The body also suffered a reduction in income, to fractionally under £300 million ($505 million/€378 million), as Lottery ticket sales dipped from the record level of Olympic year.

As outlined in its recently-published annual report for the year to end-March 2014, Sport England received £88.6 million ($149.1  million/€111.6 million) of Exchequer funding in these 12 months, down from £99.8 million ($168 million/€125.8 million), and £209.5 million ($352.8 million/€264.1 million) of Lottery income, down from £236.4 ($398.1 million/€297.9 million) million.

The organisation receives 12.4 per cent of the proceeds from National Lottery ticket sales.

Administration costs incurred to operate the business jumped to £12.5 million ($21 million/€15.7 million) last year, up from £8.3 million ($13.9 million/€10.4 million) in 2012-13.

Describing 2013-14 as "an exceptional year" due to the relocation to premises shared with other public bodies including elite funding body UK Sport, Sport England explained that the move had "a number of short-term financial consequences".

Sport England shares its headquarters at 21 Bloomsbury in London with several other publicly-funded bodies, including UK Sport ©21 Bloomsbury



These included "the costs of operating two buildings for a short period, provision for dilapidations and the remaining lease costs of the former premises of £1.5 million ($2.5 million/€1.8 million)".

Asked how long it would be before these one-off costs were recouped through greater efficiencies, Sport England said initial costs would be "offset by annual savings from 2015-16 to 2018-19".

The financial statements revealed that the body had its collection of 16th century artworks, furniture and fittings valued by Sotheby's.

The net book value of artworks and antiques at March 31 was put at £827,000 ($1.3 million/€1 million), against £960,000 ($1.6 million/€1.2 million) a year earlier - a downwards revaluation of £133,000 ($223,000/€167,000 million).

The items are at Bisham Abbey, a 13th century manor house in Buckinghamshire where a National Sports Centre is now located.

Sport England said the collection - which includes works attributed to the "circle of Michael Dahl", a Swedish portrait painter, and the "manner of Robert Walker", an artist known for his portraits of Oliver Cromwell - was gifted in 1972.

Part of the conditions of them being gifted was for the works to remain together in the Abbey building, which, Sport England said, was "separate to the sports facilities on the property".