.................................43
Consolidated statement of changes in equity................44

Notes to the consolidatedbalance sheet ........................................................... 57

Significant accounting policies......................... 45

9. Investments in equity..............................................................57
10. Property, plant & equipment ............................................58
11. Trade receivables and other receivables....................58

A. General information and statementof compliance...............................................................................45

12. Contract assets..........................................................................59
13. Cash & cash equivalents.......................................................59

B.
C.
D.
E.
F.

Basis of preparation.................................................................45
Consolidation principles and perimeter.......................46
Currency translation................................................................46
Tangible fixed assets...............................................................47
Accruals and provisions........................................................47

14. Equity................................................................................................59
15. Post-employment benefit and similar
obligations.....................................................................................60
16. Financial liabilities current & non current...................60
17. Trade payables............................................................................60

G.
H.
I.
J.
K.

IOC loan..........................................................................................47
Pension obligations..................................................................48
Debtors............................................................................................48
Revenue...........................................................................................48
Operating expenses................................................................49

18. Other payables & accrued expenses...........................61
19. Deferred income.........................................................................61

L. Financial income and expenses........................................49
M. Financial risk management...................................................49
N. Critical accounting estimatesand judgment...............................................................................50

20.	 Financial risk management.................................................62
21. Commitments given and contingent
liabilities and off-balance sheet events......................62
22. Post balance sheet events..................................................62
23. Related parties............................................................................62

Other disclosures.................................................... 62

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Appendices
Appendix A – 2020 Audited Financial Statements

Information about the Association and significant events of the period
I. General

performance, gold medals and records. It is also about‘sport for all’ and about ensuring that the maximum
number of citizens are able to participate in athletics.

World Athletics is a non-profit-making association, themembers of which are the National Federations, which
represent athletics in each country of the world. Its
object is to establish legal and friendly cooperation

This means, of course, the thriving world of roadrunning, which is where a large number of people acrossbetween all members for the benefit of athletics. World
Athletics compiles rules with regulations governinginternational competitions and fosters the worldwide

the globe connect directly with the world of athletics.
It also means athletics in schools, where World Athletics
is keen to ensure that we reach the maximum number ofdevelopment of athletics and the dissemination oftechnical and other information to its affiliated entities.

children, all over the world, starting at the age of sevenbut also including those in their teens, where the dropoff from sport is most acute.

II. About World Athletics

Despite the obvious benefits the sport brings to

Athletics is one of the world’s most ancient sports
which has continued to adapt through the centuries,

communities and society, World Athletics recognisesthat athletics is competing for the public’s attention
in an ever more varied and complex media andoffering a dynamic, life-enhancing sport.

entertainment-driven world. This means the sport andall those within it embracing wider aspects touching on

On 17 July 1912 in Stockholm, following the closing
ceremony of the Olympic Games in the Swedish capital,
the International Amateur Athletic Federation (IAAF)

social responsibility, the environment and all mattersthat help advance athletics as a force for good andcreating a better world.

was founded as the world governing body for the sportof track and field athletics.

Athletics disciplines are among the oldest of all
sporting competitions known to humankind, with ‘run,jump, throw’ the natural and universal forms of humanphysical expression. The sport also offers broader
values that help deal with life’s challenges.

During the 10 decades that followed, athletics
underwent many changes reflecting the political andsocio-economic evolution of the wider world. Even
the IAAF’s name changed in 2001, becoming the‘International Association of Athletics Federations’ toreflect the growth of a professional sporting world
which did not exist in 1912. More recently, in 2019, theFederation changed its name to ‘World Athletics’.

World Athletics is adapting its competition programme
to reflect the vast array of activities the public haveaccess to. Attracting, growing, and, most importantly,
retaining young people as both participant andspectator are essential if athletics is to retain its appeal.

World Athletics was founded to fulfil the needfor a world governing authority, for a competition
programme, for standardised technical equipment
and for a list of official world records. All of theserequirements remain today.

And it is equally important to continue the close links
the sport has to the masters’ athletics movement as wellas ultra-distance running, trail and mountain running.
The biennial World Athletics Championships is thejewel of our World Athletics Series of events, which
also includes indoor, U20, relays, cross country, racewalking and road running during a two-year cycle ofWorld Championships events for each of these typesof competition.

Yet in an ever-changing world, international sport
federations such as World Athletics need to beproactive when trying to reach new audiences and find
new hosts for their events. It is also fundamental tounderstand that athletics is no longer just about high2020 Annual Report and Accounts

38Appendices
Appendix A – 2020 Audited Financial Statements

Athletics also carries the mantle of being the Olympic

As World Athletics enters its second century as an

Games’ leading sport. Athletics is the main spectator
stadium sport of the Games, central to the success ofeach summer Olympic Games. The histories of athletics

official governing body its aim is to further enhance thevibrant sport to offer new and exciting prospects forathletes and spectators alike. Following four years ofand the Olympic Games are closely entwined, andWorld Athletics is extremely proud of this association.

reform, resulting in two revisions of the Association’sconstitution, the sport is working hard to ensurethat every area of athletics is reviewed, tested andencouraged to strive for excellence.

Both the World Athletics Championships and the
Olympic Games continue to play to packed stadiums
and attract TV audiences in their billions.

