The ISU Skating Awards is set to be held virtually on July 11 ©ISU

The Lifetime Achievement Award is set to be the only prize presented at this year’s International Skating Union (ISU) Skating Awards.

The ISU revealed the decision comes as a result of the COVID-19 pandemic causing a series of events to be cancelled.

The global health crisis has also resulted in the ceremony being held virtually for the second successive year, with this year’s event scheduled to take place on July 10.

Last year’s inaugural Skating Awards saw honours given out across seven categories including Most Valuable Skater, Best Costume, Most Entertaining Programme, Best Newcomer, Best Choreographer, Best Coach and Lifetime Achievement Award.

Just one honour is set to be presented on this occasion, but the ISU insists it will be an "amazing" show.

"Despite the challenging season due to the COVID-19 pandemic, which led to the cancellation of numerous events, the ISU and Art on Ice have decided to hold a special edition of the ISU Skating Awards," a statement from the ISU read.

"Because of the exceptional season and limited figure skating events, only the Lifetime Achievement Award will be presented this year.

"However the fans will be treated to an amazing show, highlighting skating at its finest, featuring some of the greatest athletes from around the world and some exclusive interviews.

"Join our amazing hosts Tanith and Charlie White and the talented athletes in celebration of figure skating and discover who will receive the Lifetime Achievement Award 2021."

The ISU described its first Skating Awards as a "success" after over 150,000 views were recorded within the 24 hours of the live broadcast of the show.