2019

ANNUALREPORT AND

ACCOUNTS

www.worldathletics.org
www.worldathletics.org

1CONTENTS

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

Operations Report..............................................................................................11

Appendices............................................................................................................33
Appendix A – 2019 Audited Financial Statements ..................................................... 34
Appendix B – World Athletics 2019 Remuneration Policy....................................... 85
Appendix C – Athletics Olympic Dividend grant case studies.............................. 86

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Contents﻿2019 Annual Report and Accounts

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PRESIDENT’S REPORT

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President’s Report﻿www.worldathletics.org

5President’s Report
Building financial competence andrigourWhen I became President, a priority was to properly
understand the complex financial history of the organisation.
We began in 2016 by conducting a comprehensive
root-and-branch review of all financial controls and wider
corporate governance under Lord Paul Deighton. The
newly formed Audit & Finance Commission, which hechaired over the last four years, came up with a numberof recommendations which were implemented, including
a structured delegated authorities’ protocol and robust
financial checks and balances throughout the organisation.
I would like to thank Paul, Jose Maria Odriozola, ourTreasurer over the last four years, and the Audit & FinanceCommission for bringing their professional experience and ahigh level of rigour to our financial management.

Strong leadership team now in place
The appointment of our new Chief Financial Officer (nowCARIFTA Games, Cayman Islands 2019

Chief Operating Officer), Vineesh Kochhar in December
2017, provided the organisation with a highly qualified andAs part of our 2019 Constitution, we stated that we would

experienced fortune 500 CFO for the first time. He brought

produce publicly available financial statements. Deliveringwith him the discipline of corporate financial management

greater transparency in all our activities and processes was aand global experience. Following the appointment of ourcore pillar of the widespread reforms we introduced into theChief Executive, Jon Ridgeon, a successful athlete andsport at the end of 2016 and I am grateful to our financeexperienced businessman, in March 2019, we now have theteam, our Executive Board Audit, Risk & Finance Committee

right skills and expertise to drive our revenues, manage ourand our Auditors for the work they have done to prepare

expenditure and lead our talented senior team to grow thethe consolidated financial statements for the year ending

sport in a fiscally responsible and transparent way. Many of

31 December 2019 under International Financial Reportingthe changes, measures and processes put in place during

Standards (IFRS) as adopted by the European Union.

2019 will reap rewards over the coming years.

2019 Annual Report and Accounts

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President’s Report

Tough four years of reform delivered
across the sport and by the sport

New strategic plan for Growth overnext four years

These 2019 consolidated financial accounts come at the end

It seems somewhat surreal to be sitting in the world weof a tough and turbulent four years for our sport. Four years

find ourselves in today and writing a report on last year. A

of extensive reforms across the sport have been driven by

year when we hadn’t yet heard of Covid-19 or witnessed

our Council and implemented by our Member Federations,the devastating impact it would have on all our lives, and of

Area Associations and Head Office. I will not pretend this has

course our sport.

been easy. Tough decisions have been taken by everyone at
all levels of the sport, but I believe we have emerged stronger,

We have had to postpone most of our World Athletics

more resilient and ready to build and grow the sport at every

Series events in 2020 pushing them out to 2021 and 2022.

entry point.

Our season of Diamond League, Continental Tour, World
Challenge one-day meetings and our road race season have

If the last four years have been a time for change, the next

all been massively disrupted. The impact of postponing thefour years will be a time to build. To build on the solidTokyo 2020 Olympic Games has also impacted our events

foundations of reforms; build stronger partnerships, publicwith our World Athletics Championships Oregon21 now

and private; build greater expertise and skills at a local

moving to 2022. But in March we became determined tolevel; build a better product that remains relevant in theuse this time to create a late season of one-day meetingsminds and actions of young people; build better support

to enable athletes to continue training and have somestructures for our Member Federations and build a greater

competition experience in 2020 and we are grateful for allpresence for our sport through higher profile athletes who

the support, innovation and hard work of those meeting

actively promote their sport through their performances,organisers.

personalities and passions.
By continuing to do this, we will build our sport and our‘The spirit of human optimism

reputation as the No.1 Olympic sport from the ground up
with:•and endeavour stands the test ofMore athletes choosing the sport as pathways aretime. When we get through thisclearer and financial rewards are better•

More resources and skills across our Member

pandemic, and we will, we will beFederations, technical officials and coaches in our sport

braver and more innovative. We

so we have best in class knowledge to develop the sport
the way we all want to see it develop•

will be more collaborative andMore people participating in and following the sport
from the playground to the podium•

resilient. We will be stronger andMore partnerships that generate more revenue, more
activation opportunities and more media opportunities

more tolerant. We will be morewhich in turn will drive more fans.

global, not less.’www.worldathletics.org

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President’s Report
President’s Report

We were also determined to use the time to finalise andI want to thank all our Member Federations, our Areas, ourpublish our World Athletics Strategic Plan for the next fourathletes, all our Partners right across this sport, our Council

years, building on our new brand and the new name we& Executive Board and our HQ team for their unflinchinglaunched at the end of 2019.

efforts, support and drive over the last four years. I am
confident that together we will grow the sport we all love

We revisited our vision, our mission and set out clear goals

and cherish, even in these particularly trying times. As I haveto drive growth in our sport from 2020-2023. Our approachsaid before, although we may be separated physically during

is based on doing the good things we already do eventhese unprecedented times, my instinct is that ultimately

better via a programme of continuous improvement, and by

the pandemic that has had a devastating impact on all ourdelivering innovative initiatives and programmes.

lives and our sport in 2020 will draw us closer together, notfurther apart. It will make us stronger and more resilient. It

We have an ambitious strategy and I am proud of that. We

will make us more global, not less.

are an ambitious sport, the mother of all sport, and we havethe right people in the right jobs to drive the sport forward
for our athletes and our fans.

Sebastian Coe
President

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President’s Report
President’s 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 Values

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

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President’s Report
President’s Report2019 Annual Report and Accounts

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OPERATIONS REPORT

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Operations Report
President’s Reportwww.worldathletics.org

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Operations Report
President’s Report2019 Annual Report and Accounts

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Operations Report

A solid year maintaining investment in competitions anddevelopment

80%

Revenues ↗

13%

Expenditure ↘

5.5%

of income spent on athletes through events,
development and integrity programmes

in year ending 31 December 2019

US$17mNew partnerships
signedmore funds delivered to Member
Federations to implement initiatives on
the ground over four years

bringing more money into the sport
over the next four years↩

Expenditure reviews
to return rewards in2020 onwards

Investment in governance reforms andintegrity safeguard the future of the sport

The 2019 consolidated financial accounts mark the end of

Sport Group (2019) and a renegotiation of our Dentsu

our four-year funding cycle with cash reserves of US$34.3m

partnership have gone some way to filling the revenue gap

at 31 December 2019.

left by partners exiting the sport following the high profile
revelations associated with the previous administration.

Significant investment in reforms, governance and integrity
drove increased expenditure over the last four years as

The introduction of the Athletics Olympic Dividend (AOD)

Council and World Athletics chose to maintain spend inin 2016 delivered US$17.2m in new grant funding directlycompetitions and increase development grants, through theto Member Federations over the four years. The AOD is aAthletics Olympic Dividend, to Member Federations.

project-based grant designed to provide tailored support
to meet Member Federations individual long-term strategic

A root-and-branch review of all HQ expenditure during

development needs. Athlete development accounted for2018 and 2019 led to HQ staff freezes and excess costs cut

almost a quarter of this spend over the four years, withfrom across the organisation. The benefits of many of thesestaging competitions, education programmes, facilities

decisions will be seen from 2020 onwards.

and equipment, and youth and grassroots programmes

New commercial partnerships with QNB (2018), The Wanda

accounting for the majority of the remaining funds.

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Operations Report
A solid year maintaining investment in competitions and development

Implementation of Governance reforms
deliver strong foundation for growth

Revenue for the period ending 31 December 2019 roseby 13% to US$51.1m on the previous year with thecollection from Russian Athletics Federation (RusAF) forcosts between 2015 and 2019, revenue from the new Road

Following the elections at our Congress in September 2019,

Running integrity programme and increased revenue fromwe established our new Executive Board. The Board is

our certification programmes contributing to the increase.

made up of our four Vice-Presidents and three independent

Expenditure for the same period fell 5.5% to US$67.8m, inmembers and they approved the two committees (Audit,

large part due to the cyclical nature of the sport where we

Risk & Finance Committee and a Remuneration Committee)

hosted three World Athletics Series events in 2019 versus

which report to it. Having clear roles and responsibilities forfive World Athletics Series events in the previous year.

both the Executive Board and the Council will ensure weFurther cuts to expenditure will come through over the next

have the right discussions in the right places and transparent

18 months.

checks and balances to make the right decisions for our HQand our sport. Our Council elections also saw an increase in

US$17.4m of reserves were used for the period to coverfemale candidates, making up almost 40% of the total. This

the additional costs of our governance reforms, increased

enabled us to exceed our 2019 gender target on Council andgrant funding made available to our Member Federations,welcome our first female Vice-President.

legal costs related to anti-doping challenges, female
eligibility and the French Prosecution case against theFollowing the Athletes’ Commission elections in September

previous administration as well as costs associated with2019, in which two-thirds of our eligible athletes voted

the reinstatement of the Russian Athletics Federation – the(1,200), we were delighted to subsequently welcome Renaud

latter which we have recouped in 2020. Despite these

Lavillenie and Dame Valerie Adams, Chair and Deputy Chair

additional costs, it is important to note that our reservesof the Athletes’ Commission, as voting members of the World

will always reduce year on year over a four-year period as

Athletics Council for the first time. With two athletes on thea substantial amount of our revenues are delivered at theCouncil, athletes have never had a better voice representing

start of these four years. Our aim is to reinvest our revenue

them at the decision-making table of our sport. The launchin the sport to reach a breakeven state at the end of eachof our new name, World Athletics, and new brand at the

four-year cycle. In terms of real reserves to safeguard theend of the year is the culmination of the reform journey weorganisation, the new Executive Board has agreed that thehave been on. It represents the modern, more creative andorganisation should hold reserves of US$25m at all times,

positive face of our sport, making it more accessible to awhich amounts to approximately 50% of the organisation’swider audience.

annual revenue. We aim to deliver this from 2020 onwards.
The appointment of a new CEO, Jon Ridgeon, in 2019 has
seen a renewed and successful drive on the revenue front
and a robust approach to reviewing processes and priorities
across the business to ensure the organisation lives within
its means and is able to cut costs to meet the changing
environment we all find ourselves in. Driving unnecessary
costs out of the business by working smarter and committing
revenue only when it is necessary is already paying
dividends and will continue to do so over the coming years.

2019 Annual Report and Accounts

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Operations Report
A solid year maintaining investment in competitions and development

Solid investment in integrity, athletes
and development

Creating innovative and challenging
competitions for athletes to compete in
and for fans to watch remains central tothe organisation

As we embarked on the task of restoring trust back into
our sport four years ago, the Executive Board and Council
agreed to prioritise and invest in integrity, athletes anddevelopment in terms of the distribution of funds in a period

Three World Athletics Series events were held duringwhen we knew our costs would come under pressure. Our

2019 providing our athletes with exceptional stages andinvestment in the independently run Athletics Integrity

facilities within which to compete. Our World Athletics

Unit (AIU) continued in 2019 with over US$8.3m. The

Championships in Doha saw a quality and depth of athlete

AIU’s leadership in protecting the integrity of sport andperformances that have been unmatched at a World

our athletes is recognised throughout the sporting world.

Championships. Five world records and six championshipThis reputation paved the way in designing our new out ofrecords were set, 43 countries won medals, 21 area records

competition drug testing model and funding framework forwere set and 87 national records were broken.

the Label Road Races. In this initiative associated financial
costs for drug testing are being shared by all stakeholders
with race organisers, athlete representatives, shoe
manufacturers and, nominally, the athletes each contributing
to the funding pot.
Around 80% of our income is spent on athletes throughstaging events, development and integrity programmes.

world
records

These funds are spent on maintaining the integrity of the
sport, so athletes are not cheated out of places or medals,

championshiprecords

on development programmes at Member Federation andArea level where our athletes start their journey, in staging

countries
won
medalsthe world class competitions our athletes compete inand providing prize money for athletes competing in the
Diamond League, Continental Tour, the World Indoor Tourand our Challenge events.
We maintained or increased funds across these four areasat World Athletics Championships in Doha

in 2019 and succeeded in generating income through theLabel Road Race shared resources initiative and through ourWorld Athletics certification system.

