World Archery audit evidences healthy accounts post-pandemic
World Archery has released audited accounts for its last financial year, lasting 1 January 2022 to 31 December 2022, in accordance with the federation’s principles of transparent governance.
Two years removed from an international archery season that was cancelled due to the pandemic and one year on from the postponed Tokyo 2020 Olympic and Paralympic Games, the financial trends were positive.
Even though prize money for athletes competing on the Hyundai Archery World Cup was increased in consecutive years in 2021 and 2022 (with a third implemented in 2023), development investment returned to pre-2020 levels and a full international calendar was held, World Archery generated more than 1.7 million CHF in excess income in 2022.
Operating expenditure on the Hyundai Archery World Cup was down nearly 25% to under 1.5 million CHF, despite there being an additional stage in comparison to 2021, while expenditure on development projects rose by a factor of eight.
No payment towards the mortgage of the World Archery Excellence Centre was made last year, although the international federation contributed 418k CHF towards the facility’s operating expenses.
At the end of 2022, World Archery held more than 10 million CHF in assets, including upwards of 5.6 million CHF in cash or cash equivalents, putting the federation in a strong position to build its long-term reserves towards the end of this shortened Olympic cycle.
The accounts were audited by PriceWaterhouseCoopers.
World Archery secretary general Tom Dielen said:
“Changes made to the federation’s mission, vision and strategic plan during 2020 have started to have tangible impact on the federation’s bottom line. The fact we have achieved such a positive result, and that we were able to repay some of the outstanding loans, shows we are slowly recovering from the pandemic.”
“We will continue to ensure our funds are spent responsibly and effectively to safeguard the long-term viability and success of World Archery’s operations. And there is more work to be done over the coming years to rebuild reserves for the future.”