Annual Report and Financial Statements
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2003 ISAF ANNUAL REPORT AND FINANCIAL STATEMENTS 1 Contents PART I COMMITTEE REPORTS 3 President’s Report 4 Secretary General’s Report 6 Treasurer’s Report 16 Centreboard Boat Committee 17 Constitution Committee 17 Events Committee 19 ISAF Classes Committee 21 Keelboat Committee 21 Match Racing Committee 22 Measurement Committee 23 Multihull Committee 24 Offshore Committee 25 Race Officials Committee 27 Racing Rules Committee 30 Regional Games Committee 31 Sailing Committee 32 Windsurfing Committee 33 Women’s Sailing Committee 34 Youth and Development Committee 35 Nations Qualified for Athens 2004 37 2003 ISAF Approved World Champions 38 PART II ACCOUNTS 40 Director’s Report 41 International Auditors’ Report to the Members of the International Sailing Federation Limited 42 Consolidation Income and Expenditure Account 43 Consolidated Balance Sheet 44 Parent Balance Sheet 45 Cash Flow Statement 46 Notes to the Financial Statements 47 PART III 2004 BUDGET 53 2 PART I COMMITTEE REPORTS 3 President’s Report 2003 has been another challenging and interesting Sailing. The media were so complimentary they year for sailing in these constantly changing times want the Championship to be held every year, and there were so many stories it made their life easy. Finance I would have the event every two years which For the ninth straight year Arve and the ISAF staff would mean the Olympiad would be as follows: have kept the expenditures under budget, which has the effect of allowing ISAF not to spend all Year 1 - ISAF Joint World Championship of their Olympic revenues which means the ISAF Olympic Classes reserves are quite healthy. It should be noted that Year 2 - ISAF World Sailing Games ISAF endeavours to put at least 20% of its Olympic Year 3 - ISAF Joint World Championship of revenues into reserves each Olympiad. Olympic Classes and Olympic Qualifier Year 4 - Olympic Games Staff The greatest compliment that ISAF can give Cadiz The ISAF Secretariat in Southampton has worked is that seven regions from three Continents are well with the extension into the ground floor. bidding to host the 2007 event. Well done Cadiz. Although it is possibly wrong to single out a few of On behalf of the sailors, thank you to Cadiz, the the staff it should be gratifying to know that Arve, Real Federacion Espanola de Vela, and Andalusia Craig, Jerome, Luissa and Simon have served ISAF for a job well done. so diligently for several years. Although very few of the ISAF MNA delegates visit the headquarters, America’s Cup they should as they would be duly impressed by what has been accomplished. During 2003, ISAF negotiated with the Alinghi Syndicate with regard to ISAF’s involvement in the Cadiz 2007 America’s Cup. In the past this has been a very difficult exercise, but thanks especially to Brad The 2003 joint World Championships of Olympic BUTTERWORTH and Michael BONNEFOUS and Classes in Cadiz, the ISAF World Championship, ISAF Vice-President David KELLETT the process was an overwhelming success. The sailors who was very positive. This coupled with the selection were dreamers and up and comers were in awe of Valencia, Spain as the venue ISAF is convinced of being able to associate with the super stars that the next Cup will be the best ever for sailing. who they had only read about. The social activities broke down the class autonomies and all interacted Youth Worlds which can only promote all aspects of Olympic The 2003 ISAF Youth Sailing World Championship John TINKER (CAN) (right) received the Beppe Croce was hosted by the Portuguese Sailing Federation Trophy for his outstanding voluntary contribution to the on the island of Madeira. After some hesitation the sport. Jan LINGE (NOR) (left) was the 2002 recipient. event was a great success thanks mostly to the © Phil Cole/Getty Images diligence of Carlos RIBEIRO FERREIRA and his team. All young sailors had a marvellous regatta in Madeira where they made many friends, which will be a wonderful memory all their life. The next event will be in Gdyndia, Poland and ISAF welcomes back Volvo as the title sponsor. Congratulations to Australia who claimed the Nations’ Trophy. Match Racing The ISAF Open Match Racing World Championship was hosted by the Italian Sailing Federation in one of the most spectacular racing venues of sailing at Riva, Lake Garda, especially loved by the ISAF President. Many of the best match racers in the world competed, with Ed BAIRD (USA) taking the title. As usual the wind conditions and hospitality were up to the normal high standards. 