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Operations Report
A solid year maintaining investment in competitions and development

World Athletics Cross Country
Championships, Aarhus
Athletes from 58 Member Federations
and the Athlete Refugee Team competed

March ↑May ↓World Athletics Relays,
Yokohama
Japanese Association of Athletics
Federations stepped in to host thesechampionships with six months notice2019 Annual Report and Accounts

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Championships, Doha

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Operations Report
A solid year maintaining investment in competitions and development

Athletes from 204 Member Federations
plus the Authorised Neutral Athletes andthe Athlete Refugee Team

September ↑November ↓2019

World Athletics Awards,
MonacoThe 2019 World Record Breakers
honoured with Eliud Kipchoge and Dalilah
Muhammad named the male and female
World Athletes of the Yearwww.worldathletics.org

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Operations Report
A solid year maintaining investment in competitions and development

Athletics Olympic Dividend grant case studies
Mauritius Athletics AssociationAIM:
Development of national athletics structurescompetition programme for selected athletes and a fullprogramme of courses and activities for coaches, officials

OBJECTIVES:

and administrators. In addition, the AOD grant was also used

1. Increase the number of CECS qualified level I coaches

to increase the number of schools involved in Kids’ Athletics.

2. Increase the number of NTOs through delivery of theSome of the outcomes achieved following the four years of

TOECS

AOD investment include:

3. Deliver training for selected talented athletes•Athletes training at the centres have demonstrated
improved levels of performance and a number have

4. Deliver Kids’ Athletics in more than 250 schools

achieved selection for the national team. The successful

nationwide

progression of athletes is thought to be due to thetraining at the centres as well as the regular competitions
that are now organised among the centres where the

KEY PERFORMANCE INDICATORS:

selected athletes compete against each other and1. Number of CECS Level I qualified coaches

athletes from the other islands of the Indian Ocean.

2. Progress of athletes (based on previous personal bests)•

CECS Level I and TOECS courses were organised which
led to an increase in the number of qualified coaches and3. Number of schools and pupils reached through Kids’

officials in Mauritius and helped to ensure an improved

Athletics

quality of delivery and experience for the athletes,
particularly in the U12 to U18 categories.

In the course of this four-year project seven regional training•

centres were opened in Mauritius. A key aim of these

251 schools participated in the Kids’ Athletics

centres was to provide the facilities and infrastructure toprogramme. As part of this programme talented athletes

support the development of athletes, coaches, technicalwere identified in the U12, U14, U16 and U18 age

officials and administrative assistants. The AOD investment

categories to participate in the national competitions
sponsored by the Bank of Mauritius.

was used to provide new and additional equipment at thecentres, as well as to support delivery of a training and2019 Annual Report and Accounts

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A solid year maintaining investment in competitions and development

Palestine Athletic FederationAIM:
To increase the awareness of athletics in Palestine and to

The AOD grant supported the achievement of the following

develop a competition systemoutcomes:

OBJECTIVES:•

1. To increase the number of qualified coaches and officials

TOECS and CECS Level I Courses were organised
resulting in an increased number of qualified coaches

through delivery of three CECS & TOECS courses per

and officials.

year

•

The Federation contracted a foreign athletics coach totrain the Palestinian team to deliver specialised training

2. To support the progression of talented athletes throughwhich has led to increased performance levels.

the organisation of an annual training camp•

New competitions such as the annual Half Marathon
Championships and the Kids’ Athletics Festival were

3. To increase levels of participation of active athletes

introduced supporting increased levels of athletics

through the delivery of new competition opportunities

participation and engagement.
4. To establish a cooperation with educational institutions•

to deliver joint activities by the end of the project

By the end of the project in 2019, the overall numberof active athletes in Palestine rose to 2,000 and thenumber of female athletes rose from 12 in 2018 to 70(in the U20 and senior category). Development of female
athletes was further supported through the delivery of a

KEY PERFORMANCE INDICATORS:

female only training camp in 2019.

1. Number of coaches and referees•

2. Good working relationship with Ministry of Education to

A partnership was established with the Ministry of
Education and a talent identification programme waspromote the dissemination of athletics

implemented with support and investment from the
Ministry. The Federation also partnered with universities

3. Participation levels of female athletes

to organise University Championships for both sexes.

4. Improved performances in regional and international
competitions (number of personal bests)
This two-year project and AOD investment enabled theFederation to develop their technical, administrative andorganisational capabilities. The AOD grant was also used toorganise new national and age group competitions and todevelop and deliver a talent identification programme.

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Operations Report
A solid year maintaining investment in competitions and development

Belarus Athletic Federation

AIM:•

Athletics talent identification in the Republic of Belarus andStage 2: testing the best children selected in Stage 1
under the supervision of athletics coaches to select 300

training in specialised educational institutions

talents (43 per region)

OBJECTIVES:•

1. To promote athletics in schools

Stage 3: delivering a one-week training camp for theregions including in the city of Minsk for the selected
talents to prepare them for the final stage.

2. To engage children across the country, specifically in the•rural villages, in athletics and provide opportunities forStage 4: staging a final athletics competition involving all
the 300 talents each representing their region.

sustained and competitive participation

A total of USD 75,000 from the AOD grant was invested

3. To identify and select talented children for the Academy

over a period of three years (USD 25,000

of Athletics

per annum) to contribute to the organisation of 21 training
camps at Stage 3 of the project (seven per year). The AOD

KEY PERFORMANCE INDICATORS:

investment made up 30% of the total project budget with

1. Number of children involved in athletics

the Ministry of Education and the Ministry of Sports &Tourism contributing an additional USD 175,000.

2. Number and level of interest of children in villages
participating in athletics

IMPACT:•

3. Number of students studying at the talent Academy

Each year, approximately 200,000 school children wereinvolved in the project and experienced athletics – aunder the supervision of experienced coaches

total of more than 225,000 children participated in 2019•

The “300 talents for the Queen” project was initiated in

In 2019, the overall winner of the 300 talents for the2015 with the support of the Ministry of Education and theQueen competition came from a region in Belarus where

Ministry of Sports and Tourism of the Republic of Belarus.

there has traditionally been no athletics culture andOn an annual basis it consists of four stages:

who had never previously participated in the athletics.

•

This shows the initiative taken by the Belarus Athletic
Federation is encouraging the practice of athletics inStage 1: testing the physical ability of children in schools

other regions of the country.

under the guidance of teachers and identifying andselecting the best in each region

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A solid year maintaining investment in competitions and development

Federación Peruana de Atletismo (Peru)AIM:
To develop and improve the performance levels of Peru

As a result, with the support of the AOD investment,

athletes in the throwing disciplines

throwing event training and competition facilities havebeen renovated and new equipment including three cages

OBJECTIVES:

along with hammers, javelins, discuses and shot puts were

1. To have qualified athletes in throwing events at the Panbought. The new facilities and equipment have provided theAmerican Games 2019

opportunity for higher level training and competitions to bedelivered in the country, as well as provide the chance for2. To have a team of athletes competing in throwing events

younger athletes to experience and try the throwing events.

at continental competitions in all age categories by theend of 2019

In addition to the facilities and equipment, the AOD
investment was also used to achieve the following:

3. To have athletes meet the qualification standards forthrowing events at World Athletics Championships andthe 2020 Olympic Games•The organisation of seven training camps and technicalworkshops in each of the different throwing disciplines.

KEY PERFORMANCE INDICATORS:

These training camps were delivered across the country

1. Progression of junior and senior athletes (performances,in the different regions including in the more remoteareas and also served to identify young throwing talent

physical condition etc)

in the U18 and U20 categories.
2. Installation of new throwing facilities•

The training of 10 CECS Level II Coaches and six
CECS Level III Coaches to enable increased delivery of

3. Number and qualification level of coaches

specialist throws related coaching.

4. Number of athletes on throws talent programme•More than 70 athletes have been part of the talent
programme. One female hammer thrower was a finalist at

The four-year project was dedicated to developing thethe Pan American U20 Championships in 2019 and atthrowing disciplines in Peru. This was based on a previous

the Pan American Games 2019.

lack of participation in the throwing events in the country
and an identified shortfall of coaches and throwing
equipment and facilities.

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A solid year maintaining investment in competitions and development

Investment in strengthening our
one-day meetings

By sharing knowledge and expertiseand building capacity we all rise

A primary focus in 2019 was to simplify the global

We are committed to building better support structures forcalendar and support the delivery of best in class one-day

our Member Federations by sharing what we know acrossmeetings across the globe to increase the popularity of

our sport and more importantly using resources from theour sport, generate more media interest, particularly ‘live’centre, from across our Areas and from each other, to assist

coverage, which in turn will help us grow our partnershipand enhance Member Federations’ ambitions and Areaand sponsorship revenues. Refining our events and how

events. To be a strong sport we need to have Member

they are presented and accessed is critical to remaining

Federations strong across the world so support mustrelevant in the minds and actions of young people. This mustbe forthcoming and experiences shared as we are not all

begin with strong event circuits in each Area able to create

equal. This is not just about money, it is also about skills

clear pathways for our athletes into our world events. Areaand building capacity. And foundations were laid in 2019

circuits that our fans can follow through to a coordinatedto review the grants, programmes and resources available

global calendar with world rankings that everyone canto Member Federations and Areas so they can support

identify with. We believe that working together we canand deliver against measurable strategic outcomes andstrengthen and build our Area championships and our one-

identified needs. In 2020, fuelled by the pandemic, Member

day meetings into ‘must attend’ events for the very bestFederation Info Sessions have taken place across a range ofathletes in each Area.

topics to facilitate learning and sharing and provide a forum
for ongoing debate and discussion.

The Continental Tour Gold which, while severely impacted
by the pandemic this year, is a strong circuit of 10 one-day

Building more skills and resources in every area around

meetings that we will continue to invest in and expand. The

the critical coaching and technical elements of the sport

core principles set out and agreed by the Diamond League

remained a priority in 2019. Almost 200 courses, certifying

Board, and subsequently World Athletics’ Council, werearound 1,800 coaches and technical officials, were held

also a stepping-stone in 2019 to create the best one-day

during the year. Encouraging more people to learn themeetings in a world class annual international circuit withskills of our trade and recruiting more people to becomea single final at the end of the season. Our funding of thepart of the athletics family continues to be a priority

Diamond League remained at $4.5m during the period,

across the sport. The work the Areas did in 2019 aroundwith the majority of these funds going directly to athletes

Gender Leadership seminars, forums and training the trainer

as prize money. We are particularly proud of the 10-year

workshops paid dividends in the 2019 election process.

partnership we signed with the Wanda Group in 2019. It is

We have been encouraged by the ingenuity and drive ofthe largest commercial partnership in the history of World

our Areas and Member Federations during the pandemic

Athletics giving us the opportunity to strengthen thein terms of the virtual courses and training initiatives theyDiamond League, our global showcase series, and release

have conducted and the numbers of people they have been

World Athletics’ funds to focus on other one-day meetings.

recruiting and training in our sport. We need to retain andbuild on this engagement.

Our new out-of-competition drug testing model created

We continued to support Member Federations with

with our Label Road Races further strengthened ourcommunication resources (Oceania and Africa); held Member

partnership approach to delivering world class events forFederation Press Chiefs and Media workshops in Asia

our athletes.

and South America and continued our social media clinics
with athletes at the one-day meetings. We were proud to

The World Indoor Tour and our Challenge events (Racereceive the AIPS Best Press Facility in 2019 for our press

Walking, Combined Events, Hammer Throw) attracted record

operations at the World Athletics Championships in Doha.

numbers of athletes.

