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. Administration Athlete Participation Programme – implementation Committees and administration of programme for 2003 ISAF Youth Sailing World Championship, implementation Supported the Audit Committee, Executive of three-year programme. Committee, Council and Medical Commission in the preparation of papers and minutes. ISAF Members – Processing of applications for ISAF Full Member and Associate Member status. Meetings Connect to Sailing – Meetings and communication Co-ordinated arrangements for the Executive with steering group to develop strategy, which Committee Meetings, ISAF Mid-Year Meeting and was launched as Connect to Sailing at the 2003 Annual Conference. Made site visits and liaised Mid-Year Meeting, organization of seminars in with prospective venues interested in hosting November 2003. future ISAF Meetings. 6 Secretary General’s Report

Effect of High Performance Sailing – Supporting launched IFDS Disabled Sailing Forum via ISAF working party into research on the effect of high Sailor. performance sailing on youth. Events Department Website and Information Committees ISAF News – 365 days a year maintenance of the ISAF website news, complemented by the Supported the work of the Events Committee, Match publication of Making Waves on a weekly basis, Racing Committee, Race Officials Committee and and the news digest Short Tacks twice-weekly, Sub-Committees, Regional Games Committee, publication and distribution of press releases to Racing Rules Committee and Review Board. accompany the ISAF World Rankings, publication Events of five part – 2003 Year in Review. The department provided staff support (Technical Website – Continued transfer of ISAF website Delegate) to the ISAF Youth Sailing World content to new “content management system”. Championship in July 2003 in Madeira, Portugal; Publications – Production of ISAF Yearbook and The ISAF Team Racing World Championships 2002 Annual Report. in February 2003 in Auckland, New Zealand; The ISAF Match Racing World Championship, in 2003 ISAF World Championship – Liaison August 2003 in Riva del Garda, Italy; The ISAF with Organizing Committee on all media Women’s Match Racing World Championship in issues prior to Championship and provision of June 2003, in Sundsvall, Sweden and the ISAF comprehensive news service in build up to and World Championships in September 2003 in during the Championship, co-ordination of video Cádiz, Spain. For the ISAF World Championship, streaming via ISAF website, co-ordination of ISAF a qualification system was administered for all protocol, organization of Media Forum during classes. Pre-regatta visits were made to Pusan Championship. Korea, site for the 2005 Volvo Youth Sailing ISAF ISAF Regulations – Updating and maintenance of Championship. ISAF Regulations in line with Council decisions. Television – Meetings with television production companies to discuss a future television strategy for ISAF and production of the ISAF film of the 2004 Olympic Sailing Competition. Promotion and Marketing ISAF Sailor – launch of ISAF Sailor logo and promotion via t-shirts at the 2003 ISAF World Championship, communication with event organizers to implement ISAF Sailor within their Xavier Revil and Laurent GUILLEMETTE (FRA) spent online results. most of 2003 at the top of the Tornado rankings. © Richard de Jonge ISAF Rolex World Sailor of the Year Awards – organization of 2003 Awards presentation Olympic Games ISAF Stand – Production of ISAF promotional stand for display at ISAF events and ISAF Secretariat. August 2003 saw the second test event at the venue for the Olympic Sailing Competition. The ISAF Awards – Co-ordination of all ISAF Awards. event was a success and the venue was already in Marketing – Meetings with potential marketing the final stages of construction. Several meetings partner to discuss provision of services. were held with the Olympic Organizers. Disabled Sailing Race Officials Seminars and Clinics Provision of secretariat services to the International Ten Seminars were held with 93 participants from Foundation for Disabled Sailing, including updating 35 MNAs, 177 took written test of the IFDS Race Management Manual and Functional Classification System, co-ordination of Three Clinics were held with 46 participants from all IFDS Meetings, including agenda preparation four MNAs. As well as hosting an International and minute drafting, updating of the website Judging Seminar and a Race Management and publication of bi-monthly IFDS Bulletin, and Seminar, Ecuador also held a national judging clinic

7 Secretary General’s Report

which was run by an ISAF International Judge and developed the ISAF website on the work of the ISAF paid his travel expenses even though it was International Regulations Committee including the not an ISAF clinic. relevant ISO standards and EU Recreational Craft directive. Appointment of Race Officials 2003 was the first year with the system of Offshore appointment of umpires in full operation. For 20 Reviewing of the ISAF Offshore Structure with the Grade 1 Events, (one of them cancelled and one appointed working party, research concerning the down graded), 162 Umpires were appointed. Other use of the International Offshore Multihull Rating appointments processes were for ISAF events and Rule, and updating of ISAF Offshore Special ISAF World Championships. Regulations on the ISAF website. ISAF Intenational Judges Conference - Rule 42 In March 2003 an International Judges Conference on Rule 42 took place in Southampton. The Confernece material, including video footage, was made available in order for the participants to organize similar presentations in their own countries. Re applications/renewals of Officials Administered all new applications and renewals of ISAF Race Officials, a total of 203 applications were processed and there is now a total of 721 ISAF Race Officials. To view a breakdown of the Chris DRAPER and Simon HISCOCKS (GBR) 2003 ISAF Race Officials go to the Committee report on ISAF World Champions - double-handed dinghy open, page 29. 49er and ISAF Rolex World Sailor of the Year nominees. © ISAF World Championship Media Publications The Judges Manual was updated and the new Olympic Sailing Competition manual was released in April 2003. Worked on the presentation of national flags Review Board on sails for the Olympic Sailing Competition, addressing the various technical issues. Ongoing No hearings of the Review Board took place in work and liaison on the measurement for the 2003 but two appeals were received and with Olympic Sailing Competition, including training of hearings taking place in 2004. measurers during the 2003 test event. Rankings Builders visits to measure the Yngling keels and The Events Department issued 10 rankings mast to ensure compliance with the Olympic releases for the ISAF World Sailing Rankings and Building Specification and Class Rules. 13 for the ISAF World Match Race Rankings. ISAF Classes Technical and Offshore Held meetings with representatives from various Committees ISAF Classes in respect of work on their Class Rules and Emergency Rule Changes, worked on Supported the work of the Centreboard Boat approval of Class Rules and updated documents Committee, ISAF Classes Committee, Keelboat and ISAF website accordingly, and approved Committee, Measurement Committee, Multihull Class Rule interpretations. Issued ISAF Builders’ Committee, Oceanic Committee, Offshore One- Licences and reviewed applications for ISAF Design Committee, Sailing Committee, Offshore Status. Development of Standard Class Rules Special Regulations Sub-Committee and document with specific ISAF Classes. Provided International Regulations Commission. online ordering of Class Plans. Revised and issued International Regulations the 2003 Funboard Registration System. Attended IMO Working Party Meeting on Ballast Events Water and an IMO Marine Environment Protection Published the criteria for the Windsurfing Committee meeting on Ballast Water, further Evaluation Event and held first Evaluation Event in 8 Secretary General’s Report

Cadiz, Spain in September 2003. Co-ordinated the Competition and ISAF Events Evaluation Event for a catamaran suitable for the ISAF Youth Sailing World Championships at the Bids for ISAF Events - Agreed a new bidding Ecole Nationale de Voile, Quiberon, France. process for ISAF Events. 2007 ISAF Sailing World Championship - Appointed Undertook measurement at the 2003 ISAF World an evaluation panel and approved the final manual Championship, Cadiz, Spain. of guidelines for venues wishing to be considered Measurement for the 2007 ISAF Sailing World Championships Ongoing work on the development of the In-House World Championships - Approved the list of class Certification and Technical Inspector’s Programme, world championship events that will take place in including holding various working party meetings. 2004. Evaluation Events - The Executive Committee Executive Committee Report approved budgets for the organization of the two Much of the work of the Executive Committee is evaluation events: to select multihull equipment for covered within the Council report, and there follows the ISAF Youth World Sailing Championship, and the additional areas specifically undertaken by the to select the windsurfing equipment for the 2008 Executive Committee: Olympic Sailing Competitionn. Finance Olympic Classes - The Executive Committee approved grants to the International Yngling The Executive Committee is responsible for the Class (£8,000), the International Europe Class financial activities of the Federation, and as such (£4,000), the International Star Class (£4,000), monitored budget requests, creditors and debtors, the International Tornado Class (£4,000) and the detailed budgets, management accounts and ISAF International 49er Class (£4,000) to support the reserves. administration of their classes for the 2004 Olympic Budgets - The Executive Committee prepared Sailing Competition. the revised budget for 2003, which was approved 2008 Olympic Sailing Competition - The Executive by Council in May 2003, and the proposed Committee continued to monitor the development 2004 budget which was presented to Council in of the venue in Qingdao. November 2003. America’s Cup - work continued on the ISAF Financial Reports - It was agreed to detail financial agreement for the America’s Cup / Louis Vuitton reports in both Euros and Sterling for ease of Challenger series, with agreement reached in reference by delegates. October 2003. Subscriptions and Other Fees - Reviewed the Swedish Match Tour - Ongoing negotiations prices for builders plaques and for annual builders with the organisers of the Swedish Match Tour licences to take effect from 1 January 2004. were halted in September 2003. All match racing Subscription Fees - Appointed a working party event organizers were invited to a meeting held to review the Member National Authority (MNA) in Southampton where the Federation confirmed groupings in respect of subscription fees and that the status and fees due for all events will be prepared a proposal to cut the subscription undertaken directly with ISAF and not through the categories for the Member National Authorities Swedish Match Tour programme. (MNAs) and Classes that was approved, in part, Development by Council in November 2003. Athletes Commission - Following the appointment Governance of a representative to be at the IOC Athletes Forum, Risk Management - A working party was appointed the Executive Committee considered a proposal to to review the position of ISAF’s Risk Management form an Athletes Commission. and introduce a protocol. Athlete Participation Programme - The Executive Committee approved funding of £13,000 towards Submissions & Recommendations entry fee and travel for the ISAF Youth Sailing World The Executive Committee prepared forty new Championship. Having considered 70 applications submissions and reviewed over forty submissions from 25 countries, funding was allocated to 13 to make recommendations to Council. sailors from nine nations, including four countries who participated at the Youth Worlds for the first time, Angola, Cook Islands, Puerto Rico and 9 Secretary General’s Report

Samoa. Race Officials International Foundation for Disabled Sailing The Executive Committee approved a budget of (IFDS) - The Executive Committee agreed to £75,000 for Race Officials in 2003. A significant include the IFDS Classifiers within the overall part of this budget was used to organise the professional insurance policy. successful Rule 42 seminar that took place at the ISAF Secretariat in March, reflected as one of the Awards Executive Committee’s key priorities to develop The Executive Committee awarded an ISAF Silver the International Race Officials. Medal to Graeme OWENS (AUS) in recognition The Executive Committee Working Party on the of his significant contribution to the development Selection of Race Officials for International Events of the Umpire Call Book and as an International appointed a considerable number of ISAF Race Umpire Seminar Instructor through the last 10 Officials for ISAF Grade 1 Events and the ISAF years. Steven SCHRIER (GBR) was presented Events. with an ISAF Silver Medal in recognition of his longstanding service to the sport of windsurfing. The Executive Committee appointed the Technical Posthumously a medal was awarded to Council Delegates to ISAF events and to Regional member Alexander SOBOLEV (RUS). Games. The Beppe Croce Trophy, ISAF’s highest award Technical of recognition of outstanding contribution to the Ongoing discussion took place on the future sport was presented to John TINKER (CAN), in streamlining of the ISAF Technical Committees to recognition of his support to ISAF spanning more create a more effective and efficient environment than 30 years and decision making process. Promotion Medical Commission Centenary - Approved a budget for the working party to develop their proposals for the Centenary Margriet PANNEVIS (NED) - Chairman celebrations in 2007. Sue CRAFER (GBR) - Physiotherapist ISAF Sailor - Approved a budget to develop Jose DORESTE BLANCO (ESP) branding and logos for the ISAF Sailor and the Luca FERRARIS (ITA) website. Registration to ISAF Sailor now at Winton HAWKSWORTH (RSA) 14,000. Ian MCCROSSIN (AUS) Olympic Film - Approved the production and Frank NEWTON (GBR) distribution of an ISAF Official Film of the 2004 Akira SHIMIZU (JPN) Olympic Sailing Competition. Benedict Tan CHI’-LOONG (SIN) Peter VAN AANHOLT (NED) Offshore Ioannis VOGIATZIS (GRE) Administration of Offshore Sailing - The Executive Robin WALLACE (USA) Committee appointed a working party to consider the administration of offshore sailing which The Medical Commission considered a number of provoked a wide-ranging and forward thinking issues in 2003. These included the implementation debate by the relevant Committees at the Annual of the World Anti-Doping Agency (WADA) Anti- Conference. A final decision on any future structure Doping Code. The Commission discussed the new will be made by Council in 2004. WADA Prohibited List and recommended that the Executive Committee do not apply for any changes International Regulations - The Executive (except for Beta blockers for Match Race helms). Committee continued to monitor, through the International Regulations Commission, the impact At the 2003 Annual Conference, the Commission of IMO and related organizations on the sport of discussed the new ISAF Anti-Doping Regulation, sailing and are particularly grateful to Michael which follows the WADA template and made a DEVONSHIRE for his ongoing commitment and number of recommendations to the Executive attendance at relevant meetings. Committee. ISAF Offshore Special Regulations - The Executive The system of declarations and dispensations was Committee worked with the ORC Ltd to come discussed and on several occasions during the to an agreement for the licensing of the Special year the Commission made recommendations to Regulations the Executive Committee regarding dispensations 10 Secretary General’s Report

