Cancelled events not offering refunds

The events are from Tough runner UK and mine id the Westonbury Duathlon but its the same for all events with them that no refunds are offered but only entrance into next years event. If i wanted next years event I should be able to book that closer to the time and not be held to it so far in advance
Dear All,
We have been closely monitoring the situation surrounding the COVID-19 (novel coronavirus).
We have decided to postpone the Westonbirt Duathlon in an effort to help control the spread of the virus. All participants will be automatically transferred to the new date (TBC). We are working with the Arboretum and will do our best to communicate a new date this week.
We expect that there are going to be substantial and widespread event postponements in the coming weeks and months.
Sadly, we are not in a position to offer refunds. Tough Runner UK is offering several reasonable alternative options to its athletes, based around the postponement of events.
Our website will be updated shortly, announcing any further postponements and information on COVID-19 (novel coronavirus).
We appreciate your patience in the coming days and weeks, Thank you for your continued support, and we wish you the best in health and wellness. We will continue to do everything we can to support you during this difficult time for our industry.
Tough Runner UK is well prepared to face these challenging times, and we are working hard to put your safety first.
Adam Newton
Tough Runner UK
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if it was me I wouldn’t think it was morally right.