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A solid year maintaining investment in competitions and development

Focus on Fans
The communications strategy for 2019 was to understandmore about our fans and find creative and engaging ways
to connect with them. A comprehensive Nielsen researchstudy was conducted at the end of 2018 across 15 major
markets and shared with Member Federations during their2019 Area Congresses. The research also helped define
the structure of our new World Athletics website, launchedat the end of 2019, with the creation of a new Be Active
section aimed at connecting our sport with recreationalrunners. The new website has been developed to give
users the ability to select and follow the athletes and teams
most important to them and receive a more customisedexperience on the site. Putting this new framework in placeallows us to learn more about what athletics fans reallywant to know and enables World Athletics to keep users
worldwide up to date with the content that really mattersto them via more personalised news updates and exclusive
content.
Our focus on social media was to develop more creative
and tailored content to drive fan growth across all World
Athletics’ channels with a particular emphasis on YouTube.
Our efforts paid off with strong fan engagement acrossall our platforms. We repeated our Run 24/1 Campaign
which, with the huge support of our Member Federations,
saw a record number of people take part in their first mile.
More than 65,000 participants joined in, including 50,000
children, from almost 50 countries. This was an increase of
30% on the previous Run 24/1 which will stand us in goodstead as we embark on a more comprehensive fan data
strategy in 2020.

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A solid year maintaining investment in competitions and development

12% 13%
48%

15%

52%

30%
25%

2019 Annual Report and Accounts

24

2
Operations Report
A solid year maintaining investment in competitions and development

Nielsen Sports 2019, IAAF Brand and Fan Development 2018/2019. (Published February 2019).

www.worldathletics.org

25Worldathletics.org 16 November 2018 – 15 November 20192
Operations Report
A solid year maintaining investment in competitions and development

Press Conferences 2018 v 2019

Press Releases 2018 v 2019sessions

users

page views+75.4%+55.7%+67.1%

World Athletics Social Media
16 November 2018 – 15 November 2019

Global PR Campaigns 2018 v 2019

running events held in

957,027

269,914459,252

217,000

Likes

Followers

Followers

Subscribers+12.7%+16.3%

+73%

+123%

World Athletics Series accredited media

1355

Total media and broadcasters onsite
at the three WAS events of 2019

World Championships

World Relays

World Cross Country

World Athletics Coverage in Mainstream Media (top 20 countries)
14 January 2019 – 14 October 2019different countries, more thanparticipating kids and runners

Media Forums

forums in Asia andSouth America withMF Media in attendance

Athletes Forums & Clinics

athletes forums with

Events

TopicsSpokespeople

Doha World Champs

Cheating and Doping

Seb CoeDiamond League

Equality and Inclusion

Rune Anderson

Council Meetings

Competitions and Results

Jon Ridgeon

Lima Pan American Games(only athletics coverage)

Hyperandrogenism

Ximena Restrepo

Yokohama World Relays

top athletessocial media clinics with2019 Annual Report and Accounts

Reinstatement of Russia

Dahlan Al Hamad
26

top athletes2
Operations Report
A solid year maintaining investment in competitions and development

Strong partnerships key to growing
sport over next four years
Through our commercial rights agency, Dentsu, QNB, the

The World Athletics 10-year Sustainability Strategy (2020-

largest financial institution in the Middle East and Africa,2030) was approved at the end of 2019 and published inwas signed as an official partner of World Athletics and theearly 2020. It outlines objectives and targets in terms ofWorld Athletics Series Events from January 2019 to the end

World Athletics’ commitment to accelerating athletics towardsof 2022. We also concluded 10-year renewals with TDK,a sustainable future and contributing to a better world. The

Asics and Seiko at an uplift of 10% to their previous deals

Sustainability Strategy is available on the website here.

and renewed our long-standing Official Supplier partnershipwith Mondo, who supply our technical sports equipment,2019 was a pivotal year for our sport. It was the end of ourthrough to 2023.

four-year reform cycle with the new governance structures
set out in our 2019 Constitution coming into effect afterTBS, a World Athletics official media partner, were also

our Congress.

extended in 2019 for a further 10 years.
All our key reforms are now embedded in this latest
The largest sponsorship deal in the history of World

Constitution. Our Areas and Member Federations have

Athletics was signed with Chinese conglomerate, the Wanda

or are adopting many of these reforms within their own

Group in October 2019. This 10-year deal sees Wanda as

Constitutions. A huge amount of hard work has gone into

the first title partner of the Diamond League for more thandriving new revenue streams and managing unnecessary

a decade with rights from the beginning of 2020 to thecosts out of the organisation. We have the right governanceend of 2029. The media distribution rights for the Diamondand the right leadership team in place to deliver on our

League from 2025-2029 have also been secured by the

ambitious new four-year strategy. We are confident we can

Wanda Group’s media company, Infront. And Infront will also

grow the world’s most participatory sport in collaboration

be distributing the Continental Tour media rights for thewith partners that will benefit our athletes, both financiallynext 10 years.

and competitively, increase our fan base and encourage
more people around the world to participate in athletics.

Building more partnerships – public and private – to put
our sport at the heart of the health and wellbeing agenda inevery country is a cornerstone of our business strategy forthe next four years and a number of partnership agreements
have been signed in 2020 with global legal services firm
Pinsent Masons and parkrun being announced earlier thisyear. But our partnerships are more than just commercial.
Our sport is uniquely placed to address a range of issues
that governments and communities the world over areconcerned about - increased levels of inactivity, health,education, sustainability and social cohesion. Working
closely with Governments and other bodies to addressthese issues will also help us support our athletes throughbetter funding and higher profiles.
We continued our work on air quality, monitoring thedevices we have in five major cities. We also expanded our
research to cover athlete performances correlated against
air quality at the World Athletics Relays in Yokohama andstarted measuring air quality at marathons with a mobile unit.

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27

2
Operations Report2019 Revenue, Expenditure, Development at a glance

Broadcast rights
Commercial rights
Commercial rights(profit share)

Revenue:

Expenditure:

US$51.1m

US$67.8m
12%

14%

29%

Competition & Events

12.5%

43%

22%

9.5%

Grants & Development
Legal & Compliance

Value in kind

23%

35%

Other income

12%
35%

10.5%
3.5%
9.5%
29%

80%
of income spent on programmes andevents for athletes

2019 Annual Report and Accounts

28

Administration

2
Operations Report

Grants & Development

Grants distribution by Area
Area Administration Grants

13%

18%

16%

AfricaCompetition Grants

9%

12%

Member Federation Grants

13%

28%

EuropeAthletics Olympic Dividend

2%

11%
31%

NACAC

14%

Continental Programme,
exceptional support & tracks

Asia

18%
15%

Regional Development Centres

OceaniaSouth America

Education, Staff Support, other

Overall distribution of 2019 Area Competition Grant

Overall distribution of 2019 Member Federation Grant

32%

36%

20%

Administration of Federation

Area Championships
6%

Organisation of
National Championships
Participation in Regional
Continental Championships

32%

Regional Championships
74%

One-day meetings

Focus on strong Area Championships
Staging Area Championships accounted for almost three-development and education seminars and forums. Oceania

quarters (74%) of the competition grant distributed tohosted one of their most successful area championships in

Areas during 2019. Area championships provide a potential

Townsville (25-28 June) with record performances, viewing

route into the World Championships for all athletes and,figures and attendance numbers both on and off the track

under the new World Athletics world ranking system, carryand field.

extra points. But they also provide an opportunity for

74

1

1

6

25

championship2020 Olympic

area record

2019 World

area champions competed at therecords broken

qualifier(women’sChampionshipWorld Athletics Championships Dohahammer throw)qualifiers

2019www.worldathletics.org

29

2
Operations Report2019 Revenue, Expenditure, Development at a glance

13%

24%

5%
6%

6%5% 12%
10%
8%

18%

21%

11%

12%

38%

11%

AOD helping to transform track and field in Burundi
The Burundi Athletics Federation has been on a mission overschools located in the same district in each of the four

the past four years to identify young talent and moderniseathletics sections. The best talent from each region is thenthe sport in the country. This has now been made possible

invited to the national championships, where an elite cropby the Athletics Olympic Dividend grant rolled out by Worldis gathered and sent to regional competitions to seek entry

Athletics in 2016, which over a four-year cycle offered up

into continental and world events like the World Athletics

to US$ 25,000 every year to each member federation toChampionships and Olympic Games. The Burundi Athletics

support delivery of their individual strategic development

Federation is aiming to qualify at least eight athletes for thepriorities. This grant has been used towards the identification

Tokyo 2020 Olympics, which will be a record.

of young talent in Burundi. It has helped the federation
expand regular cross country and road races between high2019 Annual Report and Accounts

30

2Operations Reportwww.worldathletics.org

31

3
Operations Report2019 Revenue, Expenditure, Development at a glance

2019 Annual Report and Accounts

32

3
Appendices2019 Revenue, Expenditure, Development at a glance

APPENDICES

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33

3
Appendices
Appendix A – 2019 Audited Financial Statements

Appendix A – 2019 Audited Financial Statements

2019 Annual Report and Accounts

34

3
Appendices
Appendix A – 2019 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)

Willie BANKS(USA)

Raul CHAPADO(SPAIN)

Nawal EL MOUTAWAKEL(MOROCCO)

Robin Sapong EUGENIO(NORTHERN MARIANA ISLANDS)

Helio GESTA DE MELO

(BRAZIL)

Alberto JUANTORENA DANGER(CUBA)

Hamad KALKABA MALBOUM(CAMEROON)

Abby HOFFMAN(CANADA)

Dobromir KARAMARINOV(BULGARIA)

Renaud LAVILLENIE(FRANCE)www.worldathletics.org

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3
Appendices
Appendix A – 2019 Audited Financial Statements

Officers and Professional Advisers
Antti PIHLAKOSKI(FINLAND)

Anna RICCARDI(ITALY)

Mike SANDS(BAHAMAS)

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

2019 Annual Report and Accounts

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3
Appendices
Appendix A – 2019 Audited Financial Statements

STATEMENT OF EXECUTIVE BOARD RESPONSIBILITIES2019 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
On August 31, 2020

Sebastian Coe
President

Vineesh Kochhar
Chief Operating Officer

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3
Appendices
Appendix A – 2019 Audited Financial Statements

INDEPENDENT AUDITOR’S REPORT ON CONSOLIDATEDFINANCIAL STATEMENTS
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 2019,• 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.
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) and 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 Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (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.

EMPHASIS OF MATTER
We draw attention to Note 1 of the consolidated financial statements, which describes the first application ofInternational Financial Reporting Standards as adopted by the European Union (IFRS) and the key impacts in thecontext of the IFRS transition. Our opinion is not modified in respect of this matter.

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 the otherinformation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

2019 Annual Report and Accounts

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3
Appendices
Appendix A – 2019 Audited Financial Statements

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTSManagement is responsible for the preparation and fair presentation of the consolidated financial statements inaccordance with IFRS, and for such internal control as management determines is necessary to enable the preparationof consolidated financial statements that are free from material misstatement, whether due to fraud 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.
• 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.