and the terms of each dispensation. Representatives were sent to the ISO Committee on Standards for Yacht Life Rafts to propose One member of the Commission was involved with that the standards developed by ISAF should be the health and safety plans for the 2004 Olympic adopted by the ISO. Work has continued on the Games and the Doping tests at the venue. development of the ISO Scantlings and Stability Standards. Transgender issues in sailing were discussed and the IOC Medical Commission was asked for advice The introduction of Automatic Identification Systems on how to deal with this issue. (AIS) for large commercial ships and its possible extension to small craft has been identified as a The Chairman attended a meeting of all International potential area of difficulty. Observer status at the Federation Medical Commission chairpersons in International Electrotechnical Commission (IEC) Athens, Greece. Working Group drafting the performance standard for Class B sets of carriage by non-SOLAS vessels The Commission also discussed the possibility has been obtained. This work is likely to be ongoing of conducting research and a meeting of team for a considerable period of time. doctors will be organised in 2004. An informal working group has been created International Regulations Commission to discuss matters of mutual concern of ISAF, the International Council of Marine Industry Michael Devonshire (GBR) - Chairman Associations (the boat-building industry) and the Wolfgang Paul (GER) - Vice-Chairman International Lifeboat Federation. David ARNOLD (GBR) ISAF Council John CREBBIN (IRL) Giovanni IANNUCCI (ITA) Finance Jean LEMOINE (FRA) Subscriptions and Other Fees Jane MOON (CAY) John OSMOND (USA) Council approved a reduction in the subscription fees for the Member National Authorities (MNAs) The main function of the International Regulations in categories 1, 2, and 3 and also approved a Commission is monitoring proposals by various cut in the subscription fees for International and institutions affecting the use of recreational craft. Recognized Classes from 1 January 2004. This involves attendance at meetings of the Event Fees International Maritime Organisation (IMO) and of the International Standards Organisation (ISO). In November 2003, Council approved a proposal from the Executive Committee to replace approval The Commission has been present at meetings fees (10% of the prize money) with a new fee of the Marine Environment Protection Committee, structure, which would compensate the match Maritime Safety Committee and the IMO Sub- race organizers for the extra cost of payments to Committees on Radio Communications and umpires at the international top level. Search-and-Rescue and Safety of Navigation, all which last for five days or more. Administration & Governance The topics of interest to recreational craft were Committee Structure varied. One principal matter of concern was the In May 2003, it was approved that the Empirical draft Convention on the Discharge of Ballast Handicap Committee should become a Sub- Water. This could have a considerable impact Committee of the Offshore Committee. on yachts competing in long-distance races and smaller trailer boats. ISAF proposed the adoption At the same meeting, Council approved, in of guidelines for compliance by yachts in place of principle, proposals to introduce rules of procedure a very complex regulation and survey regime. It for Council and Committee meetings. is hoped that this has been provisionally accepted by IMO. Council also approved a proposal deferred from Commission members took part in working groups 2002 to set up guidelines for the operation of drafting new Performance Standards For Radar working parties within the Federation. Reflectors for non-SOLAS ships to ensure that they were of a size and weight which will be both The terms of reference for the Multihull Committee efficient and practical for installation on sailing and Offshore Special Regulations Sub-Committee vessels. were revised. 11 Secretary General’s Report

A commission was established made up of contracts between ISAF and ISAF Classes would representatives from the classes chosen as be replaced with clauses in the ISAF Regulations. equipment for the Olympic Regatta 2008, the Class Rule and Constitution Changes - Council chairman of the Events Committee, a representative approved recommendations on 177 submissions from the Olympic Advisory Commission, the related to Class Rule Changes, and nine on President and the Secretary General, to formalise changes to Class Constitutions. previous meetings and improve communication. Obtaining Designation as an International or Notices and Submissions Recognized Class – The Regulations were Council considered over 350 new submissions in changed allowing classes wishing to apply for 2003 of which only 23 were deferred for further International or Recognized status to make an consideration in 2004. application directly to ISAF and not be restricted by the annual submissions process. ISAF Regulations In November 2003, Council approved that the Applications for Designation as a Recognized ISAF Executive Committee may make changes Class – The following classes were granted ISAF to the ISAF Racing Rules of Sailing and the ISAF Recognized status: Formula Experience Class, Regulations to allow changes for specific events Hobie Dragoon Class, NACRA F-18 Class only, when the Rules and/or Regulations inhibit or Continental Affiliate Members prevent sensible action by ISAF. A new status of Continental Affiliate Membership Legal Matters - Appeal Proceedings was approved, with a role to co-ordinate various Following approval in principle in 2002, Council elements of the sport within their territory. approved changes to the ISAF Regulations to adopt World Sailing Speed Record Council (WSSRC) the waiver of the Court of Arbitration for Sport. In addition, changes were approved permitting sailors There were thirty ocean record attempts in 2003, the right to appeal a class eligibility issue to the and from this a total of nine records were broken ISAF Review Board and, if necessary, the sailors and three new records established. Four speed can take the appeal onwards for a final decision by sailing events over the 500-metre course took the Court of Arbitration for Sport. place under the observation of the WSSRC, but the 10 year old outright record of 46.52 knots Women’s Representation remained unbroken. Council approved an increase in the female International Foundation for Disabled Sailing representation on Council, requiring that there be (IFDS) at least 20% women. In 2003, the IFDS held their World Championship Ensuring women’s representation, it was approved in Athens, Greece with 99 sailors from 21 countries that from 2004 onwards there be seven Vice- and three continents, which was the second Presidents, a minimum of two of whom shall be qualification event for the Paralympic Sailing women. Competition. Election of President and Vice Presidents Council noted the wish for Paralympic Sports to Council approved a change to the system of voting include more severely disabled and female athletes at the ISAF elections in 2004, which would in future and to modify each sports’ classification system require that a candidate receive at least 50.1% of to encourage more severely disabled people to the votes to be elected. compete, which is a future aim of the IFDS.

ISAF Members Council approved that ISAF will approve the appointment of the Technical Delegates to the Member National Authorities (MNAs) Paralympic Sailing Competition and Paralympic Salvador Sailing Federation - The Salvador Sailing Qualification Regattas. Federation was welcomed back as a member of ISAF, subsequent to all outstanding fees having Media been settled. Licensing International and Recognized Classes Council approved a proposal to maximise television Administering International and Recognized opportunities by promoting the classes chosen as Classes – It was approved that where possible, the equipment for the Olympic Sailing Competition. To 12 Secretary General’s Report

achieve this, where such rights are to be exploited, ISAF now has the possibility to retain the rights in the interests of promotion. Development

Connect to Sailing Council supported the Connect to Sailing initiative which will focus on bringing the key partners in the sport together, with the overall mission to promote the sport of sailing, encourage new participants to the sport and retain existing participants. Events

ISAF Sailing World Championship The introduction of a new protocol document was approved, which will detail the policy on the ISAF Sailing World Championship (Combined Olympic Classes). ISAF World Sailing Games Council approved the holding of the 2006 ISAF World Sailing Games in Neusiedlersee, Austria, and supported the incorporation of new ideas into Rodion LUKA and George LEONCHUK (UKR) the format. dominated the 49er rankings in 2003, never falling lower than number 2. ISAF Youth Sailing World Championship - © Richard de Jonge Selection of Equipment Regional Games Revised guidelines for the organization of the ISAF Youth Sailing World Championship were included It was agreed that ISAF would support the inclusion within the ISAF Regulations. of Olympic events and Olympic equipment in Regional Games; but, where necessary and for the Council approved the inclusion of the Hobie 16 purpose of promoting the sport, the Federation will with Spinnaker for the ISAF Youth Sailing World support the use of other equipment that is popular Championship, for first use at the 2004 ISAF Youth in the region and that fits the event definition being Sailing World Championship in Poland, used at the next Olympic Sailing Competition. ISAF World Rankings - Grading Criteria for Crew Weigh-Ins at International Regattas Ranked Events Council approved that where there is a crew Council approved in principle a proposal that ISAF weight limit given in the Class Rules, weigh-ins Graded Events should meet consistent standards at the international regattas of classes chosen as for jury members and equipment. equipment for the Olympic Sailing Competition should take place at the beginning of the regatta Participation in Graded Events (not daily). Council approved an amendment to the ISAF Olympics Regulations, which will prohibit an MNA and its members from competing in all ISAF Graded 2004 Olympic Sailing Competition Events or Regional Games when they are in arrears on fees. The second Olympic test event took place in Athens at Agios Kosmas from 20-28 August, with 275 ISAF Approval of World Championship and boats and 395 athletes representing 42 nations. Other Events Crew Weigh In Council approved new Regulations aimed at Council approved that the women’s weigh-in for controlling the number of World Championships the Keelboat Women (Yngling) be between minus in order to maintain the value of the designation 5 hours and minus 2 hours before the scheduled ‘World Champion’. start time of racing, i.e. if organizers schedule the 13 Secretary General’s Report

race to start at 13:00 hrs, the crew weigh in will be purpose being to ensure that the class commits between 08:00 and 11:00 hrs. to and understands the requirements of Olympic It was also agreed that crew weigh-ins for the competition, prior to putting itself forward for Keelboat Men (Star) will be consistent with the selection. crew weigh-in for the Women’s Keelboat event at It was agreed that the first qualification regatta for the 2004 Olympic Sailing Competitioon, i.e. that all the 2008 Olympic Sailing Competition will be the competitors in both events will be weighed every 2007 ISAF Sailing World Championship, with the morning second qualification regatta being the respective Flags on Sails Class World Championship in 2008. It was approved that for the High Performance Council approved the proposed slate of events as Dinghy Open and Multihull Open events, the follows: gennakers must have national flags on them. All other boats with spinnakers would carry their Windsurfing Men national flag on a white background. Windsurfing Women Single-handed Dinghy Men Coach Boat Rules Single-handed Dinghy Open In order to provide a level playing field for all Single-handed Dinghy Women competitors, revised coach boat rules were Double-Handed Dinghy Men approved for implementation at the Olympic Sailing Double-Handed Dinghy Open Competition. Double-Handed Dinghy Women Keelboat Men Race Format – Discards Keelboat Women In November 2003, Council considered a proposal Multihull Open from the President to review the race format for the events and approved a motion that there will Council also approved the guidelines to be used be no drop races at the 2004 Olympic Sailing by the Events Committee to assess the suitability Competition. of equipment for men’s, women’s and open dinghy events. Council members were subsequently asked to consider whether the motion which was voted Event for Evaluation of Windsurfing on was consistent with the Council policy on the Equipment changes permissible to the original submission, and Council supported the retention of windsurfing as result the Council decision was subsequently as an Olympic event but were keen to support revoked. proposals to change the competition format at future 2008 Olympic Sailing Competition Olympic regattas, with some quarters favouring a multi-format regatta, with slalom, course and long Agreement for Classes Seeking Selection as distance racing. Equipment Council received a report in November 2003 on Council approved a new agreement for classes the first ‘Windsurfing Evaluation Trial’ which was seeking selection as equipment for the 2008 held in Cadiz, Spain in September, with further Olympic Sailing Competition, with the main evaluation scheduled for 2004 prior to a decision in November 2004 on the equipment. Offshore Sailing Oceanic Single-Handed Sailing Council approved the following position statement on oceanic single-handed sailing: The Federation recognizes the importance of the contribution made by the sport of oceanic single- Torben GRAEL (BRA) handed sailing; it does not have the power or the ISAF Rolex World desire to prevent oceanic single-handed sailing. Sailor of the Year nominee. The Federation believes that all yachts, however © Reginaldo manned, should comply with the best standards Teixeira/Mar&Mar of safety and efficiency in equipment, training and

