The IOC’s 2014 financial statements, made public during the recent Session in Kuala Lumpur, show a year-on-year increase of 23.8 per cent in these costs during what was a particularly busy period for the Olympic Movement, from $153.5 million (£98.4 million/€138.6 million) in 2013 to $190.1 million (£121.8 million/€171.7 million) last year.

The rise is partly explained by sharp increases in smaller items, for example, a doubling in depreciation and amortisation and a four-fold increase in taxes.

But salaries and social charges were also up, climbing 20 per cent from $74.5 million (£47.8 million/€67.2 million) to $89.6 million (£57.4 million/€80.9 million).

The fact that the IOC is headquartered in Switzerland while using the US dollar as its accounting currency entails that year-on-year comparisons may at times be distorted by moves in the exchange rate.

This appears not to be a major factor on this occasion, however, with $1 (£0.64/€0.90) being worth an average of SFr0.9244 in 2013 and SFr0.9198 in 2014.

Last year did, however, include both the Sochi Winter Olympics and the second Summer Youth Olympics in Nanjing, as well as formulation and approval of the Olympic Agenda 2020 reform programme.

The financial statements also disclosed that Bach’s expenses totalled $302,000 (£194,000/€273,000) in 2014 and $57,000 (£37,000/€51,000) over the final months of 2013 following his election as President in September 2013.

The IOC President also receives an annual indemnity payment of €225,000 (£160,000/$249,000).

Salaries and short-term benefits of other members of the IOC’s executive management amounted to $8.28 million (£5.31 million/€7.48 million), up from $7.87 million (£5.05 million/€7.11 million) in 2013.

Notes to the statements indicate that the IOC received $1.29 billion (£827.2 million/€1.16 billion) in revenue from the sale of broadcasting rights to the Sochi Winter Games.

America was much the largest regional contributor with $849 million (£545 million/€767 million), followed by Europe ($293.3 million (£188.1 million/€264.9 million)), Asia ($138.7 million (£89 million/€125.3 million)), Oceania ($6.5 million (£4.2 million/€5.9 million)) and Africa ($2.25 million (£1.44 million/€2.03 million)).

The statements also give an idea of the extent of the Movement’s investment in the Youth Games.

These absorbed more than $65 million (£42 million/€59 million) of expenditure in 2013 and 2014 combined, whereas Youth Olympic Games broadcasting rights revenues were put at $2.76 million (£1.77 million/€2.49 million).


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