London 2012 Publishes Its Final Report And Accounts
The Organising Committee for the London 2012 Olympic Games (LOCOG) has today published its final report and accounts for the six-month period to 31 March 2013.
These will be the final accounts prepared by the company, which should shortly be placed into a solvent Members Voluntary Liquidation. Over its eight-year lifecycle, LOCOG has successfully achieved revenues of GBP 2.41 billion through private sector revenue programmes and contained costs at GBP 2.38 billion. The full report can be viewed on the London 2012 website.
Commenting on the announcement, LOCOG Chairman Seb Coe said: “One of our key objectives was to deliver an outstanding Games within a balanced budget and I am proud to say that we have achieved this, thanks to the strong management of our core finances. It means we can make payments to the BOA and BPA, allowing both organisations to move into their next round of Olympic and Paralympic commitments with some additional certainty, return monies to DCMS, while also leaving a legacy for the International Inspiration charity and Join In Trust for them to continue their excellent work.”
This final result now means that LOCOG will make payments to the British Olympic Association (BOA) of GBP 5.3 million and the British Paralympic Association (BPA) of GBP 2.6 million to honour its contractual obligations under their respective Joint Marketing Plan Agreements. The Department for Culture, Media and Sport will receive approximately GBP 20 million from LOCOG to fulfil commitments under certain government grant agreements, such as the grant to cover the rental cost of the Village after it passed into public ownership.
As part of an agreement with the National Lottery, royalties of GBP 1.3 million received but not required to fund the operation of the Games will be donated to Games legacy projects, with GBP 1 million going to the International Inspiration charity and GBP 0.3 million going to the Join In Trust; while, over its lifetime, LOCOG has donated GBP 7.4 million to UK Sport in royalties it received from the Team 2012 joint venture.
LOCOG has also managed its grant funded activities, delivered on behalf of the Government, in an equally careful manner, which has resulted in GBP 190m worth of savings on grants that were made available to the company.