14 Secretary General’s Report event organization and that the organizers of all Rules races should communicate with and encourage mutual understanding between sailors, organizers Advertising Code and official bodies. The Federation will continue to Council approved that there shall be no variation promote these principles. of entry fees based on the competitor’s category of advertising for the boat in which he is competing. The Federation recognises the responsibility of every yacht to comply with all relevant legislation Council approved the clarification of the advertising and rules. code as to whether a bib should be personal or supplied equipment. By definition, a bib must be The Federation should never be an organizing supplied equipment, and the fundamentals of the authority for a single-handed offshore sailing advertising code protect the right of the competitor. event. Therefore where a bib, or its equivalent, is supplied It was also approved that for the purposes of at an event, it will be worn at the absolute discretion the ISAF Regulations, the standard definition of of the individual competitor. “oceanic” would be ‘any offshore race over 800 Council also approved a proposal to ensure that miles’. the classes chosen as equipment for the Olympic ISAF Offshore Special Regulations Sailing Competition are not limited in any way in their ability to have unrestricted Category C Council received twelve submissions about the advertising, and to limit invitational events to single ISAF Offshore Special Regulations in 2003; eight class events. were approved and four rejected, with the changes coming into effect on 1 January 2004. Anti Doping Code IRC Handicap System ISAF supported the introduction of the new World Anti-Doping (WADA) Code. Council approved the IRC as an ISAF Recognized International Rating System. Amendments to the ISAF Anti-Doping Code were made, to bring ISAF in line with all other International Measurement & Technical Sports Federations, and ensure conformation with the WADA Code. Quick Release Hook System ISAF Equipment Rules of Sailing Council approved a proposal that competitors must make sure that trapeze or hiking vest hooks must Council approved changes to the ISAF Equipment have a quick release of the hook that quickly and Rules of Sailing (ERS), to be effective on 1 January mechanically allows the sailor to detach the hook 2005. completely from the plate to which it is attached. ISAF Racing Rules of Sailing (RRS) Race Officials Council approved that all windsurfing disciplines Selection of Race Officials for International come under the authority of ISAF and its MNAs Events and the rules in Appendix B of the ISAF Racing Rules of Sailing were changed to reflect this. Council approved a proposal to legislate for circumstances where an official who has been Council considered and adopted the appointed to an event as a member of the umpire recommendations from the Racing Rules team / jury, subsequently acting as a representative Committee on 109 further deferred and new of or advisor to a competitor or syndicate. This submissions related to the ISAF Racing Rules of is unprofessional, undesirable for the sport and is Sailing, with all changes to the RRS to become unpopular among competitors. effective on 1 January 2005 and incorporated into Selection of Umpires for Grade 1 Match Racing the new rule book published in 2004. Events ISAF Sailors’ Classification Code Council approved a proposal to modify the system of appointing umpires to grade 1 match racing The ISAF Classification Code was renamed the events so that the number of ISAF appointments ISAF Sailors’ Classification Code, and after the is proportional to the size of the full umpire introductory period, it was approved that from 1 April team, thereby allowing the event organizers the 2004, the Code become mandatory and the single opportunity to nominate a number of umpires. system of professional/amateur classification to be used in the sailing world.

15 Treasurer’s Report

The full audited accounts of the International separated at the foot of the Consolidated Income Sailing Federation for 2003 are shown in Part 2 of and Expenditure Account under the heading this Annual Report. This time they are presented in of Quasi-subsidiary. These funds of just over a more detailed format which I hope the members £945,000 are held in trust. will find easier to understand. The Income and Expenditure Account, in particular, shows more Income from Special Events is considerably detail of the Operating Income, Direct Costs and reduced in 2003 to a more normal level as 2002 Administrative Costs. received the America’s Cup Revenues. For the same reason the costs associated with Special The accounts mark the final year in the four year Events are reduced by 55%. Other Income was Financial Olympic Cycle when the fourth quarter also considerably lower and returned to more of the Sydney television monies are transferred to normal levels as the fees received on new boats the Consolidated Income and Expenditure Account built was reduced by £100,000 in the absence of and the Olympic Revenues Reserve in the Balance the America’s Cup, whilst the Volvo Ocean Race Sheet is reduced to nil. The latter will receive in revenue and other special events boosted this next year’s account the credit for the television figure in 2002. monies from Athens. The costs of annual, half yearly and committee The Consolidated Accounts reveal a strong meetings continues to cause concern and are financial position as at 31 December 2003 with included in Direct Costs under the heading cash and reserves boosted by the donation from of Governance. These costs have expanded the International Yachting Foundation. Part of considerably over the past eight years, and were this donation is reflected in the Balance Sheet not helped in 2003 by the necessity to postpone as Investments of £280,000, and the remainder the visit to Singapore, and to require last minute is included in the Cash on Deposit. Since the 31 alternatives in Barcelona. December this cash is now mostly invested in Bonds and special Floating Rate Deposits, all of 2004 will see a marked increase in expenditure, which are investment grade rating and produce mostly on account of the Olympic Games. Cash a higher than average yield to the Federation. All Deposits by 31 August 2004 will be considerably are also short dated being fully repayable by 31 reduced, not only by this Olympic Expenditure December 2009 at the latest. but also because the monies allocated to the long term reserves are now invested in the Investment The long term reserves, for which Council has set Bonds to which I refer earlier in my report. The a target of £2,000,000 by the end of 2008, are following four years will again rely heavily on the receipt of monies from Athens, and will be received in US dollars. Much will depend on the currency exchange rates with ISAF continuing to account in Sterling.

Brian Southcott (GBR)

Ed BAIRD,John ZISKIND, Andy HORTON and Thomas BURNHAM (USA) (from right to left)- Winners of the 2003 ISAF Open Match Racing World Championship held on Lake Garda, Italy. © Guido Cantini 16 Centreboard Boat Committee

During 2003, the Centreboard Boat Committee Rule Changes, which were recommended and dealt with various requests from International and approved for the following International Classes: Recognized Class Associations for interpretations 505, B14, Cadet, Europe, Finn, Flying Dutchman, of their Class Rules or where appropriate, for Mirror, Moth, OK, Optimist, Snipe, Topper and Emergency Rule Changes. Vaurien. The Committee discussed the proposal to merge Issues considered included the approval of the boat Committees into one Technical Committee. Emergency Class Rule Changes for the Flying Whilst supporting the intent with respect to the more Junior (sail measurement), the Flying Dutchman rapid handling of Class Rule Changes by the ISAF (remove an anomaly relating to numbers on Secretariat, the Committee indicated their belief headsails) and the Fireball (confirming the ‘One that Class Associations would be disadvantaged Design’ principle). A change proposed to sail by the removal of a committee with specific and batten tensioners in the 49er Class was adjudged considerable boat experience. to require Class approval before adoption, the OK Class was assisted with permanent bend of masts, and sail measurement procedures for the Moth David COOK (NZL) - Chairman Class were confirmed. Fred KATS (NED) - Vice-Chairman Francesco CICCOLO (ITA) Various queries were received from the RYA about Darren DUNKLEY-SMITH (AUS) the 470 Class Rules, these were answered and Georg FUNDAK (AUT) an opinion given relating to double luff headsails. Jonny JOHNSTON (GBR) - ICC The 505 Class received an interpretation of their Representative Class Rules relating to template location and some Dina KOWALYSHYN (USA) unintended rule changes made by the 420 Class, Andrzej OSTROWSKI (POL) brought about by the adoption of re-formatted Takao OTANI (JPN) Class Rules relating to sail material and baseline Valery PALAZOV (BLR) measurement, were corrected. Jason SMITHWICK (GBR) At the 2003 Annual Conference, the Centreboard Georg TALLBERG (FIN) Boat Committee considered submissions from 14 Susan THOMPSON (AUS) International and Recognized Classes for Class

Constitution Committee

The Constitution Committee had a very extensive and adopt provisions allowing amendments for agenda requiring two days of meetings at the 2003 special circumstances. Annual Conference. Definition of Continents Amending Class Contracts Despite the significance of the five Olympic rings, A great deal of discussion was given to the the Constitution Committee’s position is, for the proposed new ISAF Class Contracts, which will sport of sailing, the continents of the world are affect both International and Recognized Classes. divided as follows: The purpose of terminating the existing contracts and adopting new ones is to bring all the classes Africa, Asia, Oceania, Europe, North America and under one uniform document with exceptions being the Caribbean, Central and South America granted for special circumstances. This is consistent with ISAF Regulation 8, The rationale is that currently there is little identifying the geographic areas of representation similarity among contracts agreed to in the 1960’s of the members of Council. However, the and current documents. One proposal was to definition was inconsistent with ISAF Regulation divide the classes into three groups and provide 26.2.1(f), which is specific for the administration of a generic type of contract. This was found to be International and Recognized Classes and does cumbersome and the latest thought is to adopt not, in explicit language, include the Caribbean or general terms of a contract as an ISAF Regulation Central America. 17 Constitution Committee

Interpretation of ISAF Regulation 51.1 This appellate procedure is limited only to issues – Misconduct of ISAF Race Officials involving individual eligibility and not conflicts involving equipment measurement or rules. and ISAF Representatives A hearing was held to determine if an ISAF Class This important appellate procedure establishes officer is considered an ISAF Representative under a complete administrative appeal procedure for the Regulation. After very serious and lengthy the sailor. The benefit to the sailor is immense consideration, the majority of the committee inasmuch as he or she is not forced to file litigation members decided that an ISAF Class officer in a legal forum to defend their eligibility issues. was not specifically included in this Regulation. The decision means an ISAF Class officer is not Further, the Court of Arbitration for Sport is subject to discipline under the current Regulation. designated the final arbiter for appeals from the However, the Constitution Committee will Olympic Games which gives great credibility to recommend the Regulation be so amended and this newly adopted ISAF appeal procedure. broadened in scope to include not only ISAF Class officers but also coaches and others persons ISAF Sailor Registration specifically active in ISAF events. A proposal was submitted requiring all competitors, registered as ISAF Sailors, to be members of their Penalties for Violations of RRS 3 respective MNAs. Conceptually, the proposal The Constitution Committee was specifically was approved; however, there are problems with asked to address the issue of a competitor filing the submission. Yachting New Zealand (YNZ), litigation against the ISAF in the court system of as an example, does not provide for individual a member MNA. A working party made several membership. YNZ sailor’s memberships are solely recommendations to consider: through the sailing and yacht clubs. • I SAF should not attempt to suspend a The submission was deferred to be amended competitor who files legal proceeding against and resubmitted to Council for the 2004 Mid-Year the ISAF due to conflicts with the many Meetings. national jurisdictions. • I SAF should set up an appeal procedure for Jack CALDWELL (USA) - Chairman the aggrieved competitor. George PANAGIOTOU (GRE) - Vice- Chairman • I SAF should encourage MNAs to use their own arbitration systems Bruno FINZI (ITA) David LEES (GBR) • the ISAF Review Board should hear the grievance with final appeal taken to the Court Teo Ping LOW (SIN) of Arbitration for Sport. Dieter NEUPERT (SUI) Thomas OLROG (SWE) Appeal of Competitor’s Eligibility Marco PICCININI (MON) A provision was adopted which allows an ISAF Fernando POMBO (ESP) sailor to appeal an adverse decision concerning Vladimir SAKOVICH (RUS) his or her ISAF or ISAF Class eligibility to the ISAF Brian SOUTHCOTT (GBR) - Ex officio Review Board. A final appeal may be taken to the John TINKER (CAN) Court of Arbitration for Sport. Eric TULLA (PUR) Lorenz WALCH (GER) Stefanie ROTHWEILER & Monika LEU (GER) Teresa WHELAN (GBR) The most consistent team on the Women’s 470 Rankings in 2003.