III. Significant events of the period

The marketing potential of each edition of the World
Athletics Championships is excellent with only thesummer Olympic Games and the FIFA World Cup

DIAMOND LEAGUE ASSOCIATION
During the year, a decision was made to contributebigger in terms of global reach and impact. The next
World Athletics Championships will be hosted in
Eugene, USA (2022) and Budapest, Hungary (2023).

the shares held by World Athletics in Diamond
League AG, a commercial entity, to an Association.
This newly created non-profit organisation, Diamond

The wide variety in the type, size and scope of the

League Association, was registered under the laws of
Switzerland. World Athletics does not exercise any

rest of the World Athletics Series of competitions, with
their different demands in terms of logistics, budget
and facilities also means that there are World Athletics

significant influence over the operations of Diamond
League AG and the loss on disposal has beenrecognised through the statement of comprehensive

events available to fit the hosting ambitions andresources of cities, large and small, among most of theincome.

sport’s 200+ national Member Federations.

COVID 19
On 11 March 2020, the World Health Organisation
declared that the outbreak of Covid-19 represents a
pandemic.

Showing the sport’s ability to innovate and respond tochanging demands, an exciting new team competition,
the World Athletics Relays, was launched in 2014
in Nassau, The Bahamas, and has now been staged
on three further occasions, most recently in 2019 in
Yokohama, Japan.

Consequently, a number of sporting events on ourcalendar were postponed. We had one World Athletics
Series event during the year and while we do not
expect any of our World Athletic Series events to becancelled, some of our Area competitions for 2020

This variety extends beyond championships.

were postponed or cancelled.
In 2010, a new global one-day competition structure
was unveiled. It is headed by the Diamond League of
14 invitational track and field meetings in Africa, Asia,
Europe, and USA. The Continental Tour, with Gold,

IOC LOAN FACILITY
On 26 June 2020, in response to the Covid-19
pandemic and the fact that the Olympic Games

Silver and Bronze one-day meetings held across all
six World Athletics areas, provides the second tier of
elite international competition along with our World
Challenge events. All these play out to large stadium
and TV audiences around the world.

were moved from 2020 to 2021, the IOC agreed toadvance World Athletics a sum of $7 500k in threeequal instalments of $2 500k split between 2020 and
2021. Reimbursement of the advance is due upon thepayment of the IOC for Tokyo 2020 or Paris 2024.

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39

Appendices
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In keeping with IFRS guidelines around recognisingincome when the event has taken place, this amountof $7 500k will be reflected in our IFRS financial
statements in 2021.
During the year, we have utilised the benefit provided
by the Monegasque Government to put staff on
furlough. This allowed us to ensure the safety of ourstaff during these difficult times and contributed
towards reducing $750k of staff costs for the year.
The Association continues to have strong long-term
revenue commitments and has sufficient cash andreserves to continue with day to day operations and tomeet future liabilities as they come due.

IV. Official World Athletics partners
World Athletics Partners

World Athletics Media Partner

World Athletics Media Distribution Partners

World Athletics Suppliers

2020 Annual Report and Accounts

40Appendices
Appendix A – 2020 Audited Financial Statements

Consolidated financial statements
Consolidated statement of comprehensive income
in k USD

Note

2020

2019

Television Rights & Sponsorship1

34 94543 855

Other revenue

2

9 294

7 289

44 23951 144

Revenue

Total revenue

ExpensesCompetition & Events

3

15 00429 546

Grants & Development

4

8 028

15 385

Legal & Compliance5

11 92214 853Administration

6

Total expenses

Operating Profit (Loss)
Financial Income

7

Financial Expenses

8

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

9

Profit (Loss) for the year

6 782

8 051

41 736

67 8352 503(16 691)

302

400

(922)

(1 070)

(620)

(671)

188

(63)

2 071

(17 424)

Other comprehensive income
in k USD

Note

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

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41

15

2020

2019

2 071

(17 424)

6

130

-

-

6

130

2 077

(17 295)

Appendices
Appendix A – 2020 Audited Financial Statements

Consolidated balance sheet
in k USD

Note

31 Dec 2020

31 Dec 2019

402

328

10

6 135

6 571

210

205

AssetsIntangible assets
Property, plant & equipment
Long term financial assets
Investments in equity-accounted investees

9Non-current assets

531

343

7 278

7 446

Trade receivables

11

521

262

Prepayments & tax receivables

11

814

1 070

Other receivables

11

1 171

7 950

Contract assets

12

5 781

9 344

Cash and cash equivalents

13

40 04834 302Current assets

48 33552 927

Total assets

55 61360 373

Reserve Fund

10 000

10 000General Fund

18 86836 287

Profit/loss of the year

2 071

(17 424)

14

30 93928 862

Trade payables

17

3 041

4 483

Other payables and accrued expenses

18

7 189

17 138Financial liabilities

16

320

282

Deferred income

19

3 475

1 119

14 02523 021

Total equity & reserves (general funds)
Liabilities

Current liabilities

Provisions

15

1 229

1 102

Financial liabilities

16

2 830

3 003

Deferred income

19

6 590

4 385

Non-current liabilities

10 6498 490

Total liabilities

24 67431 511

Total liabilities and reserves

55 61360 3732020 Annual Report and Accounts

42Appendices
Appendix A – 2020 Audited Financial Statements

Consolidated statement of cash flows
in k USD

Note

2020

2019

2 071

(17 424)

Operating activities
Net result for the year
Net financial income/(expense)

7,8

502

674

Depreciation

10

1 023

1 063

Share of profit on investment in equity

9

(188)

(171)

Increase/(Decrease) in provisions for pension obligations

15

128

(3)