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39

3
Appendices
Appendix A – 2019 Audited Financial Statements• 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, September 07, 2020
The independent auditor
ERNST & YOUNG Audit Conseil & Associés

Sandrine Arcin

2019 Annual Report and Accounts

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Appendix A – 2019 Audited Financial Statementswww.worldathletics.org

41

3
Appendices
Consolidated financial statements according to IFRS

Consolidated financial statements according to IFRSInformation about the association andsignificant events of the period

Notes to the consolidated statement ofcomprehensive income

I. General............................................................................................43

1. Adoption Of IFRS To The Consolidated

II. About World Athletics.........................................................43
III. New Brand Identity..............................................................44

Financial Statements.................................................................59
2. Revenue From Broadcast Rights

IV. Official 2019 World Athletics Partners..................45

And Sponsorship Rights.........................................................70
3. Other Revenue From Activities.....................................70
4. Competition & Events.........................................................71

Consolidated Financial Statements
Consolidated Statement Of

5. Grants & Development.......................................................72
6. Legal & Compliance..............................................................74

Comprehensive Income...........................................................46
Other Comprehensive Income............................................47

7. Administration..........................................................................75
8. Financial Income......................................................................75

Consolidated Balance Sheet................................................48
Consolidated Statement Of Cash Flows.....................49
Consolidated Statement Of Changes In Equity.....50

9. Financial Expenses................................................................75
10. Investments In Equity.......................................................76

Notes to the consolidated balance sheet
Significant Accounting Policies

11. Property, Plant & Equipment......................................78
12. Trade Receivables And Other Receivables........79
13. Contract Assets...................................................................79
14. Cash & Cash Equivalents...............................................80
15. Equity.........................................................................................80
16. Post-Employment Benefit And Similar
Obligations.......................................................................................80
17. Financial Liabilities Current & Non Current.......81
18. Trade Payables......................................................................81
19. Other Payables & Accrued Expenses...................82

A. General Information And Statement Of
Compliance......................................................................................52
B. Basis Of Preparation............................................................52
C. Consolidation Principles And Perimeter.................53
D. Currency Translation............................................................54
E. Tangible Fixed Assets..........................................................54
F. Accruals And Provisions....................................................55
G. Debtors........................................................................................55
H. Revenue.......................................................................................55
I. Operating Expenses...............................................................56
J. Financial Income And Expenses...................................56
K. Financial Risk Management.............................................56
L. Going Concern........................................................................57
M. Accouting Policy...................................................................57
N. Critical Accounting Estimates
And Judgment .............................................................................58

Other Disclosures
20. Financial Risk Management..........................................83
21. Commitments Given, Contingent
Liabilities And Off-Balance Sheet Events...................83
22. Post Balance Sheet Events...........................................83
23. Related Parties......................................................................84

2019 Annual Report and Accounts

423
AppendicesInformation about the association and significant events of the period

Information about the association and significant eventsof the period
I. General
World Athletics (previously known as the International

Yet in an ever-changing world, international sport

Association of Athletics Federations) is a non-profit-

federations such as World Athletics need to be

making association, the members of which are the
National Federations, which represent athletics in eachproactive when trying to reach new audiences and find
new hosts for their events. It is also fundamental tocountry of the world.

understand that athletics is no longer just about highperformance, gold medals and records. It is also about

Its object is to establish legal and friendly cooperation‘sport for all’ and about ensuring that the maximum

between all members for the benefit of athletics. World
Athletics compiles rules with regulations governing

number of citizens are able to participate in athletics.

international competitions and fosters the worldwide
development of athletics and the dissemination ofThis means, of course, the thriving world of roadrunning, which is where a large number of people acrosstechnical and other information to its affiliated entities.

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 ofchildren, 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
Athletics is one of the world’s most ancient sports
which has continued to adapt through the centuries,
offering a dynamic, life-enhancing sport.

Despite the obvious benefits the sport brings tocommunities and society, World Athletics recognisesthat athletics is competing for the public’s attention
in an ever more varied and complex media andentertainment-driven world. This means the sport andall those within it embracing wider aspects touching onsocial responsibility, the environment and all mattersthat help advance athletics as a force for good andcreating a better world.

On 17 July 1912 in Stockholm, following the closing
ceremony of the Olympic Games in the Swedish capital,
the International Amateur Athletic Federation (IAAF)
was founded as the world governing body for the sportof track and field athletics.
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’.

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.

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.

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3
Appendices
Consolidated financial statements according to IFRSWorld Athletics is adapting its competition programmes
to reflect the vast array of activities the public has

This variety extends beyond championships.

access to. Attracting, growing, and, most importantly,

In 2010, a new global one-day competition structure

retaining young people as both participant andspectator are essential if athletics is to retain its appeal.

was unveiled. It is headed by the Diamond League of
14 invitational track and field meetings in Africa, Asia,

And it is equally important to continue the close links
the sport has to the masters’ athletics movement as well

Europe, and North America. The Continental Tour, with
Gold, Silver and Bronze one-day meetings held acrossas ultra-distance running and mountain racing.

all six World Athletics areas, provides the second tierThe biennial World Athletics Championships is theof elite international competition along with our World
Challenge events. All these play out to large stadium

jewel of our World Athletics Series of events, which
also includes indoor, U20, relays, cross-country, raceand TV audiences around the world.

walking and road running during a four-year cycle of

As World Athletics enters its second century as an

World Championships and/or Cup events for each ofthese types of competition.

official governing body, its aim is to further enhancethe vibrant sport to offer new and exciting prospects

Athletics also carries the mantle of being the Olympic

for athletes and spectators alike. Following four yearsof reform, resulting in two revisions of the Association’sGames’ leading sport. Athletics is the main spectator
stadium sport of the Games, central to the success ofeach summer Olympic Games. The histories of athletics
and the Olympic Games are closely entwined, andWorld Athletics is extremely proud of this association.

constitution, the sport is working hard to ensurethat every area of athletics is reviewed, tested andencouraged to strive for excellence.

III. New Brand Identity

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

The IAAF Council approved the global governing
body’s new name and logo at the 217th IAAF Council
Meeting, which concluded 8 June 2019 in Monaco.

The marketing potential of each edition of the World
Athletics Championships is excellent with only thesummer Olympic Games and the FIFA World Cup
bigger in terms of global reach and impact. The next
World Athletics Championships will be hosted in
Eugene, USA (2022) and Budapest, Hungary (2023).

The new name, ‘World Athletics’, builds upon theorganisation’s restructuring and governance reform
agenda of the past four years to represent a modern,more creative and positive face for the sport. The new
brand, Council agreed, makes the sport more accessible
to a wider audience while giving the global governing
body the opportunity to more clearly communicate
its mission as the leader of the world’s mostparticipatory sport.

The wide variety in the type, size and scope of therest 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
events available to fit the hosting ambitions andresources of cities, large and small, among most of the
sport’s 200+ national member federations.

The new brand identity began its rollout in Octoberafter the IAAF World Athletics Championships Doha2019 and following Congress’s approval of the change
to the Federation’s legal name.

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 Yokohama.

2019 Annual Report and Accounts

44

3
Appendices
Consolidated financial statements according to IFRSThe logo design is comprised of three main elements:
the ‘W’ of World, which is also a symbol of an athlete’s
arms raised in victory; the ‘A’ of Athletics, which also
represents an athlete’s focus as they prepare for theroad ahead; and an arc over both to represent theentire athletics community coming together. The logo
also includes the sweep of a running track, whichappears in an upward trajectory, symbolising the desire
to continually push beyond limits. The patterns capture
the energy present in all four of athletics’ Association
disciplines: running, jumping, throwing and race walking.
The rebrand process began in January 2018 when the
IAAF invited five global brand and marketing agencies
to respond to the brief outlining the rebrand concept.
From those, an internal team selected a short list, whichthen underwent a consultation process where Member
Federations, partners, athletes and broadcasters
provided feedback before the final version waspresented to Council.

IV. Official 2019 World Athletics
Partners
World Athletics Partners

World Athletics Media Partner

World Athletics Media Distribution Partners

World Athletics Supplierwww.worldathletics.org

45

3
Appendices
Consolidated Financial Statements

Consolidated Financial Statements
Consolidated Statement Of Comprehensive Income
Note

2019

2018
Restated

Television Rights & Sponsorship2

43 85542 402Other revenue

3

7 289

2 807

51 14445 210in k USD
Revenue

Total revenue

ExpensesCompetition & Events

4

29 54633 861

Grants & Development

5

15 385

14 586

Legal & Compliance6

14 85315 729Administration

7

8 051

8 286

Total expenses

67 83572 462

Operating Loss

(16 691)(27 252)

Financial Income

8

400

505

Financial Expenses

9(1 070)

(765)

(671)

(259)

(63)

(98)

(17 424)(27 609)

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

10

Loss for the year

2019 Annual Report and Accounts

46

3
Appendices
Consolidated Financial Statements

Other Comprehensive Income
in k USD

Note

Loss for the year
Items that will not be reclassified subsequently to profit or loss

16

2019

2018
Restated(17 424)(27 609)

130

(9)

-

-

130

(9)

(17 295)(27 618)

Actuarial gain (loss) on retirement benefit obligations
Items that will be reclassified subsequently to profit or loss when
specific conditions are met
Currency translation differences
Other comprehensive income/(expense)
Total comprehensive loss for the Yearwww.worldathletics.org

47

3
Appendices
Consolidated Financial Statements

Consolidated Balance Sheetin k USD

31 Dec 2018

01 Jan 2018

Restated

Restated

Note

31 Dec 2019

328

172

-

11

6 571

7 527

7 590

205

108

108

109

172

269

7 212

7 979

7 967

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

10

Non-current assets

Trade receivables

12

496

332

280

Prepayments & tax receivables

12

1 070

936

1 340

Other receivables

12

7 950

1 827

8 560

Contract assets

13

9 344

4 550

8 396

Cash and cash equivalents

14

34 30250 82062 786

Current assets

53 16158 46581 363

Total assets

60 37366 44589 331

Reserve Fund

10 000

10 000

10 000General Fund

36 28763 76683 805

Loss for the year

(17 424)(27 609)(20 030)

28 86246 15773 775

Total equity & reserves (general funds)

15

Liabilities
Trade payables

18

4 483

2 656

2 796

Other payables and accrued expenses

19

17 138

9 141

8 040

Financial liabilities

17

282

271

287

Deferred income

1 119

-

-

Current liabilities

23 021

12 06711 122

Provisions

16

1 102

1 105

1 078

Financial liabilities

17

3 003

3 285

3 298

Deferred income

4 385

3 831

58

Non-current liabilities

8 490

8 220

4 434

Total liabilities

31 51120 28815 556

Total liabilities and reserves

60 37366 44589 3312019 Annual Report and Accounts

48

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Appendices
Consolidated Financial Statements

Consolidated Statement Of Cash Flowsin k USD

Note

2019

2018
Restated

Operating activities
Net result for the year

(17 424)(27 609)

Net financial income/(expense)

8,9

674

260

Depreciation

11

1 063

955

Share of loss on investment in equity

10

63

98

Increase/(Decrease) in provisions for pension obligations

16

(3)

27

(Increase)/Decrease in other receivables

12(4 844)11 159--13(4 794)

3 846

18,19

9 708

1 194

(15 558)(10 370)

(106)

(892)

(Purchase)/sale of intangible assets

(155)

(172)

Net cash used in investing activities(261)(1064)(Increase)/Decrease in prepaid expenses and accrued income(Increase)/Decrease in contract assets
Increase/(Decrease) in payables
Net cash used by operating activities

Investing activities(Purchase)/sale of property, plant & equipment

11

Proceed from new loans / borrowings-

142

Reimbursement of loans / borrowings

(378)

(287)

Interest received

106

91

Interest paid

(428)

(478)

Net cash used in financing activities

(700)

(532)

(16 519)(11 966)

50 82062 786

Net decrease in cash & cash equivalents(16 518)(11 965)

Cash & cash equivalents as at 31 December

34 30250 820Net decrease in cash & cash equivalents

Cash & cash equivalents as at 1 January

14

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3
Appendices
Consolidated Financial Statements

Consolidated Statement Of Changes In Equity

in k USD

Note

Reserve Fund

Other
Reserves
Transfer fromTotal equity

incomeBalance as at 31 December 2017 - aspreviously reported

10 00054 80264 802IFRS 16 - first application net of taxes

4

-

(136)

(136)

IFRS 15 - first application net of taxes

1-

10 486

10 486

Other first IFRS application impacts

1(1 378)(1 378)63 77573 775--

Balance as at 1 January 2018 - restated

10 000Net income allocation
Actuarial loss on retirement benefit
obligations, net of taxes

-

(9)

(9)

Other comprehensive expense for theperiod

-

(9)

(9)

(27 609)(27 609)-(27 618)(27 618)

10 00036 15746 157

-

-

130

130

130

130

(17 424)(17 424)-(17 295)(17 295)

10 00018 86228 862

Loss for the year
Total comprehensive loss for the period

As at 31 December 2018

Net income allocation
Actuarial gain on retirement benefit
obligations, net of taxes
Other comprehensive income for the period-

Loss for the year
Total comprehensive loss for the period

As at 31 December 20192019 Annual Report and Accounts

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Consolidated Financial Statementswww.worldathletics.org

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AppendicesSignificant Accounting Policies

Significant Accounting Policies
FIRST ANNUAL REPORTING UNDER IFRSStandards”, the Association has applied the standards

The fiscal year ended 31 December 2019 represents
our first annual reporting period under IFRS. Previous

effective at 31 December 2019 for all periods
presented.

annual consolidated financial statements were prepared
under accounting policies determined by the IAAF.
Comparative figures as at 31 December 2018 and

B. Basis Of Preparation

1 January 2018 have been restated to comply with
International Financial Reporting Standards (IFRS) as

Since 1 January 2018, the Association has been

adopted by the European Union.

applying IFRS. Note that IFRS itself introduced the

For a summary of the impacts related to the adoption

following new standards during the period which wehave also applied:of IFRS on our consolidated financial statements,
see Note 1 – Adoption of IFRS to the consolidated

IFRS 9financial statements. It provides more details on themost significant adjustments to equity, net income,comprehensive income and cash flows.
All figures have been rounded off to the nearest

This standard defines rules in terms of:• the classification and measurement of financial
instruments (Phase 1);• impairment due to credit risk of financial instruments(Phase 2); andthousands, except if indicated otherwise. As a result,certain totals may not appear to cast.