Medallists at the 2003 ISAF Youth Sailing World Championship in Madeira, Portugal in the double- handed dinghy boys, 420 - AUS, FRA and ARG. © Event Media 18 Events Committee

The Events Committee is focused on building the the 2004 Olympic Regatta, took place in August. strength of the sport of sailing by structuring events It was a well run event and served its purpose which support sailing throughout the world. Most to train the organization and the Committee is of the issues the Events Committee considered confident that the Olympic Sailing Competition will in 2003 were initially prepared by a working party be a success. comprised of members with specific knowledge representing different nations and viewpoints. Choice of Olympic Equipment By making it easier for MNAs to participate and Another important issue the Committee influence the processes, the Committee believes considered was the process of selection of future that the ultimate decisions made will have a Olympic Equipment and how to achieve the most broader base and higher acceptance. successful choice for the sport. No such structured In 2003 the Committee has put regulations in place process has been in place before. The last part of to make World Championships more structured that structured process was put in place in 2003 and thereby better reflect their content. The first and will affect future choices. step was to establish what happened at each World Youth World Championship Sub- Championship and the Committee discovered that no record of this was given to ISAF. Committee 2003 ISAF World Sailing Fiona KIDD (CAN) - Chairman John BARKER (GBR) - Vice-Chairman Championship Olivier BOVYN (FRA) - Multihull The ISAF World Sailing Championship took place representative in Cadiz, Spain in September. This event combined Luca DEVOTI (ITA) the World Championship for all the Olympic John FRIEND (GBR) Classes at one venue at one time and was the Philippos GEORGAKIS (CYP) biggest event in the Olympic Class calendar in Koro HIROSO (JPN) 2003. It was a huge success for the sailors, the Mateusz KUSZNIEREWICZ (POL) organizers and the sport of sailing itself, gaining Esperanza PEREZ-CRESPO (ESP) considerable media attention and attracting the Ralph ROBERTS (NZL) highest calibre athletes. The Events Committee Susan THOMPSON (AUS) thanks the Spanish Sailing Federation, Mundo Vela and the Andalusian Sailing Federation for The Youth World Championship Sub-Committee organizing such an excellent event. continues to oversee the bid and selection process of future ISAF Youth Sailing World Championships It is anticipated that this championship will play an and sets the policy of future events. important role in the future of sailing and a bidding process has been initiated for the next ISAF World A new Regulation for the ISAF Youth Sailing Sailing Championship in 2007. World Championship was accepted and ratified Athens Regatta 2003 by Council at the 2003 Mid-Year Meetings which lays out a framework and bid process for future The Athens Regatta 2003, the final test event before organizers of the Championship.

The ISAF Youth Sailing World Championship 2003 was held from 17-26 July in Madeira, Portugal. 33 nations competed in Lasers, Laser Radials, 420s and Mistral One Design Windsurfers. The equipment was supplied by Performance Sailcraft, Nautivela, and for the first time in many years, Boards and More. The Portuguese Sailing Federation and the Madeira Sailing Association were excellent hosts and did a superb job of organizing the event.

Medallists at the 2003 ISAF Youth Sailing Competing in very shifty and variable wind World Championship in Madeira, POR in the conditions throughout the week, Australia windsurfing boys, Mistral - HKG, ARG, GRE. dominated almost every event to take the overall © Event Media Nations Cup. 19 Events Committee

The Athlete Participation Programme was expanded to include the ISAF Youth Sailing World Championship in 2003. Athletes from Samoa, the Cook Islands, Puerto Rico, and Angola participated in the event for the first time in its 33 year history. The 2004 Volvo Youth Sailing ISAF World Championship will take place from 8-17 July in Gdynia, Poland. An open multihull event is added to the event this year and the Hobie 16 with spinnaker has been selected.

Sail Rankings Sub-Committee Medallists at the 2003 ISAF Youth Sailing World Championship, Madeira, POR in the Dan IBSEN (DEN) - Chairman double-handed dinghy girls, 420 - AUS, Peter Bentley (GBR) FRA, GBR. © Event Media Darren DUNKLEY-SMITH (AUS) Jonathan HARLEY (USA) Jeff MARTIN (GBR) The USA returned to winning form and claimed the World Championship title with Great Britain second and the host nation and 2001 defending The ISAF World Sailing Rankings are published champions, New Zealand, taking bronze. continuously during the year and calculated from the results of the ISAF Graded regattas around the It was noted that a number of significant classes world. Many MNAs expose the ranking results and (i.e. 420, International 14 and Optimist) are use them as a part of their membership promotion including Team Sailing in their Championships. and evaluation of teams. The classes expressed Appendix D of the Racing Rules of Sailing 2001- their strong support of the ISAF World Sailing 2004 – Team Racing Rules has been revised and Rankings which were successfully used in 2003 the Committee supported the preservation of the as a part of the qualification process for the 2003 contents and style of the Team Racing Call Book. ISAF World Sailing Championship.

There is an ongoing, positive dialogue with the Bjorn UNGER (SWE) - Chairman classes in order to optimize the system and the Sadi CLAEYS (BEL) - Vice-Chairman grading criteria, and the classes are invited to Chris ATKINS (GBR) communicate directly with the major organizers Michel BARBIER (FRA) and ISAF if they experience matters that need to Karel BAUER (CZE) be addressed and debated. Gianfranco BUSATTI (ITA) Team Racing Sub-Committee John CREBBIN (IRL) - Team Racing representative John CREBBIN (IRL) - Chairman Ion ECHAVE (ESP) Chris ATKINS (GBR) Adrienne GREENWOOD (NZL) Gary BODIE (USA) Axel GUEPNER (GER) Steven HATCH (AUS) Hal HAENEL (USA) Nazli IMRE (TUR) Koro HIROSE (JPN) Jan KREJCIRIK (CZE) Tomasz HOLC (POL) Marco PREDIERI (ITA) Jorunn HORGEN (NOR) Oleg ILYIN (RUS) Team Racing has enjoyed a year of further growth Phil JONES (AUS) at both International and National level. Fiona KIDD (CAN) - Youth Championship The 2003 ISAF Team Racing World Championship representative was hosted by Yachting New Zealand and organized David SPRAGUE (CAN) - ICC representative by the New Zealand Team Racing Association. Totos THEODOSSIOU (CYP) Over the six days of the Championship, 324 Stephen TUPPER (CAN) races were sailed and 16 teams from nine nations Alberto ZANETTI (ARG) participated. Zvi ZIBLAT (ISR)

20 ISAF Classes Committee

The ISAF Classes Committee met for a full Jeff MARTIN (GBR) - Chairman day at the 2003 Annual Conference with 45 David SPRAGUE (CAN) - Vice-Chairman classes represented. 22 different subjects Geoff APPLETON (GBR) - Measurement representative were dealt with covering many issues that Peter GALLOWAY (USA) - Keelboat representative had been raised by submissions. Johnny JOHNSTON (GBR) - Centreboard As the first Committee to sit at the 2003 representative Annual Conference the views of the ISAF Thomas POULSEN (DEN) - Multihull representative Classes Committee provide valuable Luc ROGIERS (BEL) - Windsurfing representative background information to the various Riccardo SIMONESCHI (ITA) - Sailing representative specialist Committees of ISAF. Fusako (Chako) TOBARI (JPN) - Women’s Extending the Committee meeting from a representative half day to a full day allowed the Committee ...plus to receive presentations from the chair representatives from of the Measurement Committee, Jean- each of the ISAF Pierre MARMIER and the chair of the Classes Race Management Sub-Committee, Tony LOCKETT. The ISAF Classes once again welcomed President Paul HENDERSON to the table to provide an overview on some of the more contentious submissions and ISAF policy followed by a question and answer session. This two-way communication provided a better understanding Gustavo LIMA (POR), 2003 ISAF World Champion - single-handed dinghy open, Laser and ISAF Rolex and enabled the classes to deal more efficiently World Sailor of the Year Award nominee. with their considerable agenda.

Keelboat Committee

Activities during the year included preparations Having noted that the Offshore One-Design for the keelboat events at the Olympic Sailing Committee had been terminated in 2002, the Competition. Special attention was made to Keelboat Committee welcomed the J/80 and X-99 the Yngling Class and changes to its rules and to the Committee. measurement procedures, including the radius of gyration tests. Dick BATT (GBR) - Chairman Timo NURMILAUKAS (FIN) - Vice-Chairman At the 2003 Annual Conference, the Keelboat David ANTONCIC (SLO) Committee considered and recommended to John CALVERT-JONES (AUS) - Offshore One- Council rule changes to the following classes: 2.4 Metre, 5.5 Metre, 11 Metre, 12 Metre, Dragon, Design representative Etchells J/22, J/80 Melges 24, Mumm 30, Farr 40, Maria del Mar CASTANEDO DIAZ (ESP) Soling, Sonar, Tempest and Yngling. Peter GALLOWAY (USA) - ICC representative Ian HARRISON (GBR) Other matters discussed included the issue of David IRISH (USA) the Technical structure at ISAF and the role of Milos LAZNICKA (CZE) the Keelboat Committee within this area. The Jan LINGE (NOR) - Consultant Committee also discussed preparations for the Ken MCALPINE (AUS) 2008 Olympics with special attention to the Ali HULKI ORUZ (TUR) equipment to be used. Timothy PATTON (BER) Pedro PROSDOCIMI (BRA) Outside of the Annual Conference, the Keelboat Committee Executive (Chairman, Vice-Chairman Henri SAMUEL (FRA) and Technical Manager) approved emergency Thomas SPRECHER (SUI) changes to Class Rules and interpretations for the Luca TADDEI (ITA) 12 Metre, Mumm 30 and Yngling classes. George WOSSALA (HUN)

21 Match Racing Committee

Match Racing continued to grow steadily in Pos Skipper Nation popularity around the world in 2003. 332 ISAF 1 Ed BAIRD USA Graded Events - 306 Open and 26 Women’s - were 2 James SPITHILL AUS sailed during the year, a clear growth from 2002. 3 Karol JABLONSKI POL The ISAF Open Match Racing World Championship 4 Mathieu RICHARD FRA was sailed on Lake Garda, Italy in August, and the 5 Jesper RADICH DEN winning team was skippered by Ed BAIRD from 6 Russell COUTTS NZL the USA (results right). The ISAF Women’s Match 7 Bjorn HANSEN SWE Racing World Championship (results below) was 8 Jes GRAM-HANSEN DEN held in Sundsvall, Sweden in June and was won 9 Paolo CIAN ITA by Malin MILLBORN and her talented crew, who 10 Staffan LINDBERG FIN were subsequently nominated for the ISAF Rolex 11 Ian WILLIAMS GBR World Sailor of the Year Award 2003. Both were 12 Mikael LINDQVIST SWE successful and well organized events. The global circuit of ISAF Grade 1 Events numbered 14 Open At the 2003 Annual Conference, Council approved and seven Women’s events. that the Match Racing Committee would continue to be an independent body in the structure of ISAF The highlight of the year however was the finals reporting directly to the Council. of the Louis Vuitton Cup and the America’s Cup Match, which gave valuable media attention to The ISAF Open Match Racing World Championship match racing around the world. Russell COUTTS in 2004 will be hosted by Russia and the ISAF and the Swiss Alinghi team won the Auld Mug at Women’s Match Racing World Championship in their first attempt and the teams defence of the 2004 will be hosted by the USA. Bermuda’s bid for Cup in 2007 will see the event held in Europe for the 2005 Women’s Worlds was successful. the first time. Valencia, Spain was chosen as the venue for the Americas Cup in 2007. Payment for Umpires at Grade 1 events was agreed and the appointment of the Umpires Teams The open and women’s ISAF World Match Race to Grade 1 events will continue. Ranking lists include more than 2,000 individuals. The Nations’ Cup has been discussed and plans The Match Racing Committee works closely with are being developed to re-establish this event as a the International Umpires Sub-Committee and stepping stone for developing match racing around Race Officials Committee on many aspects of the the world. International Umpires programme. Continuous control and up-dating of the ranking system and grading of events are included in the important Rafael WOLONTIS (FIN) - Chairman work of the Match Racing Committee through the John DOERR (GBR) - Vice-Chairman Match Race Rankings Sub-Committee. Walter CAVALLUCCI (ITA) Barbara FARQUHAR (USA) A meeting for match race event organizers took Russell FRAME (AUS) place in September at the ISAF Secretariat Armando GOULARTT (POR) in Southampton, Great Britain and valuable Magnus HOLMBERG (SWE) discussions covering all areas of match racing were addressed. Leo KURET (CRO) Françoise PASCAL (FRA) Pos Skipper Nation Cory SERTL (USA) 1 Malin MILLBOURN SWE Henri van der AAT (NED) 2 Lotte MELDGAARD-PEDERSEN DEN 3 Marie BJÖRLING SWE 4 Liz BAYLIS USA 5 Betsy ALISON USA 6 Nina BRAESTRUP DEN 7 Marie FAURE FRA 8 Gwen JOULIE FRA 9 Deborah WILLITS USA 10 Sabrina GURIOLI ITA Malin MILLBOURN,Kim KULSTAD, Linda 11 Linda RAHM SWE YSTRÖM and Åsa ARONSSON - 2003 ISAF Women’s Match Racing World Champions and 12 Ines MONTEFUCSO ITA ISAF Rolex World Sailor of the Year nominees. 22 Measurement Committee

The Equipment Rules of Sailing working party lead A team of eight International Measurers with Simon by Jim HARTVIG AANDERSON (DEN) with Jan FORBES (ISAF) and the Measurement Committee DEJMO (SWE), Ken KERSHW (GBR), Günter Chairman measured the boats attending the AHLERS (GER), and Graham BANTOCK (GBR) Athens Regatta 2003 – the final test event before met to prepare the final draft for ERS 2005-2008. the Olympic Games. It was also an opportunity to The Standard Class Rules are increasingly being train the Greek measurers who will be involved at adopted as the guide for Class Rules. the Olympic Sailing Competition.

