"We're anticipating building on it and will be going for more medals in 2018," said Nicholl.
"The success has shown that the approach we have taken to athletes, and supporting sports with medal prospects, is working.
What Yarnold did after she won gold
"It gives us a huge amount of confidence in the system."
Four-time Olympic rowing champion Sir Matthew Pinsent, who has covered both the Vancouver and Sochi Games for the BBC, believes now is the time for winter events to receive the same support as the summer sports.
"I think some of the winter sports, like curling, freestyle and short track are performing like summer sports, so why offer different support?" he said.
"Germany and Norway don't make this distinction and I think we should shed this idea of not being a winter nation. Actually it's not true - we can be."
Britain's Winter Olympic gold medallists
Men (ice hockey)
Jeannette Altwegg (figure skating)
Tony Nash & Robin Dixon (two-man bobsleigh)
John Curry (figure skating)
Robin Cousins (figure skating)
Jayne Torvill & Christopher Dean (figure skating)
Amy Williams (skeleton)
2014: Lizzy Yarnold (skeleton)
* Madge Syers won figure skating gold at the 1908 Summer Olympics in London
"We'll never be topping the table with the Russians and Canadians, but we can make gains and that is what our investment principles are based on," she said.
Having achieved a bronze medal and a record six top-10 finishes, the British freestyle skiing and snowboarding team are well placed for a significant increase on the £1.5m they have received since 2012.
"We have big plans on how we can develop and grow the freestyle programme and are hopeful UK Sport will help invest in that alongside commercial partners," Lesley McKenna, British Park and Pipe programme manager, told BBC Sport.
The British bobsleigh duo of Paula Walker and Rebekah Wilson were the only team to miss their UK Sport performance target,
when seeking a top-eight result.
“Success does cost money but we are committed to investment”
Liz NichollUK Sport CEO
However, the men's four-man bobsleigh came an
just 0.11 seconds off the podium.
GB Bobsleigh performance director Gary Anderson is hopeful that the set-up - which received £3.3m leading into Sochi and has
invested heavily in new technology
- will continue to be backed.
"We are only halfway through an eight-year programme and with support through to 2018 I'm convinced we can challenge for not just one medal, but in all three events [men's two- and four-man and women's two-man bob]," he told BBC Sport.
UK Sport recently axed funding for basketball, synchronised swimming, water polo and weightlifting but Nicholl insisted this announcement was not related to the performances of winter sport athletes in Sochi.
It will now enter a series of meetings with officials from all British Winter Olympic disciplines about performance targets over the next four years and reveal its decision in June.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.