(Increase)/Decrease in receivables

11

11 331(4 610)12

3 563(4 794)

17,18(11 493)

9 708

6 937

(15 558)(Increase)/Decrease in contract assets
Increase/(Decrease) in payables
Net cash generated by operating activities
Investing activities(Purchase)/sale of property, plant & equipment

(588)

(106)

(Purchase)/sale of intangible assets

10

(74)

(155)

Net cash (used)/generated in investing activities

(661)

(261)

Financing activities
Proceeds from new loans / borrowings

172-

Repayment of loans / borrowings

(412)

(378)

Interest received

7

23

106

Interest paid

8

(313)

(428)

Net cash used in financing activities

(530)

(700)

Net (decrease)/increase in cash & cash equivalents

5 746(16 519)

Cash & cash equivalents as at 1 January

34 30250 820Net increase/(decrease) in cash & cash equivalents

13

5 746

(16 518)

Cash & cash equivalents as at 31 December

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Appendices
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Consolidated statement of changes in equity
Other Reserves

Transfer

FundTransfer fromincomefrom income
statement

Total equity

10,00063,766(27,609)

46,157(27,609)27,609-Reservein k USD
As at 31 December 2018

Net income allocation
Actuarial loss on retirement benefit

130

130

-

130

130
(17,424)(17,424)-130(17,424)(17,295)

10,00018,862(17,424)

28,862

Net income allocation-

17,424

Actuarial loss on retirement benefit
obligations, net of taxes

6

obligations, net of taxes
Other comprehensive income for the period
Net income
Total comprehensive income for the period

As at 31 December 2019

Other comprehensive income for the period-

Profit for the year
Total comprehensive income for the period

As at 31 December 2020

6

6

6

2,071

-

2,071

-

2,077

-

2,077

10,00020,939-30,9392020 Annual Report and Accounts

44Appendices
Appendix A – 2020 Audited Financial Statements

Significant accounting policies
This note provides a list of the significant
accounting policies adopted in the preparationof these consolidated financial statements. These
policies have been consistently applied to all
the years presented, unless otherwise stated.
The financial statements are for the Associationconsisting of World Athletics and its subsidiaries.

financial statements and that the going concern basisof accounting remains appropriate. The outbreak of
the Covid-19 pandemic and the measures adopted
by the governments worldwide to mitigate its spread
have impacted the Association. These measures led tothe cancellation of many sporting events during theyear, and most importantly to the rescheduling of the
Olympics in 2021. This has negatively impacted the
Association’s financial performance during the year

A. General information andstatement of complianceand also its liquidity position. A loan agreement with
IOC for $7 500k has been contracted during 2020.

World Athletics’ consolidated financial statements

Reimbursement of the loan is due upon the payment of
the Olympic Dividend by IOC for the Tokyo Games or,for the year ended 31 December 2020 have beenin the event the Tokyo Games are cancelled, from the

prepared in accordance with the IFRS as adopted by
the European Union. These standards are available on

Olympic Dividend due for the Paris Games in 2024.

the European Union’s website: here.

There is still uncertainty over how the future
development of the outbreak will impact the
Association’s activity.

The financial statements are accompanied bydisclosures deemed to be material as required byregulation no. 1606/2002 of the European Parliamentand of the Council, which are available on the European
Union’s website: here.

Also, to respond to a severe downside scenario,
management can take the following mitigating actions to
reduce costs, optimise the Association’s cash flow andpreserve liquidity:

B. Basis of preparation• reducing non-essential capital expenditure anddeferring or cancelling discretionary spend;• freezing non-essential recruitment; and• reducing marketing spend.

GOING CONCERN
The financial statements have been prepared on a going
concern basis, under the historic cost convention, except
for the following:

NEW AND AMENDED STANDARDS ADOPTED BY
THE ASSOCIATIONThe Association has applied the following standards andamendments for the first time for their annual reporting
period commencing 1 January 2020:• certain financial assets and liabilities (including
derivative instruments), certain classes of property,
plant and equipment and investment property –measured at fair value• assets held for sale – measured at fair value less costs
to sell, and• defined benefit pension plans – plan assets measured
at fair value.

• Definition of Material – amendments to IAS 1 and
IAS 8• Definition of a Business – amendments to IFRS 3• Interest Rate Benchmark Reform – amendments to
IFRS 9, IAS 39 and IFRS 7• Revised Conceptual Framework for Financial
ReportingManagement has concluded that the Association
has adequate resources to continue in operation for
at least the next 12 months from the date of these

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The Association also elected to adopt the following

partially owned by World Athletics (50%) and recorded

amendments early:

as equity accounted investment.

• Annual Improvements to IFRS Standards 2018-

World Athletics has the ability to exercise significant

2020 Cycle.

influence over this entity and concluded this investment
should be recorded as equity accounted investment.

The amendments listed above did not have any impact
on the amounts recognised in prior periods and are not

During the year, World Athletics has contributed its

expected to significantly affect the current or future

shares of Diamond League AG, a commercial entity, toperiods.

Diamond League Association, a newly created nonprofit organisation. Consequently, Diamond League AG
would not require its accounts to be consolidated withWorld Athletics and the profit for the year has been

C. Consolidation principles andperimeterrecognised through the statement of comprehensive
income.

The Association consolidated 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 theability to affect those returns through its power overthe entity.