A project group lead by Bengt GUSTAFSSON At the 2003 Annual Conference, the focus was (FIN) and Jim HARTVIG ANDERSON (DEN) with put on the ERS 2005-2008. The Measurement Paolo LUCIANI (ITA) and ISAF staff prepared the Committee Chairman made a presentation In House Certification (IHC). Two pilot projects to the Classes Committee on his views about have been established and it is envisaged that Measurement at multi-class regattas. the first pilot project will be licensed to practice internationally accepted IHC by early 2004. Jean-Pierre MARMIER (SUI) - Chairman Marstram (SWE) will develop a test programme Jan DEJMO (SWE) - Vice-Chairman for IHC of foils for the International Europe Class Gunter AHLERS (GER) Union. Geoff APPLETON (GBR) - ICC representative A working party with Georg TALLBERG (FIN), Antionio CARDONA ESPIN (ESP) ISAF staff and the Measurement Committee Bengt GUSTAFSSON (FIN) Chairman prepared a paper about the use and Jim HARTVIG ANDERSEN (DEN) control of electronic equipment in sailing, in Peter HINRICHSEN (CAN) order to help classes choose the level of allowed Ken KERSHAW (GBR) electronics on board when racing. The Committee Dina KOWALYSHYN (USA) recommended that the paper is adopted into Paolo LUCIANI (ITA) the Guide for Standard Class Rules and it was Ken MCALPINE (AUS) presented at the Sailing Committee meeting at the Dick ROSE (USA) - ex officio Annual Conference. Heinz STAUDT (GER)

Ben AINSLIE (GBR) - 2003 ISAF World Sailing Champion, single-handed dinghy men - Finn. Ainslie also continued his phenomenal progression up the ISAF World Sailing Rankings. © Peter Bentley

23 Multihull Committee

The most important issue the Multihull Committee considered in 2003 was the search for the most appropriate catamaran for youth multihull sailing. An invitation presenting the fundamental criteria and the evaluation procedure was circulated to all manufacturers to enter the trials.

Twelve contenders, including the standard and the spinnaker version of the Hobie 16, entered the trials which were held from 27-31 October in Quiberon, France, at the Ecole Nationale de Voile (ENV). A huge job was achieved with invaluable assistance from the ENV and ISAF technical staff.

Twelve male, female or mixed crews from five Gal FRIDMAN (ISR) - ISAF Rolex World Sailor nations, all good Hobie 16 sailors, tested all the of the Year nominee. equipment in various sailing conditions, and their greatly reduced the amount of emails and phone numerous comments, added to the data provided calls from people around the world asking the by the GPS devices implemented on the boats, working party for a rating. were evaluated. Last but not least, the working party still keeps Noticing first that all the entrants were actually on improving the system, in order to preserve perfectly suitable for any MNA to build up a the spirit of fair competition on which it is based. successful Youth Programme, all this work enabled For this purpose, the working party proposed to the Committee to make a pre-selection of five remove the carbon mast penalty still in use, and boats, and to present a summary of the trials to an amendment to the SCHRS was submitted, and the relevant Committees and then to Council, via then adopted at the 2003 Annual Conference a CD and a video.

A final recommendation will be submitted Safety Issues for approval to Council at the 2004 Mid-Year Meetings. Due to their high potential speed, multihulls face a special danger for a man overboard to be hit by a Small Catamaran Handicap Rating following boat, especially at the windward mark. For System (SCHRS) this reason the Multihull Committee repeated some recommendations on course format, in order to During 2003 a dedicated SCHRS website has lower the risk as much as possible. The Committee been built. also contributed to the debate on trapeze harness safety, and will continue to work with the dedicated The www.schrs.com site is well established group within the Sailing Committee. and regularly updated. The web site includes a downloadable copy of the calculation spreadsheet, Measurement enabling users to enter their own data and calculate a rating for their own catamaran. This facility has Continuing an ancient and fair co-operation with the Measurement Committee, the Multihull Medallists at the 2003 ISAF Youth Sailing World Committee, beyond the usual task of checking Championship in Madeira, POR in the single- Class Rule Amendments, maintained a close handed dinghy, girls, Laser Radial - USA, AUS, FRA. connection with the In House Certification working © Event Media group, as many catamaran classes would be interested in implementing such a process.

Olivier BOVYN (FRA) - Chairman Mark PRYKE (AUS) - Vice-Chairman Giorgio BERGAMINI (ITA) Thomas POULSEN (DEN) - ICC representative Dorith STIERLER (ISR) Jurgen TIEMANN (GER) 24 Offshore Committee

Two issues were of particular interest at the meeting Special Regulations Sub-Committee of the Offshore Committee, the recognition of the IRC rating system and the development of the The principal activities of the Special Regulations Grand Prix Rule. Sub-Committee are to monitor and encourage the development of the new ISAF liferaft standard During the year the Committee considered the in the ISAF Offshore Special Regulations (OSR) deferred submission to recognise the IRC rating Appendix A Part II, the Model Training Course in system in accordance with ISAF Regulation Appendix G, and the application and development 28, and made a recommendation to Council of the OSRs in all user countries. which approved that ISAF recognize IRC as an Liferafts international rating system but with a number of amendments to it’s constitution. The ISAF liferaft has been recognized by the Marine Coastguard Agency in Great Britain for use A working party considering the Grand Prix Rule - in “Code of Practice” vessels and by the Australian an initiative of the Offshore Racing Congress (ORC) Government Maritime Agency for use in commercial Ltd, the Royal Ocean Racing Club (RORC) and craft not covered by SOLAS regulations. US SAILING - met four times during the year and The ISO 9650 liferaft standard was still under have made considerable progress. It is expected development during 2003 though some that the rule will produce fast, exciting, sea worthy manufacturers were selling products claiming to boats with a lot of stability. At first, there will be conform. When the new ISO standard is finalized three classes - 50ft, 40ft, 30ft and it is expected it is likely to be accepted by the ISAF Special that the RORC Admiral’s Cup will be the first major Regulations Sub-Committee as an alternative to event to use it. The intention is to publish the rule the ISAF raft. A decision will be made on this on in September 2004 with implementation in 2005. publication of the ISO standard - with which ISAF has been co-operating in preparing. It was announced that the first ISAF Offshore Team World Championship would be held in Porto Training Cervo, Italy from 20-27 June 2004. ISAF OSR Appendix G Training was introduced A submission from the Executive Committee to in Brazil in 2003 where this type of training was restructure the administration of Offshore Sailing completely new. There was great enthusiasm for was deferred and a working party was created to the course, initiated by SRSC member Abraham make a recommendation to the 2004 Mid-Year ROSEMBERG (BRA) with the support of the Meetings. Brazilian Navy. 81 persons took part. Further courses are planned in Brazil and may extend to Neville CRICHTON (NZL) - ISAF Rolex World the non-racing community. Sailor of the Year nominee. ISAF Approved training was also held in Germany and France and plans are being made to commence Appendix G training in Japan in 2004 with the help of Minoru TOMITA (JPN). Training in First Aid and Liferaft Operation was required by the RORC for the Rolex Fastnet Race 2003. Countries, such as the USA, Australia, Great Britain, France, Germany and some special events have their own tradition of training which is complementary to the initiatives taken under Appendix G. The overall

25 Offshore Committee

Safety Harness and Lifejackets Alan GREEN (GBR) - Chairman Tony MOONEY (AUS) - Vice-Chairman During 2003 lives have been saved by these Bruce EISSNER (USA) devices in various incidents. The modern lifejacket/ harness combination is relatively easy to wear and Giovanni IANNUCCI (ITA) their use should become second nature for offshore Patrick LINDQVIST (FIN) sailors. However not everyone appreciates that Abraham ROSEMBERG (BRA) international standards for inflatable lifejackets Jean SANS (FRA) include the possibility for mouth-inflation only. Peter TAYLOR (NZL) A guidance note will be included with the 2004- 2005 ISAF OSR to explain this and recommend result of these efforts has been to considerably compressed gas-inflated types. raise the level of personal survival training of many crews in offshore races. New Edition of ISAF Offshore Special Regulations Category 5 The 2004-2005 edition was published in January This new category for inshore races was created 2004, including all Appendices A-J. on request from several countries and published as Appendix J, an arrangement which will continue. Early indications are that the new category has Hans ZUIDERBAAN (NED) - Chairman been well received in the USA. George ANDREADIS (GRE) - ISAF Representative Usage Kjell BJORKING (SWE) There is no formal audit of usage of the ISAF OSRs. Paddy BOYD (IRL) Best estimates in 2003 from those countries who John CLUISTRA (RSA) responded (several more are known to make use Bernard d’ALESSANDRI (MON) of the OSRs but did not respond), was 50,000. Michael DEVONSHIRE (GBR) - International Virtually all the major offshore races and regattas Regulations representative in the world use them, ranging from the Admiral’s Esanislao DURAN (ESP) Cup, Atlantic Rally for Cruisers, Rolex Sydney Bruce EISSNER (USA) - Oceanic Hobart, Rolex Fastnet Race and trans-oceanic representative races to round the world events like the Volvo Ocean Race. Bruno FINZI (ITA) - Offshore One-Design representative Radar Reflectors Jose Alberto FRERS (ARG) The days of the plain 456mm (18”) diagonal Don GENITEMPO (USA) octahedral are numbered. Described by ISO Alan GREEN (GBR) - Special Regulations 8729 this octahedral was always a compromise representative and technically not a very good one. It was Arne HUBREGTSE (NED) cheap at around US$30 and simple (could be David KELLETT (AUS) - ISAF representative folded flat when not in use) but not very deck- Paul KING (GBR) or racing-friendly. In co-operation with the ISAF Pasquale LANDOLFI (ITA) International Regulations Commission at the IMO Patrick LINDQVIST (FIN) (International Maritime Organisation) a working David LYONS (AUS) party has prepared a performance standard for a Jean-Bertrand MOTHES-MASSE (FRA) new reflector for small craft. It’s minimum weight James MULDOON (USA) will be 5kg and minimum size typified by a cylinder John OSMOND (USA) of height 750mm and diameter 300mm. Abraham ROSEMBERG (BRA) This weight and bulk makes the alternative of an Peter RUTTER (GBR) RTE (Radar Target Enhancer) more attractive. Wolfgang SCHAEFER (GER) In the long term AIS (Automatic Identification Peter TAYLOR (NZL) System for Ships) may assist as a collision- John TINKER (CAN) avoidance device; its development is being closely Antonio TIO (ESP) monitored by representatives of the ISAF Special Minoru TOMITA (JPN) Regulations Sub-Committee and International Lazaros TSALIKIS (GRE) Regulations Commission. Ecky VON DER MOSEL (GER) 26 Race Officials Committee

The Judges, Umpires, Race Management and A set of official RRS 42 Interpretations approved by Measurers Sub-Committees form the backbone of the Racing Rules Committee were issued in April the Race Officials Committee. 2003, and an ISAF RRS 42 Video was produced, copies of which were sent to all IJs, IUs, ISAF The Sub-Committees plan and implement the Council members, MNAs and ISAF Classes. seminar and clinic programmes in their areas with the Race Officials Committee acting as an Umpiring overview group and dealing with issues of common concern. An International Umpires Team Racing Seminar and a Match Racing Clinic were held in 2003. Seminars and clinics are a vital part of the process of both training new officials and disseminating In addition, an IU Instructor Seminar was held information to existing officials. The Sub- at the ISAF Secretariat, attended by 6 IUs from Committees continue to develop standard seminar 5 Member National Authorities. There are now a and clinic resource kits for use by instructors. total of 6 Instructors, enough to satisfy the demand for IU Seminars worldwide. Judging International Umpires Seminars and Clinics There were five International Judges Seminars Venue Type Attendees No. who sat held in 2003, attended by 99 participants from 29 written test Member National Authorities of whom 98 sat the written test: Mumbai Match 26 (IND) Racing Clinic In March 2003 an International Judges Conference focusing on RRS 42 was held in Southampton Auckland IU Team 13 from 8 9 (GBR). The primary aim was to level the playing (NZL) Racing nations Seminar field for the enforcement of RRS 42 worldwide. There were 51 participants from 43 Member National Authorities, each of whom were required International Umpires Sub-Committee to conduct a seminar upon return to educate judges in their own MNAs towards the consistent John DOERR (GBR) - Chairman application and policing of the Rule. Eva ANDERSSON (SWE) Neven BARAN (CRO) International Judges Seminars Charles COOK (USA) Venue Attendees Nations No. who Henry MENIN (ISV sat written Marianne MIDDELTHON (NOR) test Piero OCCHETTO (ITA) Rotterdam 25 10 25 David PELLING (CAN) (NED) Jan STAGE (DEN) Salinas (ECU) 15 6 15 Akiyoshi SUZUKI (JPN) Sydney (AUS) 22 2 22 Auckland (NZL) 14 2 13 International Measurers Sub-Committee Cholburi (THA) 23 9 23 David SPRAGUE (CAN) - Chairman Gunter AHLERS (GER) - Vice-Chairman International Judges Sub-Committee Antonio CARDONA ESPIN (ESP) Giorgio LAURO (ITA) - Chairman Jan DEJMO (SWE) Bernard BONNEAU (FRA) Jim HARTVIG ANDERSON (DEN) Sally BURNETT (GBR) Jim CAPRON (USA) Carlos DIEHL (ARG) Medallists at the 2003 Ion ECHAVE (ESP) ISAF Youth Sailing Josje HOFLAND-DOMINICUS (NED) World Championship in Madeira, POR in the Manfred PISO (AUT) windsurfer girls, Mistral Katsumi SHIBANUMA (JPN) - AUS, POL, CRO. Swee Hung TAN (SIN) © Event Media 27 Race Officials Committee

