However, a final windfall from Team 2012 - the joint venture with UK Sport, Paralympics GB and London 2012 set up in 2010 to help raise funds for athletes preparing for their home Games - helped nudge the organisation into the black at the pre-tax and post-tax levels.

The BOA's report and financial statements for the year ended December 31 2013 above all underline just how much the organisation has downsized in the wake of its exciting seven-year adventure as host National Olympic Committee for the Summer Games.

Revenue dropped back from £22.5 million ($35.9 million/€28.6 million) in Olympic year to just £6.44 million ($10.3 million/€8.2 million); administrative expenses were cut in half to £5.5 million ($8.8 million/€7 million); headcount fell from 69 to 44 and employee costs from £5.4 million ($8.6 million/€6.8 million) to £3.57 million ($5.7 million/€4.5 million).

"The first year of any new Olympiad is always a challenge," the report said in a business review signed by the BOA's chairman Sebastian Coe.

"The first year of a new Olympiad after having hosted the massively successful London 2012 Olympic Games was always going to be that much more of a challenge."

Sebastian Coe said the first year after the success of London 2012 was always going to be "a challenge" ©Getty Images



The operating loss was £138,445 ($222,000/€176,000), against a profit of £456,862 ($732,000/€581,000) in 2012.

However, this was more than offset by a £145,000 ($231,000/€185,000) payment from the Team 2012 joint venture that was liquidated and wound up last March.

This and other items carried the BOA's 2013 pre-tax profit to £68,373 ($108,000/€86,000), compared with a profit of £530,660 ($852,000/€676,000) the previous year.

After paying just over £24,000 ($38,000/€30,000) in tax, profit on ordinary activities after taxation was £44,220 ($70,000/€56,000).