UK Sport chair Sue Campbell has hailed Great Britain's London 2012 medal haul as "incredible".
Team GB finished third in the final table, claiming 29 gold, 17 silver and 19 bronze medals.
"For a nation the size of Great Britain to finish in third place at the Olympic games is incredible and without doubt one of the greatest sporting achievements in this country's history," said Campbell.
"We now have an elite sport system that is the envy of the world and I firmly believe it will continue to deliver at the highest level for many years to come thanks to the support of National Lottery and Government funding, which I am delighted to say is now secured for the Rio cycle."
UK Sport had previously set Team GB an overall medal target of 48 - one more than they achieved in Beijing.
