The deficit came on revenues down four per cent from CHF36.4 million (£26 million/$38 million/€33 million) to CHF35 million (£25 million/$36 million/€32 million).

The loss registered in 2014 amounted to CHF121,000 (£87,000/$125,000/€111,000).

Chief financial officer Jeremy Conrad-Pickles noted that 2015 started with a “20 per cent reduction in many of the UCI’s revenue streams as a result of the sudden strengthening of the Swiss franc”.

He said a “robust foreign currency hedging programme” had been put in place during the course of the year.

While the UCI had a “structural difference” in the currency denominations of its revenues and costs, it aimed through the programme to “mitigate sudden changes in the foreign currency exchange rates”.

President Brian Cookson received a modest CHF7,000 (£5,000/$7,250/€6,400) increase in remuneration to CHF351,000 (£251,000/$364,000/€321,000).

He fared better, though, than other management committee members, whose remuneration fell CHF15,000 (£11,000/$15,500/€14,000) to CHF189,000 (£135,000/$196,000/€173,000).

Competitions contributed CHF24.6 million (£17.6 million/$25.5 million/€22.5 million) of overall revenues, with the annual report underlining the importance of road competitions in this mix.

Not only was “Road” responsible for almost CHF11 million (£8 million/$11.4 million/€10 million) of revenues, slightly down on 2014, it generated an operating margin of no less than CHF8.49 million (£6 million/$8.8 million/€7.7 million), even higher than the CHF8.17 million (£6 million/$8.4 million/€7.4 million) achieved the previous year.

Cycling is one of those sports whose conduct of the fight against doping has been much under the microscope in recent years.

Riders, race organisers and teams pay a levy to finance this fight which is undertaken by the UCI and the Cycling Anti-Doping Foundation (CADF), a sister body.

The accounts show that the net cost of anti-doping to UCI was significantly greater in 2015 than 2014, mainly due to a near halving of related revenues.

In the latest year, revenues from the activity totalled CHF1.07 million (£721,000/$1.04 million/€922,000), with costs and expenses reaching CHF2.18 million, leaving a deficit of CHF1.1 million.

In 2014, revenues of CHF2.06 million (£1.4 million/$2 million/€1.8 million) were outstripped only narrowly by costs, leaving a deficit of CHF171,000 (£123,000/$178,000/€157,000).

Conrad-Pickles said 2016, an Olympic/Paralympic year, was set to be “successful…from a financial perspective”.