Race Management Race Management Seminars

There were four Race Management Seminars and Venue Attendees Nations No. who sat one Race Management Clinic in 2003. There were written test 81 participants at the seminars from 16 Member Salinas (ECU) 20 3 18 National Authorities, 76 of whom sat the written Ghent (BEL) 25 10 25 test. (see table right) Auckland (NZL) 16 1 13 There were 16 attendees at the Race Management Toronto (CAN) 20 2 20 Clinic in Santo Domingo. emphasis on using ‘plain English’ in order to make Seminars are being held in target areas around them more easily understood by those for whom the world, with every effort being made to satisfy English is not their first language. the demand. Seminars can only take place in response to requests received by Member National Race Management Sub-Committee Authorities. Further efforts are being made to inform MNAs about the procedures involved with hosting Antony LOCKETT (GBR) - Chairman an ISAF Seminar with a view to encouraging more Michel BARBIER (FRA) applications. William BELL (AUS) Helmut JAKOBOWITZ (AUT) The International Judge, International Umpire and Giuseppe MASINI (ITA) International Race Officers (IRO) written tests are Miklos NEMETH (HUN) continually being refined and updated, with special Luis ORMAECHEA (ESP) Betsy ALISON, Suzy LEECH & Joan Mark PRYKE (AUS) TOUCHETTE (USA) - Dominated the ISAF Nino SHMUELI (ISR) World Rankings in the Yngling and were ISAF Robin WALLACE (USA) Rolex World Sailor of the Year nominees.

Status of Race Officials Certifications after the 2003 Annual Conference

Number of Number of Number Re- Number of Total Numer of Renewals Renewal Appointed New Applicants Officials Due Applications Made Appointed Judges 102 85 84 12 386 Measurers 15 11 9 9 76 Race Officers 21 17 13 19 164 Umpires 36 29 24 5 95 28 Race Officials Committee

Table depicting ISAF Race Officials Appointments to Events in 2003: Event ISAF Race Official Appointments ISAF Team Racing World 9 International Umpires from 4 MNAs (GBR, IND, IRL,NZL) Championship (NZL) 6 National Umpires from 4 MNAs (AUS, JPN, NZL, USA) ISAF Youth Sailing World 7 International Judges from 6 MNAs (MLT, NED, NZL, POL, POR,SWE) Championship (POR) ISAF Open Match Racing 10 International Umpires from 7 MNAs (DEN, FRA, GBR, ITA, NZL, SWE,USA) World Championship (ITA) 2 National Umpires from ITA ISAF Women’s 6 International Umpires from 6 MNAs (FIN, GBR, NOR, NZL, SWE,USA) Match Racing World 2 National Umpires from SUI and SWE Championship (SWE) ISAF Grade 1 Match 65 International Umpires from 22 MNAs (AUS, BER, CAN, CRO, CZE, DEN, ESP, Racing Events (18) FRA, FIN, GBR, GER, ISR, ISV, ITA, JPN, NED, NOR, NZL, POR, RUS, SWE, 133 Appointments were USA) made ISAF World Sailing 37 International Judges from 26 MNAs (AUS, AUT, BEL, BER, BRA, BUL, CAN, Championship (ESP) CRO, DEN, ESP, FRA, GRE, IND, ISR, ITA, JPN, NED, NOR, NZL, POR, PUR, RUS, SWE, SUI, TUR, USA) 3 National Judges from AND 8 International Race Officers from 7 MNAs (AUS, CAN, FRA, GBR, NED, SWE, USA) Athens 2003 Regatta - 16 International Judges from 16 MNAs (AUS, AUT, BUL, CYP, DEN, ESP, FRA, Olympic Test Event (GRE) GBR, GER, IRL, ISR, ITA, NOR, NZL, SWE, USA) 8 International Race Officers from 8 MNAs (AUS, AUT, BRA, CAN, FRA, GBR, NZL, SWE)

Stephen TUPPER (CAN) - Chairman Aaron BOTZER (ISR) - Windsurfing representative John DOERR (GBR) - International Umpires representative Giorgio LAURO (ITA) - International Judges representative Tony LOCKETT (GBR) - Race Management representative David SPRAGUE (CAN) - International Measurers representative Bryan WILLIS (GBR) - Racing Rules representative

Przemek MIARCZYNSKI (POL) 2003 ISAF World Champion - windsurfer men, Mistral and ISAF Rolex World Sailor of the Year nominee. © 2003 ISAF Worlds Media

Medallists at the 2003 ISAF Youth Sailing World Championship in Madeira, POR in the single-handed dinghy boys, Laser - AUS, POL, CRO. © Event Media

Sofia BEKATOROU & Emilia TSOULFA (GRE) 2003 ISAF World Champions - double-handed dinghy women, 470. © 2003 ISAF Worlds Media 29 Racing Rules Committee

As 2003 involved the final year for submissions The seminar and subsequent interpretations have for the 2005 edition of the Racing Rules of Sailing assisted in clarifying the rule and, in particular, (RRS), it was a particularly busy year for the assisted with consistency around the world. Racing Rules Committee and, in particular, the Racing Rules working party. A revision of these interpretations is currently taking place and it is anticipated that with the benefit of There were over 30 submissions deferred from usage during 2003, some changes will be made to previous years for consideration and in addition, facilitate further clarification of the Rule. approximately 100 new submissions to be considered. Also, thanks go to Takao OTANI (JPN) for preparation work and his role in the production of The workload of the working party continued and the ISAF CD-Rom which demonstrates a number were very active in finalizing, editing and drafting of the finer points of Rule 42 and is an invaluable the new RRS for presentation to Council at the tool, widely distributed by ISAF. 2004 Mid-Year Meetings.

The most contentious submission for 2004 David TILLET (AUS) - Chairman involved the ongoing debate concerning RRS16.2 William BENTSEN (USA) - Vice-Chairman (Change in Course) and Council once again voted Hans-Kurt ANDERSEN (DEN) to retain RRS16.2, but accepted the Committee’s Neven BARAN (CRO) recommendation for an amended wording. As this Bernard BONNEAU (FRA) matter has now been the subject of considerable Carlos DIEHL (ARG) debate over a number of years, and RRS16.2 will Kamen FILYOV (BUL) be part of the RRS for another four years, the time Luciano GIACOMI (ITA) has come to recognize that a significant number of Josje HOFLAND-DOMINICUS (NED) people want that rule as part of the RRS and that it Nelson HORN ILHA (BRA) therefore should be retained. Pertti LIPAS (FIN) It is anticipated that MNAs will be able to have Marianne MIDDELTHON (NOR) the new RRS available for translating and printing Tony MOONEY (AUS) shortly after the 2004 Mid-Year Meeting to enable Richard ROSE (USA) a smooth transition to the new RRS and for it to Bo SAMUELSSON (SWE) be in the hands of sailors prior to the worldwide Ana Maria SANCHEZ DEL CAMPO FERRER implementation date of 1 January 2005. (ESP) Bryan WILLIS (GBR) Once the RRS has been finalised, revisions will also be made to the ISAF Case Book and ISAF Call Book for publication as soon as Xavier ROHART & Pascal RAMBEAU (FRA) 2003 possible thereafter. ISAF World Champions - keelboat men, Star and ISAF Rolex World Sailor of the Year nominees. © 2003 ISAF Worlds Media The Committee has continued to update Appendix KE Sailing Instructions to facilitate standardization for race management, which can be accessed via the ISAF website. Rule 42 Seminar

Of further particular interest was the ISAF Rule 42 Seminar conducted in March 2003 at the ISAF Secretariat in Southampton. This was attended by representatives from a considerable number of MNAs, with funding assistance from ISAF. The seminar was most successful. Interpretations were issued pursuant to the regulations, which are available on the ISAF website.

30 Regional Games Committee

The work done by the Regional Games Committee has been “a team work“ of 15 members, from 15 nations. Many of the countries where we have to work are neither safe nor wealthy. In our regions serious sport compromise is difficult to achieve and the event organizing committees rarely receive the budget needed for good organization in time. Our volunteers have given extra time and energy to sailing to successfully achieve our 2002-2003 Regional Games Events: Central American and Caribbean Games, Commonwealth Sailing Championship, Games of the Small States of Europe, Pan American Games, South Pacific Michael BLACKBURN (AUS) made a phenomenal Games, VI Games of Indian Ocean Islands. assault on the ISAF World Sailing Rankings in the Laser, reaching number 1 by 1 October 2003 after The only event postponed was the Pan Arab starting the year at 341. Games, which will now be held in September 2004. © Sport the Library/Jeff Crow The Committee received a report from each of these events at the 2003 Annual Conference and The Committee aims to: agreed that in future, the ISAF Technical Delegate • reports should follow the structure and style given Achieve Regional Games Regattas with a in the official template. high technical level and the Committee will implement a programme with the Race The Committee considered the issue of grading Officials Committee during the years prior to as many organizers find it difficult to meet the Regional Games to improve technical skills ISAF requirements, such as the appointment of an in these countries; International Jury, for financial reasons. A working party was appointed to investigate and re-introduce • Secure the inclusion of sailing in all Regional the grading system. Games. In this respect the Committee’s goals are the inclusion of sailing in African, The selection of equipment at Regional Games Commonwealth and University Games as was considered by the Committee and it was well as Universiade Events; unanimously agreed that the use of Olympic events and equipment should be promoted but • Increase women’s participation in sailing also the use of popular regional equipment that fits events, as sailors, coaches and Race the Olympic event definition. Officers. The Committee will also encourage The Committee intends to continue attempts to a women’s meeting at each Regional Games, enable the inclusion of sailing in the Commonwealth which will help with communication and also Games and to encourage nations who are not with feed back to many questions and issues members of ISAF, but where Regional Games are facing women; held to join under the new reduced membership fee. Teresa LARA (VEN) - Chairman Ajay BALRAM (IND) - Vice-Chairman Alain ALCINDOR (SEY) Johan ARIFF (MAS) Hector DUVAL (DOM) Tullio GIRALDI (ITA) Pall HREINSSON (ISL) Richard JEFFRIES (USA) Husnu LEVENT (TUR) Jang-Yeong MOON (KOR) Esperanza PEREZ CRESPO (ESP) W Scott PERRY (URU) Ross ROBSON (RSA) Augie DIAZ (USA) ISAF Rolex World Sailor of the Totos THEODOSSIOU (CYP) Year nominee. Kevin WOOD (AUS) 31 Sailing Committee

During 2003 the Sailing Committee supported to include such a system from 1 January 2006 the applications for Recognized Status for the onwards. Formula Experience, Hobie Dragoon and Nacra F18 Catamaran, all of which were subsequently The Committee also worked hard to ensure that all approved by Council at the 2003 Annual motor vessels within the race area at the Olympic Conference. Regatta carry propeller guards.

At the respective Class’ request, ISAF Status was Cliff NORBURY (GBR) - Chairman withdrawn from the IC45, Buzz and Maxi One Dina KOWALYSHYN (USA) - Vice-Chairman Design classes. Dick BATT (GBR) - Keelboat representative Following a detailed evaluation of the annual Aaron BOTZER (ISR) - Windsurfing class reports, the Sailing Committee reviewed representative the Melges 24 report as it was found not to be in Olivier BOVYN (FRA) - Multihull representative accordance with the requirements for International David COOK (NZL) - Centreboard Status. In the proceeding correspondence with the representative class, it was noted that this was due to an error in Jan DEJMO (SWE) - Measurement the distribution figures given by the class. representative Philippe ROGGE (BEL) Work mainly focused on the preparations for the Riccardo SIMONESCHI (ITA) - ICC 2004 Olympic Sailing Competition with priority given representative to the Yngling radius of gyration test procedure and Georg TALLBERG (FIN) requirements for the Olympic equipment for 2004. Visits were made to the Mistral production facility Michaela WARD (DEN) in Austria to investigate the quality of production, culminating in the preparation of revised Class Rules to make the Mistral a construction control one design, in the lead up to the Athens Regatta Lee KORSITZ 2003 and the 2004 Olympic Sailing Competition. (ISR) 2003 ISAF World Champion The Sailing Committee also finalized all of the - windsurfing requirements regarding flags on sails at the Olympic women Mistral and Sailing Competition following on from a successful ISAF Rolex World trials of the Yngling and 470 requirements at the Sailor of the Year nominee. Athens Regatta 2003. © 2003 ISAF Worlds Media The Sailing Committee was also involved in technical discussions regarding the selection of events and equipment for the 2008 Olympic Sailing Competition.

