Finance Director’s Report – Full Year 2025

Overview

FY25 closed with a financially resilient outcome for British Powerlifting. Despite a challenging operating environment and lower-than-expected participation at some UK events, the Federation delivered a operating surplus of £12.5k and ends the year in a strong cash and balance sheet position.

The year also marks a period of financial consolidation. A number of historic uncertainties—most notably around drug testing costs and divisional rebates—were resolved during FY25, resulting in cleaner accounts, improved transparency, and a lower-risk financial position heading into FY26.

Financial Summary (FY25)

• Total trading income for the year was £579.4k.
• Operating costs were tightly controlled and finished £51.0k below budget.
• The Federation delivered a net surplus of £12.5k for the year.
• Cash at bank at 31 December 2025 stood at £284.1k.
• Net assets increased to £246.5k.

Income Performance

UK competition entry income was below budget during FY25, reflecting lower participation at a number of events. By way of example, the British Open recorded 177 entries against a budget assumption of 224. This trend is consistent with broader pressures on discretionary spending across the sport.

Coaching and education income performed well and finished slightly ahead of budget, reflecting sustained demand for courses and continued strength in the Federation’s education programme.

International income was broadly in line with expectations. While international activity remained high throughout the year, the Federation continued to recover the majority of associated costs through athlete and federation contributions.

Membership income appears lower than budget when viewed in isolation; however, this is largely offset by reduced divisional rebates following the introduction of Sport80’s automated rebate model in April 2025. On a net basis, membership-related income was broadly in line with expectations, with the added benefit of improved cash handling and transparency.

Sponsorship income exceeded budget, supported by additional unbudgeted contributions, including support from SBD for livestreaming at the British Championships and Peak Barbell sponsorship of the Open British.

Expenditure and Cost Control

Overall expenditure for FY25 finished below budget, despite inflationary pressures across venues, travel, and services. This reflects disciplined financial management and a willingness to adjust spending where appropriate. Significant savings in drug testing, EO costs, depreciation and administration more than offset higher expenditure on UK events, marketing, referees, streaming and trophies, demonstrating effective overall financial control.

The most significant positive variance relates to drug testing. During FY25, confirmation was received from CCES and the IPF on actual testing volumes and expected invoices. This allowed the Federation to correct historic over‑provisioning across both FY24 and FY25, resulting in a one‑off favourable adjustment. This should be viewed as a technical correction rather than a reduction in testing activity, and it materially reduces uncertainty in future years.

There were areas of overspend during the year, notably UK events, international competitions, marketing, referees’ expenses, streaming services, and trophies. Much of this reflects higher levels of activity and conscious, board‑approved decisions—particularly additional marketing and communications spend during a period of leadership transition—to support visibility of athlete performance and national events.

Additional prudent provisions were made at year end for legal costs and the Performance and Development Fund to ensure the accounts reflect known commitments.

Balance Sheet and Cash Position

The Federation’s balance sheet remains exceptionally strong, ending the year with £284.1k of cash, net current assets of £189.2k and total net assets of £246.5k. Cash balances reduced year‑on‑year primarily due to the settlement of historic divisional rebates, rather than any deterioration in operating performance.

During FY25, approximately £44k of legacy rebates payable to English Powerlifting relating to FY24 activity were settled. This explains both the reduction in cash at bank and the corresponding decrease in rebate liabilities on the balance sheet.

With the Sport80 rebate process now fully embedded, future rebate balances are expected to remain lower and more predictable, supporting improved cash flow visibility.

Risks and Forward Look

British Powerlifting enters FY26 from a position of financial strength. The primary financial focus for the year ahead will be tighter control of UK event costs to ensure sustainable delivery in a challenging environment.

International representation and athlete support remain core strategic priorities, but will continue to be managed carefully to balance cost, participation, and value for members.

Conclusion

FY25 represents another financially resilient year for the Federation. Historic accounting uncertainties have largely been resolved, reserves remain strong, liquidity remains healthy and governance and financial transparency have continued to improve.

The Federation is well-positioned to navigate FY26 with a clear focus on sustainable delivery, cost discipline, transparency and maximising value for members.

Supporting Documents

Please find attached the supporting financial documents referred to in this report:

• FY25 Final Profit and Loss Statement – the detailed income and expenditure account for the year ended 31 December 2025, including performance against the approved budget.
• FY25 Final Balance Sheet – the Federation’s assets, liabilities, cash position and reserves as at 31 December 2025.
• Finance Director’s Budget Report for FY26 – the proposed budget for the year ending 31 December 2026, including the underlying assumptions, material variances, principal financial risks and the Board’s recommendation to members.
• Audit Committee Report to the July 2026 AGM – the independent Audit Committee’s review of the FY25 financial statements, FY26 budget, financial procedures and controls. The Committee reported that it had not identified any errors or issues requiring referral to the Board, while also making recommendations for further improvements to financial reporting and payment controls.

Together, these documents provide members with the detailed financial information supporting the summaries and conclusions presented above.