The release of a provision enabled by the positive performance of the body’s securities portfolio was instrumental in transforming this loss into an overall surplus of CHF355,424 (£297,902/$391,597/€330,881).

Total income weighed in at CHF7.86 million (£6.58 million/$8.65 million/€7.31 million), against expenditure of CHF8.2 million (£6.8 million/$9.03 million/€7.6 million).

Year-end reserves stood at CHF8.9 million (£7.4 million/$9.8 million/€8.2 million), with FISA saying it was "on target" for a permanent reserve of some CHF4 million (£3.3 million/$4.4 million/€3.7 million) at the end of 2020.

In a report prepared ahead of an Ordinary Congress to be held virtually on October 16, Jean-Christophe Rolland, President, made the point that the "current climate in the private sponsorship market makes us highly dependent on Olympic revenue and on the few major international regattas which generate broadcast income."

Eggenkamp underlined this in comments about the impact of COVID-19.

"Firstly with the Tokyo Olympic Games being postponed, the International Olympic Committee (IOC) contribution ($17 million (£12.92 million/€14.3 million) in 2016) is delayed by one year," said Eggenkamp.

"Herein, there is a risk that the amount will be lower given the additional costs the IOC will face postponing the Olympic Games.

"Even worse, if the Tokyo Olympic Games do not take place, it remains to be seen what amount the International Federations would receive.

"Secondly, other revenue streams {ie broadcasting rights} have diminished with events not taking place.

"Thirdly, although conservatively managed and mainly in fixed income {bonds}, FISA runs a risk that it may incur losses on its asset portfolio as a result of COVID-19, especially if one or more companies in which FISA holds bonds goes bankrupt because of COVID-19."

Eggenkamp went on to say that "fortunately FISA has built up a reserve and has been able to secure all potential support we applied for."

The body, he said, had received loans from both the IOC and the Federal Government, as well as benefiting from short-term employment support.

This would ensure that FISA could continue its operations "leading up to and after the Tokyo Games in 2021."

The Ordinary Congress, and an Extraordinary Congress over the two subsequent days, are set to come hard on the heels of the European Rowing General Assembly.

This is scheduled for October 10, both in person in the Polish city of Poznań and online for delegates who are unable to travel.