The Committee looked at safety issues in sailing and drew particular attention to quick release systems on trapeze harnesses. Council subsequently made this a requirement in the ISAF Racing Rules of Sailing for all trapeze harnesses

Mateusz KUSZNIEREWICZ (POL) the most consistent sailor in the Finn rankings in 2003. © Richard de Jonge

32 Windsurfing Committee

In September 2003, ISAF held the first of two 2004 to allow for proper consideration and for Olympic Windsurfing Equipment Evaluation implementation on 1 January 2005 Trials, the second to be held in May 2004. The Windsurfing Committee was encouraged by the Class Rule Changes were approved for the level of response from the industry to the invitation Funboard Class. from ISAF to put forward concepts for potential new equipment with the ultimate aim of selecting The Windsurfing Committee reviewed the equipment for the Olympic Regatta in 2008. registration fees for the ISAF Approved Series Production Boards registration and recommended The event was split into two areas of evaluation. The that the Executive Committee review and change first was a series of meetings with manufacturers the fee structure. where each had the opportunity to discuss proposals with the ISAF Evaluation team and to answer any technical questions. The second area was a series of public demonstrations where manufacturers were given the opportunity to present their equipment for the public to try and to provide thoughts and feedback, both to the manufacturer and the Evaluation Team.

The Evaluation Team considered the concept, class structure and marketing proposals of each Class. Unanimous consensus was that Olympic windsurfing is the pinnacle of the sport and every manufacturer had designed their equipment to create a clear path from recreational Maxim OBEREMKO (UKR) - the most consistent sailing to the Olympics. sailor in the ISAF World Sailing Rankings, Mistral Men. © Sport the Library/Jeff Crow The second Evaluation Event will take place in May 2004 on Lake Garda. Aaron BOTZER (ISR) - Chairman The Windsurfing Committee considered the Richard JEFFRIES (USA) - Vice-Chairman submission by the International Formula Felipe BELLINI (ESP) Windsurfing Class with the support of all ISAF Cowen CHIU (HKG) Windsurfing Classes that Appendix B of the Michael DEMPSEY (GBR) Racing Rules of Sailing be updated and amended Jorunn HORGEN (NOR) to include all windsurfing disciplines from 2005 Gregory JOHNS (AUS) onwards. The subsequent recommendation to Council was approved in principle and the deadline Christian MARQUANT (FRA) for finalizing the wording extended to 1 December Walter MIELKE (GER) Takis NIKIFORIDES (GRE) Magdelena PUCIATA (POL) Luc ROGIERS (BEL) Meng SHUXIA (CHN) John van der STARRE (NED) Leo VEKEMANS (BEL) Francesco WIRZ (ITA)

Hannah SWETT, Joan TOUCHETTE AND Melissa PURDY (USA) 2003 ISAF World Champions - keelboat women, Yngling and ISAF Rolex World Sailor of the Year nominees. © Abner Kingman 33 Women’s Sailing Committee

During 2003, the Women’s Sailing Committee regarding the competition format for the future focused on the following areas: windsurfing event, the Women’s Sailing Committee did not feel able to support the submission until after Women’s Representation within ISAF the Olympic Windsurfing Equipment Evaluation Event and a decision on the equipment for 2008 Supporting the President’s submissions for had been made. Similarly, the submission that two female Vice-Presidents and at least 20% the equipment for the windsurfing event at future representation on Council, the Women’s Sailing ISAF Youth Sailing World Championships be Committee considered ways in which MNAs could the “Olympic Windsurfing equipment”, was not be encouraged to bring on women within their considered. organizations and in time nominate them to ISAF Committees. Supporting women as observers to Strategy Working Party ISAF meetings should be encouraged. The working party charged to consider a future Mentoring strategy for Women’s Sailing undertook preliminary work during 2003 and will prepare detailed The Committee felt that support should be given proposals for consideration in 2004, specifically: to mentoring women within ISAF, and that a lot of time is wasted when a committee member is first • ISAF’s role to develop women in sailing; appointed in learning the ropes and operational procedures of the organization. If these issues • Achieve greater representation of women as could be explained early on, greater time and effort committee members and race officials within could be focused on addressing the issues facing ISAF; the sport. Women’s Website Forum Women’s Seminars The Women’s Website Forum hosted on ISAF The Committee received a blueprint for a “Women’s Sailor, continues to attract discussion and debate. Sailing Seminar” which could be adapted according Committee members pledged their ongoing to the specific needs of a country. This blueprint support to the project, including each undertaking was based on a seminar held in Italy and covered a co-ordinator role during the year. It was agreed many aspects of the sport – coaching, women that greater focus would be given on specific in administration, race management. A working topics that could be addressed and promoted to party was appointed to further develop an ISAF encourage greater feedback by users. Women’s Seminar “model” for consideration at the 2004 Annual Conference. Women in Sailing Newsletter Olympic Events and Equipment The Committee supported the introduction of a Women in Sailing Newsletter in 2004, which would The Committee considered the events for the 2008 contain a mix of content and be offered as a sign- Olympic Regatta and supported the retention of up service via ISAF Sailor. the existing events. In considering the submission

Adrienne CAHALAN (AUS) ISAF Rolex World Sailor Teresa WHELAN (GBR) - Chairman of the Year Award nominee. Anna ANDREADIS (GRE) - Vice-Chairman Maria DEL MAR CASTANEDO DIEZ (ESP) Cathy FOSTER (GBR) Fiona KIDD (CAN) Åsa LLINARES (SWE) Rea MADELLA (CYP) Jane MOON (CAY) Ninfa PROVENZA CALDARELLA (ITA) Cory SERTL (USA) Meng SHUXIA (CHN) Sacha A SIMMONS (BER) Dorith STIERLER (ISR) Fusako (Chako) TOBARI (JPN)

34 Youth and Development Committee

The main work of the Youth and Development sailing in Angola. Committee during 2003 covered the following areas: The Committee will identify other developing countries where similar projects can be carried ISAF Development Strategy out. The Committee with the assistance of the ISAF Coaching and Race Training Secretariat sent out to a selected number of MNAs of developing countries, a second issue of the According to the Council decisions, the Committee Training Questionnaire in order to seek their level of minutes from the 2002 Annual Conference, and development of sailing and training programmes. following meetings held between ISAF and the International Sail Coaches Association (ISCA), a As reviewed at the 2003 Annual Conference, of working party was created to analyse the eventual the responses received from the 45 countries need for certification of international coaches that answered, 35 have learn-to-sail training and their registration, probably within ISAF, and programmes, but only 19 had instructor-training the adoption of a code of conduct with the final programmes. The latter is an area of clear priority. objective of creating an intrinsic group in the sport of sailing. In order to improve contacts with these developing countries it was agreed that Committee members Key issues discussed by the working party were: could establish a route of communication with • The creation of Coaches Forums; those countries within their geographic region or of • T he presentation of a project of a Code of languages spoken. Conduct; As a result of the analysis of the questionnaires • The basis of Coaches Registration; received, two issues were detected on which • The provision of training opportunities for support should be progressed, which were the developing countries; provision of “International Logbooks” and “Training • Materials”. Concerning the Logbooks, Steve The need to deal with elite coaches. COLGATE as the President of the International The majority of the Committee members feel Sailing Schools Association (ISSA) agreed to that coaches should be brought under the ISAF investigate the possibility of utilising the ISSA umbrella, although the ISCA, which is developing Logbook, normally only available to members of similar services for international coaches, desires the ISSA. Concerning training materials, ISAF will to become affiliated to ISAF. do its best to make them available online. Executive Committee Strategy ISAF Training Project - Angola The Committee reviewed the strategy plan The report received and circulated proved that the proposed by the Executive Committee in May sailing conditions in Angola were excellent and 2002, and from this it was felt that the Committee that the project had exceeded the expectations of should work on a strategy plan for the development all concerned. of sailing in developing countries, through their MNAs, so that they can develop organically As a result of the pilot project, a Laser sailor and a coach from Angola took part in the ISAF Youth This plan should deal on a first stage in training Sailing World Championship held in Madeira in July sailors and instructors and when achieved 2003. This team was also accepted on the ISAF successfully, a second stage could deal with Athlete Participation Programme, which provided competitive sailing. financial support towards the entry fee and travel. During the 2003 Annual Conference, the Committee In order to follow up this pilot project another visit received a presentation on Connect to Sailing and will be made to Angola by the original coach, which noted that the objective is to bring partners in each will be prepared on basis of a questionnaire sent country together, to promote sailing and encourage out to them, to assess the progress achieved. It participation in the sport. The Committee agreed was also agreed that a follow up visit should take that a working party should develop a strategic place at a later date by ISAF officials in order to plan, complementary to Connect to Sailing, and meet with members of the Angolan Government give ISAF a more positive and responsible role in to encourage their support in the development of developing sailing at the introductory level. It was

35 Youth and Development Committee agreed to develop a draft paper for circulation to Singapore, Tunisia and Uruguay. the Committee by May/June 2004. It was noted that 14 sailors from Argentina, ISAF Learn-to-Sail Training Bermuda, Belarus, Bulgaria, Hong Kong, Israel, Programme Malaysia, Poland, Seychelles and Ukraine received Olympic Scholarships for Athens 2004. The Committee received progress reports on the implementation of this programme in 2003 in National Training Scheme Manual and Brazil, India and Macedonia. Considering future Training Seminars developments of these courses, it was felt that The Committee finalised the updating of the ISAF should take a longer view and develop long National Training Scheme Manual which will term planning. be available via the ISAF website, as a printed ISAF Athlete Participation Programme publication or on CD Rom. The Table of Equivalent (APP) Instructor Qualifications, included in the original manual will be revised with updated information The Committee received a report on the from ISSA. implementation of the APP at the ISAF Youth Sailing World Championship 2003. Of the 70 sailors from Training Seminars, especially those for coaches, 25 countries that applied, eleven were supported, should be considered by the working party dealing representing nine nations and four continents. Of with Coaches, referred to above. these eight were male and three female, ranging in age from 15 to 18. All of whom participated Carlos RIBEIRO FERREIRA (POR) - for the first time at the ISAF Youth Sailing World Chairman Championship. Gustav DAHLBERG (FIN) - Vice-Chairman In 2003, the Executive Committee approved a Anna ANDREADIS (GRE) rolling three-year budget for 2004, 2005 and Atushi Bocci AOYAMA (JPN) 2006. Michael AYALON (ISR) Age Limits Henry BACCHINI (FRA) Paddy BOYD (IRL) This important and rather controversial issue of Zaka Ullah CHAUDHRI (PAK) proposing age ranges for World and Continental Stephen COLGATE (USA) Championships, has been analysed by this Barrie HARMSWORTH (UAE) Committee since its meeting at the 2001 Annual Nazli IMRE (TUR) Conference, but is still being studied by the working party on the Demands of High Level Sport in Youth Themistoules LEBESOPOULOS (GRE) Sailors. Ralph NELLES (MEX) Jung-Kyu PARK (KOR) Although the submission was still under discussion Peter WOOD (CAN) at the 2003 Annual Conference, it was deferred with the request that the working party would be putting an interim report to the 2004 Mid-Year Meeting, for a formal submission at the 2004 Annual Conference. Olympic Solidarity Funding The Committee received an update report on the Technical Programmes that took place in Bahrain, Brazil, Cook Islands, Fiji, Peru, Seychelles, Darren BUNDOCK & John FORBES (AUS) 2003 ISAF World Champions - multihull open, Tornado and ISAF Rolex World Sailor of the Year Award nominees. © 2003 ISAF Worlds Media 36 Nations Qualified for Athens 2004

The table details the nations who have qualified for Athens, but is not confirmation of participation at the 2004 Olympic Sailing Competition.