• hedge accounting, excluding macro-hedging
transactions (Phase 3).
The IFRS 9 classification and measurement provisions,as well as its new impairment model are applied

A. General Information And
Statement Of Complianceretrospectively by adjusting the opening balance sheet
at 1 January 2018 (impact on shareholders’ equity).
The Association is thus presenting its 2019 financial
statements without adjusting the 2017 data to the IFRS
9 format. The Association is not applying Phase 3, which
is optional.

World Athletics’ consolidated financial statements
for the year ended 31 December 2019 have been
prepared in accordance with the IFRS as adopted by
the European Union. These standards are available on
the European Union’s website: here.

The impact of the new accounting methodology
for determining the impairment provision for tradereceivables and contract assets resulted in no materialchange in the provision for impairment of trade

The financial statements are accompanied by disclosuresdeemed to be material as required by regulation no.
1606/2002 of the European Parliament and of the council,
which are available on the European Union’s website: here.
Since World Athletics has not previously preparedfinancial statements in accordance with IFRS, these are
the first consolidated financial statements preparedreceivables. Under the new policy, a loss allowancefor expected credit losses is recognised based upon
the lifetime expected credit losses in cases where thecredit risk on trade and other receivables has increased
significantly since initial recognition. In cases where thein accordance with IFRS. Accordingly, as required by
IFRS 1 “First-time Adoption of International Reporting

credit risk has not increased significantly the Association
measures the loss allowance at an amount equal to the2019 Annual Report and Accounts

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3
AppendicesSignificant Accounting Policies

12-month expected credit loss. This assessment isperformed on a collective basis considering forward-

The Association decided to adopt this new standard
as at 1 January 2018.

looking information. Trade receivables longer than
one-year overdue and specific risk trade receivables
with no reasonable expectation of recovery are impaired

Under IFRS 16, for a contract to qualify as a lease, there
must be both the identification of an asset and control

and hence provided for in full, unless reliable supporting
information to determine otherwise is available. The

by the lessee of the right to use said asset.

Association does not present its impairment losses

For the lessee, operating leases and finance leases will beseparately in the statement of profit or loss, but in thenotes thereto.

accounted for based on a single model, with recognitionof:

IFRS 15• an asset representing the right to use the leased item
during the lease term;

The Association has adopted IFRS 15 Revenue from• offset by a liability in respect of the lease payment

Contracts with Customers from 1 January 2018,
which resulted in changes in accounting policies andobligation;• straight-line depreciation of the asset and an

adjustments to the amounts recognised in the financial
statements. In accordance with the transition provisions

interest expense in the income statement using thediminishing balance method.

in IFRS 15, the Association has adopted the new rules
retrospectively and has restated comparatives for the2018 financial year.

The Association has elected to apply IFRS 16 Leases. In
accordance with the transition provisions in IFRS 16, the
new rules have been adopted retrospectively with the
cumulative effect of initially applying the new standard
recognised on 1 January 2018. Comparatives for the
opening financial year have been restated. See note 1
below for further details on the impact of the change inaccounting policy.

Under IFRS 15, revenue is recognised when control ofa good or service is transferred to a customer, for theamount the seller is expected to be entitled to.
To this effect, the standard sets out a five-stage model,
enabling the entity to determine when and in whatamount the revenue from ordinary activities should berecognised:• identify the contract entered with the customer;• identify the performance obligations in the contract;• determine the transaction price;• allocate the transaction price to the performanceobligations in the contract;• recognise revenue when (or as) the entity satisfies a
performance obligation.

C. Consolidation Principles And
Perimeter
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 withthe entity, and (ii) it has the ability to affect those returns
through its power over the entity.

Analysis of IFRS 15 and identification of its effects aredescribed in the specific note 1.

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

IFRS 16This new standard, which was published in early 2016
and adopted by the EU on 31 October 2017, took effecton 1 January 2019 with an early adoption possible.

Entities over which the Association has joint control
or significant influence are accounted for using thewww.worldathletics.org

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AppendicesSignificant Accounting Policies

equity method. The Association is generally presumed
to have significant influence when it holds at least

D. Currency Translation

approximatively 50% of the entity’s voting rights.

The consolidated financial statements are presented

The Association exercises significant influence overin Thousands of United States Dollars, the functional
currency of the Association at the closing exchange

an entity when it has the power to participate in thefinancial and operating policy decisions of that entity

rate. Any resulting exchange differences are recognisedin the statement of comprehensive income.

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,

Transactions in currencies that are not the US dollar
are translated into US dollars at the transaction dateand subsequently adjusted to reflect changes in the net
assets of the associate or joint ventureexchange rate.
Monetary assets and liabilities whose currency is not

The perimeter of the consolidation comprises World
Athletics, Diamond League AG partially owned

US dollars are translated into US dollars using theclosing exchange rate.

by World Athletics (35.20%) and World Athletics
Productions Ltd as equity accounted investments.

E. Tangible Fixed Assets

World Athletics has been determined to exercise asignificant influence over both entities and concluded
these investments should be recorded as equity
accounted investments.

Property, plant and equipment are measured at costless accumulated depreciation and accumulated
impairment losses. Gains and losses on the disposal ofproperty, plant and equipment are recognised in the
consolidated statement of comprehensive income.

Separately, World Athletics owns a 6% participationin Athletics Australia (Nitro/AUS) and concluded thisnon-consolidated investment should be recorded atfair-value through other comprehensive income, andthis has no significant impact on the Association’s
financial statements.

Depreciation is calculated on a straight-line basis overits estimated useful lives that are as follows:

Office furniture and equipment

5 to 10 years

Computer equipment

5 years

Leasehold improvements

up to 15 years

Motor cars

5 years2019 Annual Report and Accounts

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Leases contracted by the Association are accounted forin accordance with IFRS 16 (Leases). The Association

G. Debtors

recognises a right-of-use asset and a lease liability

Trade receivables are amounts due from customers forfor all its lease contracts, except for (i) leases relating
to low-value assets and (ii) short-term leases (12services performed in the ordinary course of business.
They are all classified as current. Trade receivables

months or less). Payments made in respect of leases
not recognised on the balance sheet are recognised as

are recognised initially at the amount of considerationthat is unconditional unless they contain significant

an operating expense on a straight-line basis over thefinancing components, when they are recognised at fairlease term.

value. The Association holds the trade receivables withthe objective to collect the contractual cash flows andOn commencement of a lease, the liability for futurelease payments is discounted at the incremental

therefore measures them subsequently at amortised
cost using the effective interest method.

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,

H. Revenue

the Association applies a discount rate based on the
duration of those payments.

Revenue is recognised to the extent that it is probablethat the Association will derive economic benefit from it
and that the revenue can be reliably measured.

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.

World Athletics-related revenue consists primarily of
the following items:• television rights (i.e. media rights)• commercial rights (i.e. sponsorship)• value in kind
• technical certification

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
outflow or economic benefits will be required to settle
the obligation and when a reliable estimate can bemade of future cash outflows.

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 December 31, 2023.

Any accrued liability not consumed within two
years after the recognition date shall be reversed in
the consolidated income statement unless specificcircumstances justify the balance to be maintained in thebalance sheet.

Commercial sponsorship income is split in three parts:
the first part corresponds to the commercial rights
and yearly invoices amounts to $11m per year. The
second part relates to the TV rights in Japan andgenerates a revenue of $7m per year. The third part
corresponds to commission based on the value in kindunder sponsoring contracts. Value in kind in the formof products and services supplied by sponsors foruse in events is recognised as profit and loss in the
consolidated statement of comprehensive income.
Commissions on value in kind due to the Association’s
marketing partner are accounted for based on the valueof in-kind contribution.

Payables are not interest bearing and are stated at theirnominal value.
Contingent liabilities are not recognised but are
disclosed in the notes to the financial statements
unless the possibility of an outflow of economic
resources is remote.

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During 2018, an amendment to the agreement for theperiod of 2020-2029 was signed. This new agreement

J. Financial Income And Expenses

calls for a minimum guarantee over the 10-year period

The financial income and financial expenses positionsof $130m. The agreement with commercial sponsorshipalso includes a profit-share income clause.
The performance obligations are identified as the rightinclude the following:• financial income, consisting of interest income frominterest-bearing assets, as well as realised andunrealised foreign exchange gains.

to access intellectual property and as such revenue is• financial expenses comprising realised andrecognised on a straight-line basis.

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

Regarding profit share revenue recognition,
management exercises its judgement to determine an
estimate of the profit share directly attributable toK. Financial Risk Management

the financial year and recognises this in the period it
is earned.

The Association’s overall risk management programme

Technical certifications provided by World Athletics arefocuses on the unpredictability of the financial markets
and seeks to minimise any potential adverse effects on

performed at a point in time with a certification duration

the Association’s financial performance.

of three or five years, regarding sportive infrastructures.
Revenue generated from technical certifications is

The Management Board provides principles for therecognised at a point in time when the technicalcertification is provided.

overall management of risks such as foreign exchangerisk, credit risk and liquidity risk.

The performance obligations have been determined foreach contract and the revenue recognition method for(a) Foreign exchange risk
The Association operates internationally and is exposedeach contract has been determined accordingly withIFRS 15 principles.

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.

I. Operating Expenses

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

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.

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
2019 would not have been material.

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).

During the periods presented, the Association did not
engage in any hedging operations.
(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 wellas credit exposure to customers, including outstanding
receivables and committed transactions.

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

2019 Annual Report and Accounts

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The credit risk on receivables is highly mitigated by thequality of the client.

the year ended 31 December 2019. As part of thegoing concern assessment the Council considered thesufficiency of the group’s liquidity resources.

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

M. Accouting Policy(c) Liquidity risk

The retirement benefit obligations concerns

Management monitors rolling forecasts of the
Association’s liquidity requirements on a quarterly

Monaco employees. Under legislation in Monaco,
the Association is required to provide a pension

basis to ensure it has enough cash available to meetits operational needs. Expenditure trends are balanced

based on legal requirements, or, on the collective
labour agreement requirements if these ones arewith committed revenues to ensure adequate liquidity

more advantageous than legal. Regarding Monaco

is maintained.

employees, pension is computed on the last 12 months
gross remuneration, excluding bonuses and other

World Athletics benefits from long term commercial
and broadcast contracts that provide flexibility incomplementary remuneration. The liability which ispaid once upon the retirement of the employee and ismanaging operational cash needs. In addition, theOlympic Dividend received every four years allows the
Association to smoothen its long-term expenditurepatterns.

recognised in the balance sheet in respect of defined
benefit pension plans. This is the present value of thedefined benefit obligation at the end of the reporting
period. The defined benefit obligation is calculated
each year using the projected unit credit method.
The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency
in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation.

As a result of Covid-19, the Tokyo 2020 Olympic
Dividend has already been delayed and could befurther delayed, curtailed or cancelled.
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.

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.
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.

L. Going Concern
The Council of World Athletics, having madeappropriate enquiries, consider that adequate
resources exist for the Group to continue in operational
existence for the foreseeable future and that, therefore,
it is appropriate to adopt the going concern basis inpreparing the consolidated financial statements forwww.worldathletics.org

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N. Critical Accounting Estimates
And Judgment
The preparation of financial statements requires the• Consolidation perimeter regarding Diamond League

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

AG, a Swiss based company, owned 35.2% by
World Athletics. World Athletics has determinedalso needs to exercise judgement in applying thethat they do not have control on this entity, with

Association’s accounting policies.