4 President’s Report The ISAF Women’s Match Racing World challenge to properly give all aspects of Offshore, Championship was won by Malin MILLBOURN including Oceanic, a comfortable seat at the ISAF (SWE) on her home waters in Sundsvall, table. Major advancements have been made over Sweden. the last years and the assessment of this area by a special working party hopefully will be accepted. Connect to Sailing Recognizing the IRC Rule and initiating the committee to explore a new elite rating rule has The Connect to Sailing initiative is moving been a major step forward by ISAF. positively ahead. The ISAF Executive Committee has appointed a Strategy Working Group who One Design is charged to further develop the initiative. I am excited by the concept and the goal of the ISAF must continue to support the One Design programme to develop grass roots sailing initiatives Class structure fraternity which is so essential by encouraging partnerships across the sport. to the health of sailing. Several classes over the year relied on the involvement of ISAF to solve ISAF Annual Conference jurisdictional problems which had the result of ensuring ongoing respect. Unfortunately due to the SARS outbreak in Singapore, ISAF had to delay the Annual Conclusion Conference at that venue until 2005. Singapore will be great hosts but ISAF had no other choice. This year in sailing presented several challenges Barcelona stepped in and with very little advanced which ISAF had to face and will continue to face. notice the Annual Conference was re-organized. As the world changes so must ISAF. The last year of my tenure will be equally interesting especially The highlight of the Annual Conference was with the Olympic Games in Athens. the annual ISAF Rolex World Sailor of the Year Award and I feel that this year was as spectacular Paul Henderson - ISAF President an event as ISAF has ever had. Thanks to Paul CAYARD who was the Master of Siren SUNDBY (NOR) and Russell COUTTS (SUI) winners of the 2003 Ceremonies and to Rolex for their ISAF Rolex World Sailor of the Year Award, presented in Barcelona, ongoing sponsorship. Spain. © Phil Cole/Getty Images Many guests at the evening from the emerging MNA’s came forward saying that they can only meet people like Juan Antonio SAMARANCH, Russell COUTTS and Paul CAYARD through the media, but it was a great thrill and very rewarding to meet them in person. It was a great personal privilege to present John TINKER with the ISAF Beppe Croce Trophy. Offshore Offshore is possibly the most diverse and broadbase discipline that ISAF must address. It has been a 5 Secretary General’s Report Secretariat Processed the submissions for the ISAF Annual Conference. For the first time in February 2003, the Executive Committee received reports on the activities of the Anti-Doping Secretariat from each of the Department Managers, Processed the declaration request forms to MNAs a key step in the Executive Committee’s policy and administered the Anti-Doping Dispensations. on the use of staff expertise for the work of the Federation. Finance Over the past two years the Executive Committee Maintained financial forecasts and payment have invested in the staff support by increasing schedules, drafted financial reports and the numbers to 19. To re-coup on this investment administered expense claims. the Executive Committee will continue to use the Office Management employed staff for work on initiatives and projects before financing working parties or outside Co-ordination of ISAF Mailings to membership consultants. during the year. Processing of publication orders and general enquiries. Staff Implementation of all human resources functions. As at 31 December 2003, the total number of staff Maintained the Secretariat (reception, cleaning, was 19 – sixteen full-time and three part-time, safety and security, office equipment, insurance) remaining the same as in 2002. Development and Information The priorities of staff work remained the same over Committees the period, and are summarized as follows: Supported the work of the Constitution Committee, • Service those areas/Committees given Youth and Development Committee, Women’s priority by Council Sailing Committee and Women’s Forum. • Preparation and implementation of Council Development and Training and Executive Committee Meetings and decisions MNA Development Questionnaire – assimilation of feedback and analysis of responses. • Co-operation with Committee Chairmen in preparation of the Annual Conference and Learn-to-Sail Training Programmes – Co-ordination Mid-Year Meeting of applications and arrangements for courses held in India and Brazil. • Service to members National Training Scheme Manual – updating • Olympic and ISAF events preparation/ participation Olympic Solidarity – Processing of applications for Olympic Solidarity Scholarships for Athletes of In addition to the many working parties, the staff which 14 were successfully approved by Olympic supported 30 Committees/Sub-Committees, three Solidarity. Administration of applications for Commissions, a Forum and Review Board, for a Technical Programmes held of which seven were total of 35. held in 2003, meetings with Olympic Solidarity to discuss maximising the programmes, publication Throughout the year, the staff have been involved of the Olympic Solidarity Sports Administration in the following areas of work/projects: Manual on the ISAF website.