Stanley, whose Presidency was due to end this month, has had his third and final term extended until October 31 2022.

The decision to extend Stanley's tenure was taken to ensure "stability and consistency at this challenging time."

NZOC members were today presented with the organisation's annual report by video conference, with more than 100 representatives from 41 sports taking part.

Although he warned of a difficult road ahead, Stanley called for collaboration as the organisation aimed to navigate the coronavirus crisis.

"The road ahead for the NZOC, national sporting organisations, performance delivery partner High Performance Sport New Zealand and the athletes that will make up the New Zealand teams to Tokyo 2020, Beijing 2022 and Birmingham 2022 will be challenging," Stanley said.

"But I have every confidence that we, together with our sports and partners and New Zealand’s proud athletes, have what it takes to excel at these Games and once again use sport to inspire our nation.

"We will need to be adaptable and resilient.

"We will continue to collaborate, keep athletes at the heart of our decision-making, and together we will ensure the New Zealand team is prepared and ready to succeed."

Stanley said NZOC was in a good place to adapt to the challenging posed by the global coronavirus pandemic with planning for upcoming major Games well advanced and revenue on budget.

"Together with our member federations we were on track to send a record sized team to the Tokyo 2020 Olympic Games," said Stanley.

"Due to the postponement we are now looking forward to reaching this milestone in 2021.

"Sport is so important to New Zealand and we look forward to it continuing to play a significant role as the nation gets back on its feet."

Commercial partnerships contributed to 42 per cent of the organisation's revenue, with donations responsible for 34 per cent.

NZOC invested a total of $2.6 million (£2.1 million/€2.4 million) directly into the country's sports and athletes during 2019.

The organisation finished the year on budget with a $1.1 million (£889,000, €1 million) surplus, with financial reserves at $2.9 million (£2.34 million/€2.67 million).

It was reported that through education and community engagement Olympic ambassadors connected with more than 50,000 New Zealand children, while 81 per cent of primary and intermediate schools signed up to use educational resources provided by NZOC.

The membership took time to acknowledge those lost to the Olympic and Commonwealth Movements in 2019, including Dame Yvette Williams, a long jumper who was the country's first female Olympic gold medallist at Helsinki 1952.

Members also remembered Sir Peter Snell, who won three Olympic gold medals - the first in the 800 metres in 1960 in Rome - and is the only male since 1920 to win the 800m and 1500m at the same Olympics, in 1964 in Tokyo.

NZOC also paid tribute to its sponsors and partners including ANZ, HPSNZ and Sport NZ.

In other business, heptathlete Sarah Cowley-Ross was named as the new chair of the NZOC Athletes' Commission.

She will lead the eight-strong Commission made up of current and recent Olympic and Commonwealth Games athletes and become a full member of the NZOC Board.

Cowley-Ross, who described her new role as a "privilege", replaces rower Nathan Twaddle.