World Athletics being the single largest shareholder
with 35.2%, and 14 other shareholders owningThis note provides an overview of the areas thatinvolved a higher degree of judgement or complexity,

the balance 64.8%. Based on historical decision
processes and ownership structure, World Athletics

and of items which are more likely to be materiallydemonstrated that decisions have always beenadjusted due to estimates and assumptions turning out
to be wrong. Detailed information about each of thesetaken unanimously and without control being
exercised by World Athletics, even in day-to-day

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

operations.
• The operational impact and financial implications

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 16).
• 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.
• Profit share expectation for the year end accrual.
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 income.
Management are required to estimate the fair valueof any value in kind goods or services received
during the period and record these amounts asincome and expenses. Determining fair value requires
management to exercise significant judgement. In
the event fair value cannot be reasonably estimated,no value is recognisedof the ongoing coronavirus pandemic are as yet
undeterminable.

2019 Annual Report and Accounts

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AppendicesNotes to the consolidated statement of comprehensive income

Notes to the consolidated statement of comprehensive income
1. Adoption Of IFRS To The
Consolidated Financial Statements

including the fiscal year ended 31 December 2017.

A) OBJECTIVE

simplified certain areas of accounting and disclosure.

The objective of IFRS is to ensure that an entity’s
first IFRS financial statements contain high quality

IFRS 1, First-time Adoption of International Financial

These historical accounting policies were designed
to meet management reporting requirements andinformation that:

Reporting Standards, requires a first-time adopter toretrospectively apply all IFRS effective as at the end

1. is transparent for users and comparable over allof its first annual reporting period (31 December 2019

periods presented;

for the Association). IFRS 1 also provides a first-time
adopter certain optional exemption and requires
certain mandatory exemptions from full retrospective
application. Most of these exemptions, if elected or

2. provides a suitable starting point for accounting inaccordance with International Financial Reporting

mandatory, must be applied as at the beginning of therequired comparative period (the transition date). The
Association transition date to IFRS is 1 January 2018.

Standards (IFRS); and3. can be generated at a cost that does not exceed
the benefits.

C) EXEMPTIONS FROM FULL RETROSPECTIVE
APPLICATION OF IFRSThe mandatory exceptions cover areas in which
retrospective application of the IFRS requirements is
considered inappropriate.

B) DESCRIPTION
The Association has adopted IFRS effective for its
annual consolidated financial statements beginning 1
January 2018. These consolidated financial statements
are the Association’s first annual consolidated financial
statements prepared in accordance with IFRS. For
all periods up to and including the fiscal year ended
31 December 2017, the Association prepared its
consolidated financial statements in accordance withprevious IAAF Accounting policies.

In accordance with the mandatory exemptions fromretrospective application of IFRS, the consolidated
statement of financial position as at 1 January 2018 do
not reflect all estimates, unless the bases adopted are
not compliant with IFRS, and any application of IFRS 9,
Financial Instruments. This includes classification andmeasurement of financial assets and the impairment offinancial assets requirements.

This note explains how the transition from previous
World Athletics Accounting policies to IFRS affected
the Association’s reported equity as at 1 January
2018 and 31 December 2018, as well as statementof comprehensive income, statement of othercomprehensive income and cash flows for the fiscal
year ended 31 December 2018. References to World
Athletics Accounting policies in this note refer toprevious World Athletics Accounting policies applicableto the Association for reporting periods up to and

The optional exemptions cover standards for which the
IASB considers that retrospective application could
prove too difficult or could result in a cost likely to
exceed any benefits to users.
Under IFRS 1, the Association elected to apply thefollowing optional exemptions in preparing its opening
statement of financial position as at the transition date.

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AppendicesNotes to the consolidated statement of comprehensive income

1. Leases – The Association elected to apply IFRS
prospectively for leases from the date of application

3. Retirement benefits – The Association elected todisclose the defined benefit obligations, deficit,

of IFRS 16 on 1 January 2018.

and experience adjustments on retirement benefit
liabilities prospectively from the date of transition,
progressively building the data to present the four

2. Customer contracts – a first-time adopter is not

years of comparative information required under IFRS.

required to restate contracts that were completed
before the earliest period presented.

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AppendicesNotes to the consolidated statement of comprehensive income

RECONCILIATIONS OF EQUITY AND NET INCOME FROM IAAF GAAP TO IFRSThe following reconciliations illustrate the measurement and recognition differences in restating equity and net
income reported under previous IAAF Accounting policies to IFRS for the dates and period indicated.
General &In k USD

Note

Reserve funds

General &2018

and Otherreserves

reserve funds
31/12/2018

Resultreserve funds
01/01/2018

World Athletics GAAP

64 802(19 555)-

45 247Pension benefits(1 078)(19)(9)(1 105)1

10 486(7 292)

-

3 195

2

(136)

(119)

-

(255)

3

(300)

(625)

-

(925)

73 775(27 609)(9)46 158IFRS 15 first
application - net oftaxes
IFRS 16 first
application - net oftaxes
Other items
IFRS standards

The following reconciliations illustrate the reclassifications and restatements from previous IAAF Accounting policies
to IFRS to the opening statement of financial position and to the statement of income for the fiscal year ended 31
December 2018.

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RESTATEMENTS TO THE BALANCE SHEET AT PERIOD OPENING 1 JANUARY 2018

in k USD

31 DecIFRS 15

2017

IFRS 16

Pensions

01 Jan

Other

2018

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

Trade receivables

-

-

4 141

3 449

7 590

-

108

108

108

7 967

269

269

4 411

-

3 449

-

280

280

Prepayments & tax receivables

1 340

1 340

Other receivables

8 968

Contract assets

-

(408)
8 396

8 560
8 396

Cash and cash equivalents

62 786

Current assets

73 375

8 396

-

-

(408)

81 363

Total assets

77 785

8 396

3 449

-

(300)

89 331

Reserve Fund

10 000General Fund

74 832

10 486(136)(1 078)(300)

Loss for the year

(20 030)

Total equity & reserves (generalfunds)

64 80262 78610 00083 805(20 030)
10 486(136)(1 078)(300)

73 775

Liabilities
Trade payables
Other payables and accrued
expenses

2 796

2 796

8 040

8 040

Financial liabilities-

287

Deferred income

691

(691)

Current liabilities

11 526

(691)

287
-

287

-

-

1 078

11 122

Provisions-

Financial liabilities

-

1 078

Deferred income

1 457(1 399)Non-current liabilities

1 457(1 399)

3 298

1 078

-

4 434

Total liabilities

12 984(2 090)

3 585

1 078

-

15 556

Total liabilities and reserves

77 785

8 396

3 449

-

(300)

89 331

3 298

58

2019 Annual Report and Accounts

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RESTATEMENTS TO THE BALANCE SHEET AT PERIOD ENDING 31 DECEMBER 2018
in k USD

31 Dec 2018 aspreviously reported

IFRS 15IFRS 16

Pensions

Other

31 Dec 2018
restated

AssetsIntangible assets
Property, plant & equipment
Long term financial assets
investments in equity-accounted
investees
Non-current assets

Trade receivables

-

172

4 227

3 300

172
7 527

-

108

108

472

(300)

172

(20)

7 979

4 698

-

3 300

-

332

332

Prepayments & tax receivables

1 733

(797)

936

Other receivables

1 934

(108)

1 827

Contract assets

-

4 550

4 550

Cash and cash equivalents

50 82050 820Current assets

54 820

4 550

-

-

(905)

58 465

Total assets

59 519

4 550

3 300

-

(925)

66 445Reserve Fund

10 000General Fund54 802

10 486(136)(1 086)(300)

63 766

Loss for the year

(19 555)(7 292)

(119)

(19)

(625)

(27 609)

Total equity & reserves (general funds)

45 248

3 195

(255)

(1 105)(925)

46 15810 000Liabilities-

Trade payables

2 656

Other payables and accrued expenses

9 141

Financial liabilities

2 656
9 141

-

271

Deferred income

557

(557)

Current liabilities

12 353

(557)

271

271

-

-

1 105

12 067

Provisions-

Financial liabilities

-

1 105

Deferred income

1 919

1 912

Non-current liabilities

1 919

1 912

3 285

1 105

-

8 220

Total liabilities

14 272

1 355

3 556

1 105

-

20 288

Total liabilities and reserves

59 520

4 550

3 300

(0)

(925)

66 445

3 285

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3 285
3 831

3
AppendicesNotes to the consolidated statement of comprehensive income

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RESTATEMENTS TO THE STATEMENT OF COMPREHENSIVE INCOME AT 31 DECEMBER 2018

in k USDIFRS 16

Pensions

Other

2018
IFRS

2018

IFRS 15

Television Rights & Sponsorship

44 762(2 360)42 402Other revenue

2 749

58

2 807

Total revenue

47 511(2 302)Competition & Events

28 246

4 990

Grants & Development

14 586

14 586

Legal and Compliance

15 72915 729Administration

8 279

Total expenses

66 840Operating Profit (Loss)(19 329)

Revenue---

45 210625

33 861

ExpensesFinancial Income

505

Financial Expenses(634)

Financial Result (Loss)(128)

Share of (loss)/profit on
investment in equity(98)

Loss for the year

(19 555)

4

2

8 286

4 990

4

2

625

72 462(7 292)

(4)

(2)

(625)

(27 252)
505

-

(115)

(16)

(115)

(16)

(765)
-

(259)
(98)

(7 292)

(119)

(19)

(625)

(27 609)

The following items explain the most significant restatements to equity and net income resulting from the change inaccounting policies upon adoption of IFRS.

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AppendicesNotes to the consolidated statement of comprehensive income

1. IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERSGeneral &in k USDIFRS 15 - Certification Deferred revenue
IFRS 15 - Profit Share opening
impactReserve funds

General &and Otherreserves

reserve funds
31/12/2018

2 090

58

-

2 148

8 396

(8 396)

-

-

-

4 550

-

4 550

-

-

-

-

-

(3 503)

10 486(7 292)IFRS 15 - Profit Share FY18
impactIFRS 15 - VIK ($6 232k), no
impact on P&L
IFRS 15 – Broadcast rights
IFRS 15 standards application
impacts

Result2018

reserve funds
01/01/2018

RECOGNITION OF BROADCAST RIGHTS ANDCOMMERCIAL RIGHTS:(3 503)-

3 195

VALUE IN-KIND:
Also included in commercial rights contract, a value inkind contribution is disclosed. Value in kind in the formof products and services supplied by sponsors foruse in events which had not recognised as income or
expenditure in the income and expenditure statement.
Commissions on value in kind due to the Federation’s
marketing partner were accounted for based on thevalue of in-kind contribution.

Broadcast Rights and Commercial rights are describedearlier in the financial statements. Application of IFRS
15 on this stream led to a change of recognition of
the profit-sharing portion, which is applicable to ourcommercial rights contract. Previously, profit share wasrecognised when confirmed and paid by the third party,
which was not on an annual basis. However, five steps
approach led to identify one performance obligation,
which is reached every year, based on the surplus
realised each year by the event related to these rights.
Thus, profit sharing is now recognised on a yearly basis,
based on excess profit performed during the dedicatedyear in the context of the variable consideration
constraint.

Application of IFRS 15 led to the recognition of thisvalue in kind as other income, and expenditure for the
goods and services received by World Athletics. The
new recognition approach does not impact opening
equity (gross up of income and expense of $6 232k)
and only impacts the gross presentation in the income
and expenditure statement.

This new recognition scheme led to the recognitionof a contract asset as of 1 January 2018 of $8396k (counterpart retained earnings), which was fully
reversed and paid during the 2018 financial year andalso of the recognition of $4 550k regarding 2018
profit share portion.

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AppendicesNotes to the consolidated statement of comprehensive income

OTHER REVENUE – WORLD ATHLETICS
CERTIFICATION SYSTEM:
Certification system led in previous financial

This new recognition approach led to an impact

statements to the recognition of deferred income.
Indeed, the certifications provided by World Athletics

within the equity as of the transition date of$2 090k (counterpart reduction of the deferred

are performed at a point in time with a certification
duration of three or five years. Revenue recognition wasincome, corresponding to postponed portion as ofJanuary 1st, 2018) and of a 2018 financial year impact

based on the certification duration. This postponedof $58k complementary revenue.

portion was treated as deferred income, even if theperformance obligation was reached at the deliveryof certification. Application of IFRS 15 five steps
approach led to the recognition at a point in time forthis revenue.