D. Currency translation
The consolidated financial statements are presented
in Thousands of United States Dollars, the functional
currency of the Association at the exchange closing
rate. Any resulting exchange differences are recognisedin the statement of comprehensive income.

Subsidiaries are accounted for using the fullconsolidation method from the date the Association
obtains control and until the Association loses controlof the subsidiary.

Transactions in currencies that are not the US dollar
are translated into US dollars at the transaction dateexchange rate.

Entities over which the Association has joint control
or significant influence are accounted for using theequity method. The Association is generally presumed
to have significant influence when it holds at least
approximatively 50% of the entity’s voting rights.
The Association exercises significant influence overan entity when it has the power to participate in thefinancial and operating policy decisions of that entity
but does not have the power to exercise control orjoint control over those policies. Under the equity
method, the investment is initially recognised at cost,and subsequently adjusted to reflect changes in the net
assets of the associate or joint venture.

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

The perimeter of the consolidation is comprised of
World Athletics and World Athletics Productions Ltd,

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46Appendices
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E. Tangible fixed assets

outflow or economic benefits will be required to settle

Property, plant and equipment are measured at cost

the obligation and when a reliable estimate can bemade of future cash outflows.

less accumulated depreciation and accumulated
impairment losses. Gains and losses on the disposal ofproperty, plant and equipment are recognised in the

Any accrued liability not consumed within two
years after the recognition date shall be reversed inconsolidated statement of comprehensive income.
Depreciation is calculated on a straight-line basis overthe consolidated income statement unless specificcircumstances justify the balance to be maintained inits estimated useful lives that are as follows:

the balance sheet.

Office furniture and equipment

Payables are not interest bearing and are stated at theirComputer equipment
Leasehold improvements
Motor cars

5 to 10 years

nominal value.

5 years
up to 15 years

Contingent liabilities are not recognised unless the

5 years

likelihood of a liability is probable. They are disclosed
in the notes to the financial statements unless the

Leases contracted by the Association are accounted
for in accordance with IFRS 16 (Leases). The
Association recognises a right-of-use asset and a leaseliability for all of its lease contracts, except for (i) leases
relating to low-value assets and (ii) short-term leases(12 months or less). Payments made in respect of leases
not recognised on the balance sheet are recognised as
an operating expense on a straight-line basis over thelease term.

possibility of an outflow of economic resources isremote.

G. IOC Loan
Once in a four-year cycle, when Olympic Gamesare held, the International Olympic Committee (IOC)pays an Olympic Dividend of approximately $40m
to World Athletics. This revenue, as defined by IFRS
15, is recognised post the successful completion of
the Olympic Games. In 2020, due to the Covid-19
pandemic, the Tokyo Olympics have been postponed
to 2021. To take care of cash flow concerns arisingfrom this postponement, the IOC entered into a loan
agreement with World Athletics for an amount of$7.5m. Of this amount, $2.5m was received by World
Athletics in 2020 and the balance $5m in early 2021.
This loan has been recorded as current deferred income
as of 31 December 2020. The amount of $7.5m thathas already been received will be reduced from the full
Olympic Dividend that is due to World Athletics at theend of the Tokyo Olympics.

On commencement of a lease, the liability for futurelease payments is discounted at the incremental
borrowing rate, which is a risk-free rate adjusted toreflect the specific risk profile of World Athletics.
Because lease payments are spread over the lease term,
the Association applies a discount rate based on the
duration of those payments.
The payments used to determine the liability for futurelease payments exclude non-lease components but
include fixed payments that the Association expects tomake to the lessor over the estimated lease term.

F. Accruals and provisions
A provision is recognised when World Athletics has alegal or constructive obligation towards a third party
as a result of a past event, when it is probable that an

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H. Pension obligations

value. The Association holds the trade receivables with

The retirement benefit obligations relates to Monaco

the objective to collect the contractual cash flows andtherefore measures them subsequently at amortised

employees. Under legislation in Monaco, thecost using the effective interest method.

Association is required to provide a pension based on
legal requirements, or, on the collective labor agreement
requirements if these ones are more advantageous thanlegal. For Monaco employees, pensions are computed

J. Revenue

based upon the last twelve months gross remuneration,

Revenue is recognised to the extent that it is probableexcluding bonuses and other complementary
remuneration. The liability which is paid once uponthat the Association will derive economic benefit from it
and that the revenue can be reliably measured.

the retirement of the employee is recognised in thebalance sheet in respect of these defined benefit

World Athletics-related revenue consists primarily ofpension plans. This is the present value of the defined

the following items:

benefit obligation at the end of the reporting period.
The defined benefit obligation is calculated each year

• television rights (e.g. media rights)• commercial rights (e.g. sponsorship)• value in kind
• technical certification

using the projected unit credit method. The present
value of the defined benefit obligation is determined bydiscounting the estimated future cash outflows using
interest rates of high-quality corporate bonds thatare denominated in the currency in which the benefits
will be paid, and that have terms approximating to theterms of the related obligation.

The exclusive broadcast partners payment is received
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 theperiod from 1 January 2018 to 31 December 2023.

The net interest cost is calculated by applying thediscount rate to the net balance of the defined benefit
obligation. This cost is included in employee benefit
expense in the statement of profit or loss.

