The figures for the year ending March 31, 2022 show UKA has just £431,000 in reserves, down from £2.2million the previous year.
Income from major events increased to £3.2m from £1.4m, an increase of 124 per cent after reinstatement of a full calendar of events following pandemic restrictions.
UKA chair Ian Beattie said: "There are multiple reasons that UKA finds itself in this position, but in overall terms, the financial commitments made in recent years have exceeded the income that we have been able to generate, compounded by a significant shortfall in the commercial area.
"The severe cost challenges from operating during the pandemic and the impact on event income has remained a factor in the 2021-22 financial year.
"A number of changes in staffing structures and associated payments have also added to this pressure, as have significant unbudgeted but essential costs incurred in the safeguarding area.
"As a result, I as chair, our CEO Jack Buckner and the senior team now in place at UKA have been working hard on a number of areas to ensure that we turn around our financial position, rebuild our reserves and reverse the downward trend in our finances.
"It is important that I underline that these results and the plans we will put in place do not impact upon the performance team or the World Class Programme operations, which continue to be well supported by UK Sport and the funding we are provided from the National Lottery."