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AppendicesNotes to the consolidated statement of comprehensive income

2. IFRS 16 LEASES
Impacts of IFRS 16 leases are described in Note 11.
Here is a summary of the recognition of asset (right of use) and financial liabilities. Four leases are considered:
Lease#

Description

Monthly rentals kContract start

USD

date

Contract end
date1

Monaco headquarters

19

01/01/2017

31/03/2030

2

Corporate accommodation

8

01/12/2018

30/11/2021

3

Corporate accommodation

2

01/01/2017

31/12/2022

4World Athletics archives

1

01/01/2017

31/12/2029

The lease for HQ Monaco can be extended for an additional 15 years after 2030.
Amounts recognised in the balance sheet (in k USD)

2019

2018

2017

Right of use assets

2 923

3 300

3 449

Lease liabilities

3 287

3 556

3 585

Amounts recognised in the statement of profit & loss (in k USD)

2019

2018

2017

Depreciation charge of right of use of assets

(380)

(291)

(296)

Interest expense

(106)

(115)

(130)

The following table represents a reconciliation of the operating lease commitments as of 31 December 2017 andthe lease liability recognised as at 1 January 2018:
in k USD
Operating lease commitments disclosed as at 31 December 2017
Add/(less): adjustments as a result of a different treatment of extension and termination options
Total

3 014
571
3 585

These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’sborrowing rate applicable to each contract as of 1 January 2019. The rate related to the most significant contract(HQ Monaco) applied on 1 January 2019 was 3,71%.

3. OTHER
These adjustments primarily relate to assets recognised under previous accounting policies that do not meet therequirements of IFRS and which have therefore been charged in the period incurred.

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AppendicesNotes to the consolidated statement of comprehensive income

2. Revenue From Broadcast Rights And Sponsorship Rights
in k USD

20192018 RestatedBroadcast Rights

14 72514 725

Commercial Rights

18 00018 138Commercial Rights (Profit share)

4 794

4 550

Value in kind

6 336

4 990

Total revenue from Broadcast Rights and Commercial Rights

43 85542 402in k USD

2019

2018

Court of Arbitration for Sport refund

274

-

3 378

-

250

250

World Athletics certification system

1 831

1 337

Athletics Integrity Unit - Road Label Race

1 001

-

555

1 221

7 289

2 807

3. Other Revenue From Activities

Russian Athletics Federation reimbursement
International Olympic Committee contribution for Regional
Development Centres

Other income
Total revenue from other activities

Other revenue includes monies received across a host of miscellaneous areas; the largest portion for 2019 pertains
to a reimbursement for Legal and Task Force related costs arising from the suspension of the Russian Athletics
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.
In November 2019, World Athletics announced that $2.5m had been made available for the 2020 Road Running
Integrity Programme with contributions coming from 165 Label races, Athlete Representatives (managers) and athletes.
The dedicated programme includes greatly expanded out-of-competition testing of a pool of 300 professional roadrunners, intelligence and investigations initiatives, and education of athletes and support personnel.

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AppendicesNotes to the consolidated statement of comprehensive income

4. Competition & Eventsin k USD

2019

2018

World Championships

3 393

9 882

Diamond League

4 551

4 555

IAAF Challenge & Permit

1 265

1 298

Other expenses (Competition & Events)

1 027

1 480

260

313

Staff costs and consultants

2 291

2 128

Competition & Events

12 78719 655

Value in kind commissions

7 052

5 769

Information technology

2 961

2 435

Broadcasting

1 699

1 475

Marketing

789

665

Commercial partnerships

486

504

3 145

2 882

627

476

29 54633 861

International Organisation support

Communication & publications
Health & science
Total Competition & Events

This 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 2018 we had five WAS events and three during 2019. This
explains the reduction in overall event-related spend for 2019. During 2019, we hosted our World Championships
in Doha.
This total includes our annual spend towards the support we offer to the Diamond League AG (“DLAG”). We are thesingle largest shareholder in DLAG, and this contribution has been consistent over the past ten years.
Also included above is the support we offer to the Continental circuit, World Indoor Tour, Combined Events
Challenge, Race Walking Challenge and the Hammer Throw Challenge.
Expenses for other departments listed above are consistent between 2018 and 2019 and there are no significant
items to report.

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AppendicesNotes to the consolidated statement of comprehensive income

5. Grants & Developmentin k USD

2019

2018

Regional Development Centre Operations (a)

2 386

2 416

Education

66

301

Publications (NSA)

0

14

Other items

691

314

Staff costs

1 225

1 101

Area Administration grant (b)

1 450

1 450

Competition grant (c)

2 781

2 532

Member Federation grant (d)

1 740

1 705

Athletics Olympic dividend (e)

4 799

4 530

247

223

15 385

14 586

Continental programme, exceptional support & tracks
Total Grants & Developments

This includes World Athletics spend on the Development of the sport and the support that we offer to our Areasand Member Federations. These amounts are consistent between 2018 and 2019 and there has been no significant
change in the manner in which we make these disbursements.
Regional Development Centres (a): The World Athletics Development Programme has evolved from a centralised
to a decentralised concept. The Area Associations are considered best placed to determine development policy intheir respective regions.
The long-term vision of the Decentralised Development Cooperation includes but is not limited to:• Competent key players in athletics• Increased participation in athletics• Engaged athletics community• Adequate infrastructure for athletics• Effective/efficient administration of athletics
Area Administration Grants (b) are paid annually to assist Area Associations to operate and include:• Maintaining a permanent office as HQ• Defraying costs of rent, utilities, internet, telephone, website, office supplies, staff salaries, institutional
meetings etc.

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AppendicesNotes to the consolidated statement of comprehensive income

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 MF can function, meet its basic membership
obligations and maintain good standing status. It covers:• Administration of MF (including office and communication equipment)• Organisation of Championships (national championships)• Travel to competitions/training camps• Clothing and equipment spend
Athletics Olympic dividend (e) is a project-based grant designed to provide tailored support to meet Member
Federation’s individual long-term strategic development needs and broadly supports delivery of the following
objectives:• Build new or improve facilities including maintenance
•
•
•
•
•
•

Provide education and training
Provide equipment
Support structural/organisational changes within the MF in line with good governanceSupport development and delivery of competitions
Support athletes (training, competition, talent ID)
Support youth and grassroots projects (mass participation and school projects)

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AppendicesNotes to the consolidated statement of comprehensive income

6. Legal & Compliancein k USD

2019

2018

Congress

430

-

1 514

1 498

World Athletics committees

64

76

World Athletics commissions

272

286

World Athletics Independent Ethics board

400

1 255

World Athletics advisory Associations

21

68

World Athletics awards, forums & roadshows

810

1 593

International Associations meetings

158

227

Staff costs

459

434

Governance

4 128

5 437

Athletics Integrity Unit

8 316

8 645

Legal

2 409

1 647

Total Legal & Compliance

14 85315 729World Athletics Council and Executive Board

This includes World Athletics spend on Governance activities, Legal & Regulatory spend and spend associated with
the Athletics Integrity Unit (AIU).
This spend between 2018 and 2019 is relatively similar and shows our continued focus on making our sport moretransparent. This total includes the spend on our bi-annual Congress that was held in 2019 and spend associatedwith our governing Council and Executive Board.
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.
These cases were reviewed by the Ethics Board in the past which explains the significant reduction in expenses for
the Ethics Board from 2018 to 2019.
The increased Legal spend in 2019 is coming primarily from increased litigation costs incurred during the year.

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AppendicesNotes to the consolidated statement of comprehensive income

7. Administrationin k USD

2019

2018

Administration

6 342

6 657

Amortisation

1 063

955

646

673

8 051

8 286

Heritage
Total Administration

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.
This number has remained consistent between 2018 and 2019 and demonstrates our ongoing efforts to continue
to maximise our spend on the growth of athletics and keep our administrative spend at a minimum.

8. Financial Income
in k USD

2019

2018

Foreign exchange

225

414

Interests

175

91

Financial income

400

505

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

9. Financial Expenses
in k USD

20192018 RestatedForeign exchange

604

271

Bank charges

321

362

Interest expense

128

115

Post-employment benefit obligations

17

16

1 070

765

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

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AppendicesNotes to the consolidated statement of comprehensive income

10. Investments In Equity
in k USD

20192018 RestatedCarrying amount as at January 1st

172

269

Share of profit / (loss) on investment in equity

(63)

(98)

Investments in equity as at December 31st

109

172

Significant influence

Investments in equity is related to Diamond League AG, a Swiss company, owned partly by World Athletics (35.2%)
and to World Athletics Productions Ltd partly owned by World Athletics (50%).
Furthermore, World Athletics holds a 6% investment in Nitro Athletics Australia which is held at nil value.
World Athletics
Productions Ltd

Diamond League
AG

Current Assets

5 094

379

Current Liabilities

4 769

142

Revenue

15 22310 844453(252)

in k USD

Profit/(loss)

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AppendicesNotes to the consolidated statement of comprehensive income

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AppendicesNotes to the consolidated balance sheet

Notes to the consolidated balance sheet
11. 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:
Officein k USD

Right

furniture &equipment

ComputerLeaseholdMotorequipment

improvements

cars

of use
asset

Total

514

1 312

4 119

82

-

6 027

3 745

3 745

Cost
Balance as at 31 December
2017 - as previously reported
Right of use - IFRS 16
Balance as at 1 January 2018
- as restated
Additions
Balance as at 31 December
2018
Additions
Balance as at 31 December
2019

514

1 312

4 119

82

3 745

9 772

86

276

388

-

142

892

600

1 588

4 508

82

3 887

10 664

20

70

16

-

-

106

620

1 657

4 523

82

3 887

10 770

142

778

897

70

-

1 886

296

296

Accumulated depreciation
Balance as at 31 December
2017 - as previously reported
Right of use IFRS 16
Balance as at 1 January 2018

142

778

897

70

296

2 182

53

220

378

13

291

955

195

998

1 275

82

586

3 137

62

224

397

-

380

1 063

257

1 222

1 672

82

966

4 199

As at 31 December 2018

405

589

3 233

0

3 300

7 527

AS at 31 December 2019

363

435

2 852

0

2 921

6 571

- as restated
Depreciation
Balance as at 31 December
2018
Depreciation
Balance as at 31 December
2019

Net carrying amount2019 Annual Report and Accounts

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AppendicesNotes to the consolidated balance sheet

12. Trade Receivables And Other Receivables
31 Dec 201831 Dec 2017Gross

31 Dec 2019
Provision

Net

Net

Net

Trade receivables

728

232

496

332

280

Trade receivables

728

232

496

332

280

31 Dec 201831 Dec 2017

In k USD

31 Dec 2019
In k USD

Gross

Provision

Net

Net

Net

Receivables fromdirectors

2

-

2

2

3

Other receivables

8 662

715

7 948

1 824

8 557

Other receivables &current assets

8 664

715

7 950

1 827

8 560

Prepayments

404

-

404

250

578

Tax receivables (VAT)

666

-

666

687

762

Prepayments & tax
receivables

1 070

-

1 070

936

1 340

Trade receivables and other receivables that are not yet due are not considered impaired. The main reason for theincrease in other receivables during 2019 is on account of $5 010k to be received from Doha for hosting our WorldChampionships in 2019. In addition, prepayments of $735k for our 2020 Road Running Integrity Programme and$525k received as advance for Tokyo 2020 tickets are included here.
Allowances for doubtful accounts amounted to $947k in 2019 compared to $1 467k in 2018. The reduction of$520k relates to reversal of a provision for the Russian Athletics Federation that was collected during the year.

13. Contract Assets
in k USD

31 Dec 201931 Dec 2018

Commercial Rights Profit Share

9 344

4 550

Total Contract Assets

9 344

4 550

Contract assets correspond to receivable related to the Commercial Rights profit share. The amount of $9 344k is
related to the profit share revenue earned for the period 2018-2019. As of 31 December 2018, the balance was$4 550k which corresponds to the estimate that was communicated by our Commercial Rights partner.