Commercial sponsorship income is split in three parts:
the first part corresponds to the Commercial rights
and yearly invoices amounts to $8.5m per year. The
second part relates to the TV rights in Japan which
generates a revenue of $4.5m per year. The third part
relates to commission based on the value in kind undersponsorship contracts. Value in kind in the form of
products and services supplied by sponsors for use in
events and is recognised as revenue and expenses in
the consolidated statement of comprehensive income.
Commissions on value in kind due to the Association’s
marketing partner are accounted for on the basis of thevalue of in-kind contribution.

Remeasurement gains and losses arising fromexperience adjustments and changes in actuarial
assumptions are recognised in the period in which theyoccur, directly in other comprehensive income. They
are included in retained earnings in the statement ofchanges in equity and in the balance sheet.

I. Debtors
Trade receivables are amounts due from customers forservices performed in the ordinary course of business.
They are all classified as current. Trade receivables
are recognised initially at the amount of considerationthat is unconditional unless they contain significant
financing components, when they are recognised at fair

During 2018, an amendment to the agreement for theperiod of 2020-2029 was signed. This new agreement
calls for a minimum guarantee over the 10-year periodof $130m. The agreement for commercial Sponsorshipalso includes a profit-share income clause.

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48Appendices
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The performance obligations are identified as the rightL. Financial income and expenses

to access intellectual property and as such revenue isrecognised on a straight-line basis over the term of the

The financial income and financial expenses include thecontract.

following:

For profit share revenue recognition, management• financial income, consisting of interest income fromexercises its judgement to determine an estimate of the
profit share directly attributable to the financial year

interest-bearing assets, as well as realised andunrealised foreign exchange gains;• financial expenses comprising realised andand recognises this in the period it is earned.

unrealised foreign exchange losses, as well as bankcharges and any interest costs.

Technical certifications provided by World Athletics are
performed at a point in time with a certification durationof three or five years, regarding sportive infrastructures.
Revenue generated from Technical certifications

M. Financial risk management

is recognised at a point in time when the technicalcertification is provided.

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

The performance obligations have been determinedfor each contract and the revenue recognition method
for each contract has been determined in accordancewith IFRS 15.

The Management Board provides principles for theoverall management of risks such as foreign exchangerisk, credit risk and liquidity risk.

K. Operating expenses(a) Foreign exchange risk
The Association operates internationally and is exposed
to foreign exchange risk arising from transactions
denominated in currencies other than the UnitedStates Dollar, which is the functional and presentation
currency of the Association.

Total expenses are the gross outflow of economic
benefits that arise from the ordinary activity oforganising an event as well as from World Athletics
administrative activities.
Total expenses consist primarily of the following
items: contributions to Member Federations, antidoping integrity unit, event expenses (direct event
expenses, broadcast and media, marketing, promotion,
publications, hospitality and other event expenses),
information technology, employee salaries and benefits,depreciation and amortisation of non-current assets.

Operating income/expenses and the cash flows of the
Association are affected by exchange rate fluctuations,principally between the Euro and the US Dollar. The
Association estimates that the impact in absoluteterms of a 10% increase or decrease in this rate on its
operating income for the year ended 31 December
2020 would not have been material.

Expenditure relating to future events is deferred andrecognised in the consolidated income statement whenthe event takes place.

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

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N. Critical accounting estimates andjudgment(b) Credit risk
Credit risk is managed on an Association-wide basis.
Credit risk arises from cash and cash equivalents, anddeposits with banks and financial institutions, as well

The preparation of financial statements requires theas credit exposure to customers, including outstanding
receivables and committed transactions. The credit risk

use of accounting estimates which, by definition,
will seldom equal the actual results. Management

on receivables is mitigated by the quality of the client.

also needs to exercise judgement in applying the
Association’s accounting policies.

Credit risk linked to cash, deposits and current financial
instruments is not material given the quality of thefinancial institutions counterparties.

This note provides an overview of the areas thatinvolved a higher degree of judgement or complexity,(c) Liquidity risk

and of items which are more likely to be materiallyadjusted due to estimates and assumptions turning out

Management monitors rolling forecasts of theto be wrong. Detailed information about each of these

Association’s liquidity requirements on a quarterly
basis to ensure it has enough cash available to meet

estimates and judgements is included in other notes
together with information about the basis of calculation

its operational needs. Expenditure trends are balancedwith committed revenues to ensure adequate liquidity
is maintained.

for each affected line item in the financial statements.
• Estimation of post-employment benefits and other
employee benefits. The Association has obligations
to pay certain pension benefits to certain
employees. The cost of these benefits and thepresent value depend on several factors includingsalary increases and discount rates. Management
estimates these factors in determining the net
pension obligations (see note 15).
• Television rights and commercial rights performanceobligations. Management uses its judgement todetermine the unique performance obligation,
which is defined as the right to access intellectual
property.
• Accrual of profit share expectation for the year.
Management exercises its judgement to determine
an estimate of the profit share directly attributable
to the financial year and when the recognition
criteria has been met.
• Value in kind amount for year included in revenue.
Management are required to estimate the fair valueof any value in kind goods or services received
during the period and record these amounts asrevenue and expenses. Determining fair value
requires management to exercise significant
judgement. In the event fair value cannot bereasonably estimated, no value is recognised.	

