The British Olympic Association (BOA) has received a £5.3m (US$8m, €6.2m) bonus payment from London 2012 organisers Locog after its final accounts had a £30m (US$45.6m, €35.1m) surplus in their final accounts.

In addition, £2.6m (US$3.95m, €3m) has been given to the British Paralympic Association, while £20m (US$30.4m, €23.4m) will be paid back to the Department for Culture, Media & Sport.

Locog said they had achieved revenues of £2.41bn (US$3.66bn, €2.82bn) through private sector revenue programmes over the company's eight-year life, with costs contained at 2.38 bn (US$3.61bn, €2.78bn).

The report and accounts actually show a cumulative operating loss of £53m (US$80.5m, €62m), however deferred revenue which has not been accounted for stands at £78m (US$118.5m, €91.3m). This combined with other revenue streams such as royalty income, will be sufficient to cover the noted losses.

The BOA was forced to cut costs and this year took out a £5m (US$7.59m, €5.85m) overdraft to cover costs. The bonus comes at a much-needed time as the association had been expected to announce a loss of £4m (US$6m, €4.7m) following the London 2012 Games.

Locog will now be placed into a solvent Members Voluntary Liquidation following the end of the Games in 2012.