The smaller-than-expected deficit was attributable to four main factors.

An end-of-year recovery in markets meant that financial losses were restricted to $12.3 million (£9.6 million/€11 million), as opposed to $15.5 million (£12 million/€13.9 million) projected seven months ago.

Second, an additional $3.5 million (£2.7 million/€3.1 million) of event revenues were secured late in the year, while $3.3 million (£2.6 million/€3 million) of cost savings were made from the body’s development programme.

Finally, a settlement amount of some $4 million (£3.1 million/€3.6 million) was received as part of a termination agreement with a commercial partner, believed to be Alibaba.

This involved mutual termination of a long-term partnership extending until 2028.

In what was a difficult year, just as the impact of COVID-19 was starting to subside, World Aquatics was hit by the consequences of Russia’s invasion of Ukraine.

Two global events originally earmarked for the Russian city of Kazan were moved, with Lima and Melbourne stepping in.

With the 2022 World Championships also switching venue, associated financial results were inevitably impacted.

World Aquatics said that its two World Championship events, in Budapest and Melbourne, enabled it ultimately to generate a positive event margin of nearly $12 million (£9.3 million/€10.8 million).

The organisation also underlined that $11.7 million (£9.1 million/€10.5 million) of prize money was paid to athletes in 2022 - more than a quarter of annual income of $43 million (£33.5 million/€38.7 million), which was down from $57.4 million (£44.7 million/€51.6 million) in 2021.

Expenditure came in at $47 million (£36.6 million/€42.3 million), more than half - just under $26 million (£20.2 million/€23.4 million) - accounted for by event and commercial expenses.

Development activities held relatively steady at $6.7 million (£5.2 million/€6 million), but administrative expenses came down, from $9.1 million (£7.1 million/€8.2 million) to $7.9 million (£6.15 million/€7.1 million), with President Husain Al Musallam receiving no remuneration from the organisation.

The International Swimming League anti-trust litigation continues to exact a price: World Aquatics said that legal costs charged to the income statement in 2022 amounted to $3.2 million (£2.5 million/€2.9 million), with total costs incurred since the outset of the litigation reaching $10.3 million (£8 million/€9.3 million).

Legal costs actually accounted for some $1.5 million (£1.2 million/€1.35 million) of the overall $47 million (£36.6 million/€42.3 million) 2022 expenditure figure.

In his report, treasurer Dale Neuburger described the outlook for the coming two years as “exceptionally strong,” owing to the “unique occurrence” of two World Aquatics Championships, a World Swimming Championships and an Olympic Games in the space of 18 months.

According to Neuburger, these four events are expected to produce a $29.9 million (£23.3 million/€26.9 million) operating surplus in 2024, with the quadrennial operating surplus expected to exceed $40 million (£31 million/€36 million).

End-2022 assets, while down from $238.4 million (£185.5 million/€214.3 million) a year earlier, remained above $200 million, at $202 million (£157.2 million/€181.6 million).