World Athletics benefits from long term Commercial
and Broadcast contracts that provide flexibility inmanaging operational cash needs. In addition, theOlympic Dividend generally received every four years
allows the Association to smoothen its long-term
expenditure patterns.
As a result of Covid-19, the IOC Olympic Dividend
has been delayed to 2021. When the Tokyo games
happen in 2021 as they are currently scheduled to be,this amount of dividend will be received at the end of
the Games.
To safeguard against the financial impact arising from
Covid-19, Management has conducted a detailed
review of activities that have slowed down during thistime and are rationalising expenditures to balance
the reduced activity. The future of Covid-19 remains
highly uncertain, however, should Covid-19 result in
the cancellation of the Tokyo 2020 Olympics moresignificant rationalisation of expenditures would be
required unless further income or other sources ofliquidity were identified.

2020 Annual Report and Accounts

50Appendices
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Notes to the consolidated statement of comprehensive income
1. Revenue from broadcast rights and sponsorship rights
in k USD

2020

2019

Broadcast Rights

14 77514 725

Commercial Rights

13 00018 000Commercial Rights (Profit share)

5 751

4 794

Value in kind

1 419

6 336

Total revenue from Broadcast Rights and Commercial Rights

34 94543 855

2. Other revenue from activities
in k USD

2020

2019

World Athletics certification system

1 439

1 831

Russian Athletics Federation reimbursement

6 815

3 378

International Olympic Committee Development programme contribution

250

250

Court of Arbitration for Sport refund

21

274

769

1 556

9 294

7 289

Other income
Total revenue from other activities

Other income includes monies received across a host of miscellaneous areas; the largest portion for 2020 pertains
to a reimbursement for Legal and Task Force related costs arising from the suspension of the Russian Athletic
Federation.
Certification income pertains to monies received from across the globe where World Athletics assists in defining andmeasuring standards for tracks and equipment used in athletics events.

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3. Competition & eventsin k USD

2020

2019

World Championships

477

3 393

Diamond League

961

4 551

Olympic Games Tokyo

276

-

857

1 265

1 005

1 027

IAAF Challenge & Permit
Other expenses (Competition & Events)
International Organisation support

-

260

1 819

2 291

Competition & Events

5 395

12 787

Value in kind commissions

1 597

7 052

Information technology

2 822

2 961

Broadcasting

1 069

1 699

Marketing

488

789

Commercial partnerships

392

486

2 628

3 145

Staff costs and consultants

Communication & publications
Health & science
Total Competition & Events

613

627

15 00429 546This includes spend on our World Athletics Series (WAS) Events and includes costs for departments that work mostclosely with our Event cycle.
Our WAS events are held on a bi-annual basis. During 2020 we had one WAS event and three during 2019. This
explains the reduction in overall Event related spend for 2020.
During 2020, we hosted our World Athletics Half Marathon Championships in Gdynia.
This 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 and World Athletics challenge.
Expenses for other departments listed here reflect the significant cost reductions due to the impact of Covid-19
and the consequent postponement of activities and competitions.

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52Appendices
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4. Grants & developmentin k USD

2020

2019

Area Development (a)

1 306

2 386

280

66

2

-

Education
Publications (NSA)
Other items

519

691

Staff costs

792

1 225

Area Administration grant (b)

1 450

1 450

Competition grant (c)

1 280

2 781

Member Federation grant (d)

1 510

1 740

Athletics Olympic dividend (e)

889

4 799

Continental programme, exceptional support & tracks
Total Grants & Development

-

247

8 028

15 385This includes World Athletics spend on the Development of the sport and the support that we offer to our Area
Associations and Member Federations.
The reduction from 2019 is primarily an outcome of the pandemic which saw reduced competitions in each of ourAreas and also reduced activity through the Area Development grant and in the Area Development Centres. In
addition, following the initial four-year cycle of the Athletics Olympic Dividend (AOD) grant, the grant principles
and eligibility were refined for the two-year 2020-21 cycle. The project-based activity in our Member Federations
was significantly reduced due to the pandemic leading to a lower Athletics Olympic Dividend payout in 2020 and
extension of the AOD grant through to 2022.
Area Development Grant (a) are paid annually to support Area Associations to deliver development and education
programmes primarily through the Area Development Centres (ADCs). The Areas determine their business plans
and activities to be supported based on the needs of their Member Federations with World Athletics providing anoversight role. The Areas are responsible for the day-to-day management of the ADCs in their respective region,
for providing athlete scholarships (if they choose to do so) and for the selection and organisation of educationalcoaching courses and seminars. 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 meetingsand other costs

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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
Member Federation Grants (d) are paid annually to ensure the Member Federation can function and, meet its basic
membership obligations. It covers:• Administration (including staff, office, utilities and communication equipment)• Organisation (national championships)• Travel to competitions
Athletics Olympic Dividend Grant (e) is a two-year project-based grant designed to provide tailored support acrossthe two-year period to meet Member Federations individual strategic priorities focused on the delivery 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)

5. Legal & compliancein k USD

2020

Congress
World Athletics Council and Executive Board

2019

0

430

928

1 514

World Athletics committees

864World Athletics commissions

0

272

178

400

0

21

World Athletics awards, forums & roadshows

568

810

International Associations meetings

63

158

Staff costs

472

459

Governance

2 218

4 128

Athletics Integrity Unit

7 857

8 316

World Athletics Independent Ethics Board
World Athletics advisory Associations

Legal

1 847

2 409

Total Compliance

11 92214 8532020 Annual Report and Accounts

54Appendices
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This includes World Athletics spend on Governance activities, Legal & Regulatory spend and spend associated with
the Athletics Integrity Unit (AIU).
The AIU is an independent body created by World Athletics that manages all integrity issues – both doping andnon-doping – for the sport of athletics. Their annual budget is approved by the World Athletics Executive Board.
This reduction in total spend over 2019 is primarily driven by the fact that most meetings during the year wereconducted virtually and hence led to reduced travel and associated administrative costs. Reduced activity levels
for a large part of the year also contributed to the overall reduction in spend. 2019 numbers also include the spend
on our bi-annual Congress that was held in 2019 and spend associated with our governing Council and Executive
Board.

