Financial statements covering three years – 2016, 2017 and 2018 – have been posted on the Monaco-based body’s website.

These show that out of fractionally under $15 million (£12 million/€13.35 million) of income generated over this entire period, no less than $12.95 million (£10.49 million/€11.6 million) – equivalent to more than 85 per cent - was labelled "International Olympic Committee (IOC) Television Revenue."

While three years does not constitute a whole Olympic cycle and one would not expect IOC TV revenue to have accounted for any of the UIPM’s income in 2019, a further $70,000 (£56,700/€63,000) a year is said to come from the IOC’s International Sports Federation (IF) development programme.

The biggest chunk of the UIPM’s non-IOC-derived income appears to come from a $300,000 (£243,000/€270,000) a year sponsorship fee from New Balance.

Interest contributed a further amount of nearly $300,000 over the three years, while there was also $120,000 (£97,000/€108,000) in sponsorship fees from Absolute Fencing.

The new document also alludes to an in-kind sponsorship agreement with RAM Swiss Watch.

The most recent year covered – 2018 – saw the federation run up just $584,550 (£473,503/€526,487) of income which, given expenditure of $4.29 million (£3.47 million/€3.86 million), left a deficit of $3.7 million (£3 million/€3.3 million).

Most of the IOC TV money arrived in 2016, the year of the Rio Games, resulting in a $7.9 million (£6.3 million/€7 million) surplus for that year.

The 2017 deficit was about $2 million (£1.6 million/€1.8 million). 

The accounts put UIPM’s end-2018 reserves at $6.17 million (£4.99 million/€5.5 million), down from $11.87 million (£9.6 million/€10.56 million) at end-2016.

The balance sheet shows $2.94 million (£2.38 million/€2.64 million) in "fixed assets investments" at end-December 2018, with a further $2.99 million (£2.42 million/€2.69 million) of cash in current bank accounts.

However, another seventeen months have passed since then, and the cash-pile was down from $6.5 million (£5.2 million/€5.85 million) at end-2017 and $9.39 million (£7.6 million/€8.45 million) at end-2016.

While expenditure can no doubt be reduced very significantly from the $4 million-plus (£3.2 million/€3.56 million) a year of the 2016-18 period, it would be little surprise, based on these figures – and bearing in mind that no information is given regarding 2019 results - to see the federation seek an advance from the IOC of part of its anticipated Tokyo 2020 payment, now postponed by a year.