Back in 1981, when the London Marathon first took place, 6,255 runners crossed the finish line. Now, more than 45,000 people are expected to complete the 26.2 miles on 23 April 2023. That’s not even taking into account the thousands more who participate digitally – a fixture of the event since the covid-19 pandemic.
The London Marathon is also the largest annual one-day fundraising event in the world. Most recent figures show the event raised £66.4m in 2019, and the total raised since its inception surpassed £1bn that same year. For many charities, the marathon is their biggest fundraising event, and organiser London Marathon Events works directly with approximately 2,000 participating charities.
Many moving parts
The event is a huge endeavour for the nation’s capital. More than 30 roads are closed across London for much of the day, requiring buses to be placed on diversion and some Santander Cycle services to be suspended. Transport for London also lays on extra train and boat services to help transport the 750,000 spectators who line the route and the 6,000 people who volunteer for the event.
“The London Marathon is one of the UK’s top sporting events and the most popular marathon on the planet,” says David Adams FCA, Interim Finance Director at London Marathon Events and ICAEW Chartered Accountant. “The planning process to deliver an event of this scale is huge and complex and it’s only possible thanks to the support of key partners and stakeholders, including the Greater London Authority, Transport for London, The Royal Parks and all the London boroughs that the event goes through.”
Big brands and big business
The event is particularly important for London Marathon Events, with companies signing multi-million-pound deals to be sponsors. Seven companies have been title sponsors of the London Marathon in its 42-year history, including Gillette, Mars and Virgin Money. New title sponsor Tata Consultancy Services is also assisting London Marathon Events in meeting global sustainability standards as part of the organisation’s plans to be carbon neutral by 2024.
Other organisations benefit from brand deals, too. In 2015, Canada Water tube station, which falls along the marathon route, was renamed Buxton Water for one day, generating £110,000 for Transport for London.
The economic benefit to businesses of all kinds in London is huge. “For many pubs and other eateries along the route, it’s the busiest day of the year. There is also huge demand for flights, travel and accommodation,” David adds.
For example, London TV reported that, in 2022, Airbnb hosts in London letting out properties to runners, supporters and spectators earned £2.7m over the weekend of the race. While Wurkplace found that the event generates about £37m in ‘new money’ to the London economy each year.
The role of chartered accountants
London Marathon Events is a non-profit with more than 110 staff. As well as organising the event from which it draws its name, it also delivers other mass participation events including Ford RideLondon, The Big Half, Vitality Westminster Mile and Vitality London 10,000, and Swim Serpentine.
“Working for a non-profit organisation is never simply a regular back-office accounting role,” David says. “Given the financial constraints placed on charities, there is a duty as a finance professional to act as a good steward of the organisation's resources to maximise the bottom-line funds made available for the wider social goals. It’s likely that, by finding an organisation with aligned common values and goals to your own, your involvement will often naturally reach far beyond the numbers.”
Cashflow management and forecasting are key skills in any non-profit finance role, coupled with the ability to clearly communicate complex financial issues to trustees and other key management personnel.
“It is the accountant’s role to provide accurate and insightful analysis to allow appropriate decisions to be made in respect of the best use of available resources,” David explains. “Commercial awareness is also a key asset, with the recent volatile economic environment making it critical for non-profit organisations to be both dynamic and flexible.”
David suggests volunteering for a small club or society treasurer role as a great first step towards gaining experience in the responsibilities of financial management at non-profits. “A number of small to medium sized accounting practices have dedicated charity teams which may offer a good route into the sector with varied on-the-job exposure alongside a training contract or qualification,” he adds.
It is clear chartered accountants are vital to not only London Marathon Events, but the charity and non-profit sectors more widely. The skills of accountants are integral in ensuring mass participation events run smoothly, assisting participants and spectators and also raising millions for businesses and charities in the process.