6. Administrationin k USD

2020

2019

Administration

5 264

6 342

Amortisation

1 023

1 063

Heritage
Total Administration

495

646

6 782

8 051

This includes spend for our administrative departments such as Finance, HR and Heritage along with theirassociated staff costs. Expenses such as Audit fees, rentals, telephony, travel and translation are all included here.
During the year, we have utilized the benefit provided by the Monegasque Government to put staff on furlough.
This allowed us to ensure the safety of our staff during these difficult times and contributed towards reducing staff
costs for the year by $750k. This is the primary driver for the reduced administration spend in 2020.

7. Financial income
in k USD

2020

2019

Foreign exchange

221

225

Interest

81

175

Financial income

302

400

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

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8. Financial expenses
in k USD

2020

2019

Foreign exchange

475

604

Bank charges

209

321

Interest expense

221

128

Post-employment benefit obligations

17

17

Financial expenses

922

1 070

This includes the financial and bank charges incurred during the year.

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56Appendices
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Notes to the consolidated balance sheet
9. Investments in equity
in k USD

2020

2019

Carrying amount as at 1 January

343

406

Share of profit / (loss) on investment in equity

188

(63)

Investments in equity as at 31 December

531

343

Significant influence

Investments in equity are related to World Athletics Productions Ltd, partly owned by World Athletics (50%).
During the year, World Athletics contributed its shares of Diamond League AG to Diamond League Association. As aresult, the carrying amount recorded as an equity investment has been recognised as a loss on disposal (109 K$).
Furthermore, World Athletics holds a 6% investment in Nitro Athletics Australia which is held at nil value.
World Athletics Productions Ltd
in k USD

2020

2019 restated

Current Assets

2 139

5 094

Current Liabilities

1 544

4 402

Revenue311

15 223

Profit/(loss)

(97)

820

Based on the financial statements received from World Athletics Productions Ltd, we took into account the factthat their accounts were restated for the year ended 31 December 2019. This restatement led to a recognitionof an additional profit of $367k in 2019, which was partly recorded in our 2020 consolidated statement ofcomprehensive income.

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10. Property, plant & equipment
The Right of Use of assets detailed below predominantly relates to leased offices premises.
Property, plant and equipment break down as follows:in k USD

Officefurniture &Computerequipment

Leaseholdimprovements

1 657

4 523

Motor Right of use
cars
of assetTotal

equipment
Cost
Balance as at 31 December 2019
Additions

620

82

3 887

10 770

8

376

32

-

172

588

Balance as at 31 December 2020

629

2 033

4 555

82

4 059

11 358

Balance as at 31 December 2019

257

1 222

1 672

82

966

4 199

Depreciation

62

191

355

-

415

1 023

Balance as at 31 December 2020

320

1 413

2 027

82

1 381

5 223

As at 31 December 2019

363

435

2 852

0

2 921

6 571

As at 31 December 2020

309

620

2 528

0

2 678

6 135

11. Trade receivables and other receivables
31 Dec 2020
In k USD

31 Dec 2019

Gross

Provision

Net

Net

Trade receivables

753

232

521

262

Trade receivables

753

232

521

262

31 Dec 2020
In k USD
Receivables from directors

Gross

31 Dec 2019

Provision

4

Net

Net

4

2

Other receivables

1 882

715

1 168

7 948

Other receivables & current assets

1 886

715

1 171

7 950

Prepayments

252

252

404

Tax receivables (VAT)

562

562

666

Prepayments & tax receivables

814

814

1 070

2020 Annual Report and Accounts

58-Appendices
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Trade receivables and other receivables that are not yet due are not considered impaired. The main reason for thedecrease in other receivables during 2020 is on account of a receivable from the Doha World Championships that
was accounted in 2019 for $3 928k and subsequently received in 2020. Accrued income has decreased by $1
588k and certification receivables are $324k lower than in 2019.
Allowances for doubtful accounts amounted to $715k in 2020, with no variation compared to 2019.

12. Contract assets
in k USD

31 Dec 2020

31 Dec 2019

Dentsu Profit Sharing

5 781

9 344

Total Contract Assets

5 781

9 344

Contract assets correspond to receivable related to the Commercial Rights profit share. The amount of $5 781k is
related to the profit share revenue earned for the period 2020-2021. As of December 31, 2019, the balance was$9 344k which corresponds to the estimate that was communicated by our Commercial Rights partner. The higher
amount in 2019 corresponds to profit share for 2018 and 2019 that was recognised together for both years onreceipt of the funds during 2019.