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AppendicesNotes to the consolidated balance sheet

14. Cash & Cash Equivalents
At 31 December 2019, this item comprised cash at bank for $34 302k. There are no short-term investments.
Cash and cash equivalents break down as follows:in k USD

31 Dec 201931 Dec 201831 Dec 2017

US Dollars

33 10549 01661 275

Other currencies

1 184

1 791

1 499

Deposit and current accounts

34 28950 80762 774US Dollars

1

1

-

Other currencies

12

12

12

Cash on hand

13

13

12

34 30250 82062 786

Total cash & cash equivalents

15. Equity
The change in equity from 2018 to 2019 is on account of net loss of $17 424k.

16. Post-Employment Benefit And Similar Obligationsin k USD

Post-employment benefit obligations

Balance as at 1 January 2018 - restated

1 078

Operating costs

2

Financial expense

16

Other comprehensive expense

9

Balance as at 31 December 2018

1 105

Operating costs

109

Financial expense

17

Other comprehensive expense(130)

Balance as at 31 December 2019

1 102

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AppendicesNotes to the consolidated balance sheet

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. These assumptions translate into an average life expectancy in years for a
pensioner retiring the ages of 67.
• Probability of departure before retirement age for current employees.
• Financial discount rate of 1.55% and salary increase rate of 5.01% for the pension obligation as of
31 December 2018.
• Financial discount rate of 0.75% and salary increase rate of 5.01% for the pension obligation as of
31 December 2019.

17. Financial Liabilities Current & Non Current
in k USD

31 Dec 201931 Dec 2018

282

271

Non-current financial liabilities

3 003

3 285

Total lease liabilities

3 285

3 556

Current financial liabilities

The Financial liabilities balance as shown above is comprised of lease liabilities under IFRS 16. Of the total payableof $3 285k, amount due in the next 12 months $282k; amount due between one and five years is $1 115k andamount due in more than five years is $1 888k.

18. Trade Payables
in k USD

31 Dec 201931 Dec 201831 Dec 2017

Trade payables

4 483

2 656

2 796

Trade payables

4 483

2 656

2 796

Trade Payables include dues for regular operating expenses incurred by the Association. Other amounts include
regular trade payables across consultants, travel, and technology.

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AppendicesNotes to the consolidated balance sheet

19. Other Payables & Accrued Expenses
in k USD

31 Dec 201931 Dec 201831 Dec 2017

57

13

568

Other payables

16 070

8 223

6 502

Accrued expenses

1 010

904

854

1

-

116

17 138

9 141

8 040

Payable to directors

Tax payables
Trade payables

Other payables are significantly higher in 2019 and correspond to an amount of $7 744k payable as prize money
to athletes for Doha World Championships. This amount has been subsequently paid during 2020.

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Appendices
Other Disclosures

Other Disclosures
20. Financial Risk Management
The different types of financial risks and their impacts are detailed in note K of this document.

21. Commitments Given, Contingent Liabilities And Off-Balance Sheet Events
There 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
On 11 March 2020, the World Health Organisation declared that the outbreak of Covid-19 represents a pandemic.
This is considered to represent a non-adjusting post balance sheet event. Accordingly, the financial position andresults of operations as of and for the year ended 31 December 2019 have not been adjusted to reflect their impact.
Consequently, a number of sporting events on our calendar have been postponed. At present no World Athletics
Series events have been cancelled and we are confident that costs incurred to date in relation to future events
remain recoverable when events are rescheduled.
The Association continues to have long-term revenue commitments and has sufficient cash and reserves to continue
with day-to-day operations and to meet future liabilities as they come due. Refer to Liquidity and Going Concern
sections on page 57 for further details.

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Appendices
Other Disclosures

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 2019

Executive Board, Council Members, President and Chief Executive Officer

1 100

Allowances

1 049

Other benefits (housing)

9

Other long-term benefits (retirement)

41

Amounts paid to World Athletics Productions Ltd. during 2019 were $1 118k primarily on account of salaryreimbursements and office costs. As on 31 December 2019 amount due to World Athletics Productions Ltd. was$150k
Amounts paid to Diamond League during 2019 were $4 551k primarily to cover costs in relation to Diamond meets
organisation. As on 31 December 2019 amount due to Diamond League was $0.
In 2019, World Athletics has recorded an amount of $157k payable to the Complete Leisure Association, forservices and workspace of an executive assistant to the President during time spent in London in connection withWorld Athletics business, provided at cost pursuant to a secondment agreement.

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Appendices
Appendix B – World Athletics 2019 Remuneration Policy

Appendix B – World Athletics 2019 Remuneration Policy
World Athletics position

Remuneration and expenses

Executive Board (EB)(base fee for all members including President and

USD 22,500 per annum

Vice-Presidents)
Chair of EB Committee

USD 2,500 per annum(supplementary fee)
President

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:• USD 12,000 per annum (if lives in the same city

Council (Area Presidents)

as Area HQ)• USD 18,000 per annum (if does not live in thesame city as Area HQ)

Commissions(members other than Council Members)

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

Working Groups(members other than Council Members)

Per diem of USD 50 per day
Travel, meals and accommodation coveredAIU Board members(independent members and supplementary fee forCouncil Member)

USD 15,000 per annum

AIU Board Chair

USD 25,000 per annum

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Appendices
Appendix C – Athletics Olympic Dividend grant case studies

Appendix C – Athletics Olympic Dividend grant case studies
Mauritius Athletics AssociationAIM:
Development of national athletics structures

centres, as well as to support delivery of a training andcompetition programme for selected athletes and a fullprogramme of courses and activities for coaches, officials
and administrators. In addition, the AOD grant was also
used to increase the number of schools involved in Kids’
Athletics.

OBJECTIVES:
1. Increase the number of CECS qualified level I
coaches
2. Increase the number of NTOs through delivery of
the TOECS

Some of the outcomes achieved following the fouryears of AOD investment include:

3. Deliver training for selected talented athletes• Athletes training at the centres have demonstrated
improved levels of performance and a number
have achieved selection for the national team. The

4. Deliver Kids’ Athletics in more than 250 schools
nationwide

successful progression of athletes is thought tobe due to the training at the centres as well as the

KEY PERFORMANCE INDICATORS:
1. Number of CECS Level I qualified coaches

regular competitions that are now organised among
the centres where the selected athletes compete
against each other and athletes from the other

2. Progress of athletes (based on previous personal
bests)

islands of the Indian Ocean.
• CECS Level I and TOECS courses were organised

3. Number of schools and pupils reached through Kids’
Athletics

which led to an increase in the number of qualifiedcoaches and officials in Mauritius and helped
to ensure an improved quality of delivery andIn the course of this four-year project seven regional
training centres were opened in Mauritius. A key aim ofexperience for the athletes, particularly in the U12
to U18 categories.
• 251 schools participated in the Kids’ Athletics
programme. As part of this programme talented
athletes were identified in the U12, U14, U16 andU18 age categories to participate in the national
competitions sponsored by the Bank of Mauritius.

these centres was to provide the facilities and infrastructure
to support the development of athletes, coaches, technicalofficials and administrative assistants. The AOD investment
was used to provide new and additional equipment at the2019 Annual Report and Accounts

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AppendixCC––Athletics
AthleticsOlympic
Olympic Dividend
studies
Appendix
Dividendgrant
grantcase
casestudies

Palestine Athletic FederationAIM:
To increase the awareness of athletics in Palestine andto develop a competition systemand organisational capabilities. The AOD grant wasalso used to organise new national and age group

OBJECTIVES:

competitions and to develop and deliver a talent
identification programme.

1. To increase the number of qualified coaches andofficials through delivery of three CECS & TOECS
courses per year

The AOD grant supported the achievement of thefollowing outcomes:

2. To support the progression of talented athletes
through the organisation of an annual training camp

• TOECS and CECS Level I Courses were organised
resulting in an increased number of qualifiedcoaches and officials.
• The Federation contracted a foreign athletics coachto train the Palestinian team to deliver specialised
training which has led to increased performancelevels.
• New competitions such as the annual Half Marathon
Championships and the Kids’ Athletics Festival wereintroduced supporting increased levels of athletics
participation and engagement.
• By the end of the project in 2019, the overall
number of active athletes in Palestine rose to 2,000
and the number of female athletes rose from 12
in 2018 to 70 (in the U20 and senior category).
Development of female athletes was further
supported through the delivery of a female only
training camp in 2019.
• A partnership was established with the Ministry of
Education and a talent identification programme
was implemented with support and investment from
the Ministry. The Federation also partnered with
universities to organise University Championships
for both sexes.

3. To increase levels of participation of active
athletes through the delivery of new competition
opportunities
4. To establish a cooperation with educational
institutions to deliver joint activities by the end of
the project

KEY PERFORMANCE INDICATORS:
1. Number of coaches and referees
2. Good working relationship with Ministry of
Education to promote the dissemination of athletics
3. Participation levels of female athletes
4. Improved performances in regional and international
competitions (number of personal bests)

This two-year project and AOD investment enabled theFederation to develop their technical, administrative

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Appendices
Appendix C – Athletics Olympic Dividend grant case studies

Belarus Athletic Federation

AIM:
Athletics talent identification in the Republic of Belarus
and training in specialised educational institutions• Stage 2: testing the best children selected in Stage
1 under the supervision of athletics coaches to

OBJECTIVES:• Stage 3: delivering a one-week training camp forthe regions including in the city of Minsk for theselected talents to prepare them for the final stage.
• Stage 4: staging a final athletics competition
involving all the 300 talents each representing theirregion.

select 300 talents (43 per region)
1. To promote athletics in schools
2. To engage children across the country, specificallyin the rural villages, in athletics and provide
opportunities for sustained and competitive
participation

A total of USD 75,000 from the AOD grant wasinvested over a period of three years (USD 25,000
per annum) to contribute to the organisation of 21
training camps at Stage 3 of the project (seven peryear). The AOD investment made up 30% of the total
project budget with the Ministry of Education and theMinistry of Sports & Tourism contributing an additional
USD 175,000.

3. To identify and select talented children for the
Academy of Athletics

KEY PERFORMANCE INDICATORS:
1. Number of children involved in athletics
2. Number and level of interest of children in villages
participating in athletics

IMPACT:• Each year, approximately 200,000 school children
were involved in the project and experienced
athletics – a total of more than 225,000 children
participated in 2019
• In 2019, the overall winner of the 300 talents for the
Queen competition came from a region in Belarus
where there has traditionally been no athletics
culture and who had never previously participatedin the athletics. This shows the initiative taken by
the Belarus Athletic Federation is encouraging thepractice of athletics in other regions of the country.

3. Number of students studying at the talent Academy
under the supervision of experienced coaches
The “300 talents for the Queen” project was initiatedin 2015 with the support of the Ministry of Educationand the Ministry of Sports and Tourism of the Republicof Belarus. On an annual basis it consists of four stages:• Stage 1: testing the physical ability of children
in schools under the guidance of teachers andidentifying and selecting the best in each region

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Appendices
Appendix C – Athletics Olympic Dividend grant case studies

Federación Peruana de Atletismo (Peru)AIM:
To develop and improve the performance levels of Peru

As a result, with the support of the AOD investment,

athletes in the throwing disciplines

throwing event training and competition facilities havebeen renovated and new equipment including three
cages along with hammers, javelins, discuses and shot
puts were bought. The new facilities and equipment
have provided the opportunity for higher level training
and competitions to be delivered in the country, as
well as provide the chance for younger athletes toexperience and try the throwing events.

OBJECTIVES:
1. To have qualified athletes in throwing events at the
Pan American Games 2019
2. To have a team of athletes competing in throwing
events at continental competitions in all age
categories by the end of 2019

In addition to the facilities and equipment, the AOD
investment was also used to achieve the following:

3. To have athletes meet the qualification standards forthrowing events at World Athletics Championships
and the 2020 Olympic Games• The organisation of seven training camps andtechnical workshops in each of the different
throwing disciplines. These training camps weredelivered across the country in the different regions
including in the more remote areas and also served
to identify young throwing talent in the U18 andU20 categories.
• The training of 10 CECS Level II Coaches and six
CECS Level III Coaches to enable increased deliveryof specialist throws related coaching.
• More than 70 athletes have been part of the talent
programme. One female hammer thrower was a
finalist at the Pan American U20 Championships in2019 and at the Pan American Games 2019.

KEY PERFORMANCE INDICATORS:
1. Progression of junior and senior athletes(performances, physical condition etc)
2. Installation of new throwing facilities
3. Number and qualification level of coaches
4. Number of athletes on throws talent programme

The four-year project was dedicated to developing
the throwing disciplines in Peru. This was based on aprevious lack of participation in the throwing events inthe country and an identified shortfall of coaches andthrowing equipment and facilities.

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Appendix C – Athletics Olympic Dividend grant case studies©World Athletics 2020
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