The body, which has faced severe financial pressures in recent years as the UK prepares to host the 2012 Olympic Games, managed to make a pre-tax profit for the year ended December 31, 2010 of exactly £235,873 ($379,664).

This was less than half the 2009 figure of just over £550,000 ($885,287).

The significant fact, however, was that the most recent profit was achieved without important exceptional items.

It can be said therefore that the BOA succeeded in living within its means in 2010, in spite of the cost of sending a team to the 2010 Vancouver Winter Olympics.

In 2009, the accounts were dominated by more than £1.6 million ($2.6 million) of exceptional income after the BOA booked a £2.1 million ($3.4 million) profit on the disposal of property in Wandsworth, South-West London.

This was as a result of moving its head office from Wandsworth to Charlotte Street in October 2009.

Revenue in 2010 rose substantially from £8.31 million ($13.37 million) to £11.57 million ($18.62 million).

Cost of sales climbed from £4 million ($6.5 million) in 2009 to £4.57 million ($7.36 million) and administrative expenses from £5.4 million ($8.69 million) to £6.8 million ($10.95 million).

To read a full analysis of the BOA accounts click here. 

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