13. Cash & cash equivalents
As of 31 December 2020, this item comprised cash at bank of $40 048k. There are no short-term investments.
Cash and cash equivalents break down as follows:in k USD

31 Dec 2020

31 Dec 2019

US Dollars

38 82933 105

Other currencies

1 206

1 184

Deposit and current accounts

40 03534 289US Dollars

1

1

Other currencies

12

12

Cash on hand
Total cash & cash equivalents

14. Equity
The change in equity from 2019 to 2020 is on account of profit of $2 071.

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13

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15. Post-employment benefit and similar obligationsin k USD

Total

Balance as at 31 December 2019

1 102

Operating costs

117

Financial expense

17

Other comprehensive expense(6)

Balance as at 31 December 2020

1 229

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 theconsolidated financial statements.
The significant actuarial assumptions were as follows:• Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics
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 for management.
• Probability of departure before retirement age for current employees.
• Financial discount rate of 0,60% and salary increase rate of 4% for the pension obligation as of 31 December
2020

16. Financial liabilities current & non current
in k USD

31 Dec 2020

Current financial liabilities

31 Dec 2019

320

282

Non-current financial liabilities

2 830

3 003

Total lease liabilities

3 150

3 285

The financial liabilities balance as shown above is comprised of lease liabilities under IFRS 16. Of the total payableof $3 149k, the amount due in the next 12 months is $320k, amount due between one and five years is $1 085k
and the amount due in more than five years is $1 744k.

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60Appendices
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17. Trade payables
in k USD

31 Dec 2020

31 Dec 2019

Trade payables

3 041

4 483

Trade payables

3 041

4 483

Trade Payables include dues for regular operating expenses incurred by the Association. These include an amountof $1 099k on account of invoices received after the cut-off date of 31 December 2020. Another reason for thevariance is on account of travel invoices for $578k that were recorded as payables at the end of 2019 and do nothave a comparative number in 2020.

18. Other payables & accrued expenses
in k USD

31 Dec 2020

Payable to directors

31 Dec 2019

125

57

Other payables

5 792

16 070Accrued expenses

1 272

1 010

Tax payables
Other payables & accrued expenses

1

1

7 189

17 138Other payables are significantly lower in 2020. 2019 included an amount of $7 744k payable as prize money toathletes for the Doha World Championships. This amount has been paid during 2020. Expense payable included inother payables are $2 592k lower in 2020 than in 2019.

19. Deferred income
in k USD

31 Dec 2020

31 Dec 2019

Current deferred income

3 475

1 119

Non-current deferred income

6 590

4 385

Deferred income

10 065

5 504

Current deferred income amounts include $2 500k from the loan received from IOC in 2020 and $975k fromtelevision rights and sponsorships contracts. Non-current deferred income consists of $3 410k from televisionrights and sponsorships contracts and $3 180k received as advance payments against future events.

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Appendices
Appendix A – 2020 Audited Financial Statements

Other disclosures
20. 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-balance sheet
eventsThere are no additional commitments, contingent liabilities and off-balance sheet events that Management is awareof and need to be disclosed separately.

22. Post balance sheet events
There are no significant post balance sheet events that Management is aware of and need to be disclosed
separately.

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.
in k USD

31 Dec 2020

Executive Board, Council Members, President and Chief Executive Officer

Allowances

31 Dec 2019

1 095

1 100

1 012

1 049

Other benefits (housing)

32

9

Other long-term benefits (retirement)

51

41

Amounts paid to World Athletics Productions Ltd. during 2020 were $471k primarily on account of salaryreimbursements and office costs. A loan agreement from World Athletics to World Athletics Productions Ltd has
been signed in 2018 for $234k.
Amounts paid to Diamond League during 2020 were $961k primarily to cover costs in relation to Diamond League
meets that were held during the year. As on December 31, 2020 amount due to Diamond League was $0.
In 2020, World Athletics has recorded an amount of $157k payable to the Complete Leisure Group, for services
and workspace of an executive assistant to the President during time spent in London in connection with World
Athletics business, provided at cost pursuant to a secondment agreement.

2020 Annual Report and Accounts

62Appendices
Appendix A – 2020 Audited Financial Statementswww.worldathletics.org

63

Appendices
Appendix B – World Athletics 2020 Remuneration Policy

Appendix B –World Athletics 2020
Remuneration Policy

2020 Annual Report and Accounts

64Appendices
Appendix B – World Athletics 2020 Remuneration Policy

World Athletics 2020 Remuneration Policy
World Athletics position
Executive Board

Remuneration and expenses(base fee for all members including President andVice-Presidents)
Chair of EB Committee

USD 22,500 per annum(supplementary fee)
President

USD 2,500 per annum
USD 250,000 per annum (plus EB base fee above)
Per diem of USD 300 per day, plus allowance of USD
6,000 per annum (except for Area Presidents where
the allowance is USD 3,000 due to the additional
allowance)

Council(all Members, including EB Members)

Travel, meals and accommodation provided by World
Athletics (travel based on business class airfare plus
per diem for each day (12 hours) of travel)
Per diem of USD 300 per day, plus allowance of USD
3,000 per annum and:•Council (Area Presidents)

Commissions(members other than Council Members)
Working Groups(members other than Council Members)
AIU Board members(independent members and supplementary fee forCouncil Member)
AIU Board Chair

USD 12,000 per annum (if lives in the same city as
Area HQ)• USD 18,000 per annum (if does not live in the samecity as Area HQ)
Per diem of USD 50 per day
Travel, meals and accommodation covered
Per diem of USD 50 per day
Travel, meals and accommodation covered
USD 15,000 per annum
USD 25,000 per annum

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Appendices
Appendix B – World Athletics 2020 Remuneration Policy

2020 Annual Report and Accounts

66Appendices
Appendix B – World Athletics 2020 Remuneration Policy©World Athletics 2021
6-8, Quai Antoine 1er, BP 359
MC 98007 Monaco Cedex
2020 Annual Report and Accounts

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