Mike Stanley has today been re-elected unopposed as President of the New Zealand Olympic Committee ©Getty Images

The New Zealand Olympic Committee (NZOC) has announced that it ended last year with a financial deficit of NZD$1.151 million (£614,000$790,000/€723,000), but insists the loss has been budgeted for because of the Rio 2016 Games.

The NZOC presented its 2016 annual report at today’s General Assembly in Auckland, where Mike Stanley was re-elected unopposed as President for a third and final four-year term.

Stanley hailed Rio 2016 as a success, referring to the four gold, nine silver and five bronze medals won by New Zealand, but the Games were described as "resource-heavy" and it was noted in the annual report that there had been reduced funding from charitable trusts and a lower profit from fundraising activity.

He also commended the athletes and support staff of the Rio 2016 Olympic team and acknowledged the challenges faced by global and domestic sport, calling it a "milestone year".

"They represented New Zealand with honour and pride both on and off the field and I thank the athletes for their determination and commitment," Stanley said.

"While Rio was a challenging environment, preparations and leadership were of a high quality.

"Ninety-five per cent of athletes and support staff and 100 per cent of NSO (National Sporting Organisations) and other stakeholders said the team was led and organised effectively."

Stanley, who represented New Zealand in rowing at the Los Angeles 1984 Olympic Games, became an NZOC Board member in 2003 and was elected President in 2009.

He was awarded the Companion of the New Zealand Order of Merit for his services to sport at the end of last year.

"As an Olympian, I am honoured to lead the New Zealand Olympic Committee for another four years," the 59-year-old added.

"I will work to further strengthen the Olympic and Commonwealth Games Movements in New Zealand and protect the integrity of sport.

"I want to ensure that our athletes are given every opportunity to reach their potential and look forward to another challenging, yet rewarding four years."

Mike Stanley, left, thanked NZOC chief executive Kereyn Smith and her team for their work and performance in 2016 
©Getty Images
Mike Stanley, left, thanked NZOC chief executive Kereyn Smith and her team for their work and performance in 2016 ©Getty Images

Stanley went onto thank NZOC chief executive Kereyn Smith and her team for their work and performance in 2016.

He also acknowledged New Zealand Olympic Team Chef de Mission Rob Waddell and the team on the ground in Rio de Janeiro.

Further changes to the NZOC Board included Athletics New Zealand chairwoman Annette Purvis replacing Simon Wickham, who completed a maximum third term on the Board. 

Along with a strong background in senior executive management, Purvis brings extensive sport governance experience and a focus on NSOs.

She will be serving her first term, while Trevor Taylor, a director with wide-ranging senior executive and governance experience, was elected to his second. 

Both Purvis and Taylor had been recommended to the membership by the Board appointments panel made up of Sir John Wells, Jane Huria and Wickham.

Four new sporting bodies - Climbing New Zealand, Karate New Zealand, Surfing New Zealand and the New Zealand Federation of Roller Sports - were also accepted for NZOC membership after their inclusion on the programme for the Tokyo 2020 Olympic Games.

The NZOC also honoured four contributors for service to the Olympic and Commonwealth Games Movements. 

Olympians Barbara Kendall, Trevor Shailer and Selwyn Maister, along with sports psychologist Gary Hermansson, were each presented with the Olympic Order of New Zealand.

They join the 11 current Olympic Order holders, including Sir Murray Halberg, Sir Eion Edgar and David Gerrard who have also been recognised for their outstanding service to the Olympic Movement or sport.

The NZOC's net income for last year was NZD$11.762 million (£6.3 million/$8.1 million/€7.4 million) and total expenditure was NZD$12.917 million (£6.9 million/$8.9 million/€8.1 million).