49er Finn Yngling Star Europe 470 470 Laser Tornado Mistral Mistral Men Women Men Women ARG 2002 2003 2002 2002 2003 AUS 2003 2003 2003 2003 2002 2002 2003 2002 2002 2003 2003 AUT 2003 2003 2002 2002 BEL 2002 2003 2002 2003 BER 2002 2002 BLR 2003 2003 BRA 2003 2002 2002 2003 2002 2002 2003 BUL 2003 CAN 2003 2002 2003 2003 CHI 2003 CHN 2002 2003 2002 CRO 2002 2003 2002 CYP 2003 CZE 2003 2002 DEN 2002 2003 2002 2003 2003 2003 2003 ESP 2002 2002 2002 2003 2002 2002 2002 2003 2002 2002 FIN 2002 2002 FRA 2002 2003 2002 2003 2003 2002 2003 2002 2002 2002 GBR 2002 2002 2003 2002 2003 2002 2003 2002 2003 2002 2002 GER 2003 2002 2002 2002 2003 2002 2003 2003 2003 2002 GRE host host host host host host host host host host host HKG 2003 2002 HUN 2003 2002 INA 2003 IRL 2002 2003 2002 2003 ISR 2002 2002 2002 2003 ITA 2002 2003 2003 2002 2002 2003 2003 2002 JPN 2002 2003 2003 2003 2003 KOR 2003 LAT 2003 LTU 2003 MEX 2003 NED 2002 2003 2003 2002 2003 2002 2003 2003 2002 NOR 2003 2002 2003 2003 NZL 2003 2003 2002 2003 2003 2002 2002 POL 2003 2002 2002 2003 2002 2002 POR 2002 2003 2002 PUR 2003 RSA 2002 RUS 2003 2003 2003 2002 2003 2003 SEY 2003 SLO 2003 2003 2003 2003 2002 SUI 2003 2003 2003 2003 2002 SVK 2003 SWE 2003 2003 2003 2003 2002 2002 THA 2003 TUR 2003 2002 2003 UKR 2002 2003 2003 2003 2002 2003 USA 2003 2003 2002 2002 2003 2002 2003 2003 2003 2003 VEN 2003 37 2003 ISAF Approved World Champions

Class World Champion Nation 2.4M Marko Dahlberg FIN 5.5M Artemis - helm Kristian Nergaard NOR 6M Notorious - owner/skipper Carl-Gustaf Piehl SWE 8M Fleur de Lys - skipper Jacques Faroux FRA 12M Alinghi - skipper Russell Coutts SUI 14F Rob Greenhalgh & Dan Johnson GBR 14F Team Great Britain A GBR 29er David Evans & Rich Peacock GBR 49er Chris Draper & Simon Hiscocks GBR 420 Open Jose Antonio Medina Ruiz & Onan Barreiros Rodriguez ESP 420 Ladies Isabel Ficker & Laura Zanni BRA 470 Men Gabrio Zandona & Andrea Trani ITA 470 Women Sofia Bekatorou & Emilia Tsoulfa GRE 470 Junior Sime Fantela & Igor Marenic CRO 470 Masters Jörg Säger & Andreas Gluschke GER 60ft Monohull Bernard Stamm SUI 505 Wolfgang Hunger & Holger Jess GER B14 Tim Fells & Dave Cunningham GBR Byte Jeremy Koo Wui Ken MAS Cadet Maria Augustina Torre & Maria del Rosar Torre ARG Contender Andrea Bonezzi ITA Dart 18 Vincent Bouvier & Fanny Merelle FRA DN Ice Boat Karol Jablonski POL Dragon Dieter Schoen, Vincent Hoesch & Andreas Huber GER Etchells Ken Read, K Andersen & S Norris USA Europe Women Siren Sundby NOR Europe Men Fredrik Svensson SWE Farr 40 Nerone - (owner Miglior/Mezzaroma) ITA Finn Ben Ainslie GBR Finn Junior Marin Misura CRO Flying Dutchman Szabolcs Majthenyi & Andras Domokos HUN Flying Fifteen Barry Parkin & Sue Parkin GBR Fireball Chips Howarth & Vyv Townend GBR Flying Junior Hiromi Saitou & Hikaru Dewa JPN Formula Windsurfing - Men Steve Allen AUS Forumla Windsurfing - Women Christine Johnston GBR Formula 18 Emmanuel & Vincent Boulogne FRA Funboard Men Kevin Pritchard USA GP14 Neil Marsden & Derek Hill GBR H-Boat Vincent Hoesch, Willi Gerlinger & Michael Lipp GER Hobie 14 Thorin Zeilmaker NED Hobie Tiger Mitch Booth & Taylor Booth NED IMS Offshore Italtel - Orlande Antonio (ITA) (Class 2) ESP IOD C. Van Voorhis USA J/22 J G Engelsman NED Lorenzo Bressani, Maurizio Planine, Gaetano Ginanara, Anders J/24 Castricci & Fabio Sentinell ITA

38 2003 ISAF Approved World Champions

Class World Champion Naton J/80 Jay Lutz, Joe Taylor, Derek Gauger & Alex Crowell USA Laser II Noel Butler & Stephen Campion IRL Laser Gustavo Lima POR Laser 4.7 Onur Derebasi TUR Laser Radial Open Aron Lolic CRO Laser Radial Women Katarzyna Szotynska POL Laser Radial Youth Tonci Stipanovic CRO Lightning Tito Gonzalez, Jay Lutz & Claus Engel CHI Samuel ‘Shark’ Kahn, Richard Clarke, Mark Christensen, Brian Melges 24 Hutchinson & Brian Lee USA Micro Przemysław Tarnacki POL Mirror Chris Clayton & Craig Martin IRL Mistral Men Przemek Miarczynski POL Mistral Women Lee Korsiz ISR Mistral Youth Boys Tom Ashley NZL Mistral Youth Girls Blanca Manchon ESP Mistral Junior Boys Riccardo Belli dell’isla ITA Mistral Junior Girls Laura Linares ITA Moth Mark Thorpe AUS Mumm 30 Cheyenne - Claudio Rechhi & Carla Ubertelli ITA Ocean Racing Multihull Franck Cammas - skipper Groupama FRA OK Dinghy Nitin Mongia IND Optimist Filip Matika CRO Raceboard Men Curro Manchon ESP Raceboard Masters Paco Wirz ITA Shark Greg Cockburn, Peter Eagar & Christine Forsyth CAN Snipe Augie Diaz & Jon Rogers USA Snipe Junior Mikee Anderson-Mitterling & Graham Biehl USA Soling Sergey Pichuguin, Sergey Timokhov & Dimityri Yarovoy UKR Soling Masters Karl Haist, Jacob Carsten & Daniel Desing GER Splash Sandra van Meyden NED Star Xavier Rohart & Pascal Rambeau FRA Sunfish Malcolm Smith BER Tasar Jonathon & Libby McKee USA Tempest Christian Schaefer & Andreas Mader GER Tornado Darren Bundock & John Forbes AUS Vaurien Jesus Barrionuevo & Pedreno Sanches Ambrosio ESP Vaurien Women Olatz Munoz & Jaione Ayastui ESP Vaurien Junior Hidde-Jan Haven & Mark Haven NED X99 Flemming Fjord - Team Velux DEN Yngling Open Betsy Alison, Suzy Leech & Lee Icyda USA Yngling Womens Hannah Swett, Joan Touchette & Melissa Purdy USA Zoom 8 Boys Charie Ekberg SWE Zoom 8 Girls Karolina Wolniewicz POL

Note: This list only includes 2003 World Championship title holders. Those classes not listed either did not hold a World Championship in 2003 or have not notified ISAF of the results.

39 PART II ACCOUNTS

International Sailing Federation Limited (incorporated as a company limited by guarantee and hot having a share capital) REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2003 Company Number (IOM): 7992

40 Director’s Report

The directors present their annual report and Directors’ Responsibilities Statement audited financial statements for the year ended 31 December 2003. Company law requires the directors to prepare financial statements for each financial period which Review of the Business give a true and fair view of the state of affairs of the company and the group and of the profit or loss The company is the controlling authority of the of the company and the group for that period. In sport of sailing in all its forms throughout the world. preparing those financial statements, the directors It is also involved in protecting and promoting the are required to; use of International Sailing Classes. • select suitable accounting policies and then Results for the Year apply them consistently, The results for the year are set out on page 4. • make judgements and estimates that are reasonable and prudent, Directors • state whether applicable accounting standards The directors of the company during the year are have been followed, subject to any material shown below. departures disclosed and explained in the financial statements, Paul Henderson Göran Petersson • prepare the financial statements on the going George Andreadis concern basis unless it is inappropriate to Fernando Bolin presume that the company will continue in David Kellett business. Nucci Novi Ceppellini The directors are responsible for keeping proper Kenneth Ryan accounting records which disclose with reasonable James Schoonmaker accuracy at any time the financial position of the Brian Southcott company and the group and to enable them to Fiona Barron ensure that the financial statements comply with Ken Ellis the Acts 1931 to 1993. They are also responsible Dierk Thomsen Appointed 31 May for safeguarding the assets of the company and George Wossala the group and hence for taking reasonable steps Kamen Fillyov for the prevention and detection of fraud and other Tomasz Holc irregularities. Jean-Pierre Champion Sergio Gaibisso Auditors Zvi Ziblat A resolution re-appointing haysmacintyre will be Arturo Delgado proposed at the AGM in accordance with S385(2) Sadi Claeys Appointed 31 March of the Companies Act 1985. Kim Andersen Bjorn Unger By Order of the Board Alexander Sobolev Deceased 31 October Saeed Hareb Yasuo Hozumi Heebum Kwon Teo Ping Low Joe Butterfield David Tillett Maximo Riveiro Kelly A SUNDHEIM Harry Adler Jane Moon Secretary Eric Tulla 4 Upper Church Street Charles Cook Douglas David Irish Isle of Man Stephen Tupper IM1 1EE Ross Robson Hans Joachim Fritze Resigned 31 May 5 June 2004 Karel Beukama Toewater Appointed 31 March 41 International Auditors’ Report to the Members of the International Sailing Federation Limited

We have audited the financial statements of Basis of audit opinion International Sailing Federation Limited for the year ended 31 December 2003 which comprise the We conducted our audit in accordance with Consolidated Income and Expenditure Account, United Kingdom Auditing Standards issued by the Consolidated and Parent Balance Sheet, the the Auditing Practices Board. An audit includes Cash Flow Statement and the related notes. These examination, on a test basis, of evidence relevant financial statements have been prepared under to the amounts and disclosures in the financial the historical cost convention and the accounting statements. It also includes an assessment of policies set out therein. the significant estimates and judgements made by the directors in the preparation of the financial This report is made solely to the company’s statements, and of whether the accounting policies members, as a body, in accordance with Act 1931 are appropriate to the company’s circumstances, - 1993. Our audit work has been undertaken so consistently applied and adequately disclosed. that we might state to the company’s members those matters we are required to state to them We planned and performed our audit so as to obtain in an auditor’s report and for no other purpose. all the information and explanations which we To the fullest extent permitted by law, we do not considered necessary in order to provide us with accept or assume responsibility to anyone other sufficient evidence to give reasonable assurance than the company and the company’s members as that the financial statements are free from material a body, for our audit work, for this report, or for the misstatement, whether caused by fraud or other opinions we have formed. irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation Respective responsibilities of directors and of information in the financial statements. auditors Opinion As described in the Statement of Directors’ Responsibilities the company’s directors are In our opinion the financial statements give a true responsible for preparation of the financial and fair view of affairs of the company and the group statements in accordance with applicable law and as at 31 December 2003 and of the surplus for the United Kingdom Accounting Standards. year then ended and have been properly prepared in accordance with the Acts 1931 - 1993. Our responsibility is to audit the financial statements in accordance with relevant legal and haysmacintyre Fairfax House regulatory requirements and United Kingdom Chartered Accountants 15 Fulwood Place Auditing Standards. Registered Auditors London WCIV 6AY We report to you our opinion as to whether the financial statements give a true and fair view and 5 June 2004 are properly prepared in accordance with the Acts 1931 to 1993. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and transactions with the company is not disclosed.

We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

42 Consolidation Income and Expenditure Account

2003 2002 Note £ £ OPERATING INCOME Subscriptions 249,327 256,858 Olympic receipts 26,506 24,561 Donation from International Yacht Foundation 942,413 - Income from special events 180,383 537,252 Investment income 89,196 88,923 Other income 259,142 458,732 ------1,746,967 1,366,326 ------DIRECT COSTS Governance 275,477 246,282 Olympic costs 56,166 53,278 Special events 117,630 259,920 Other direct costs 294,014 318,211 ------743,287 877,691 ------ADMINISTRATIVE COSTS Employment costs 585,914 570,467 Other administrative costs 343,387 364,596 ------929,301 935,063 ------SURPLUS/(DEFICIT)FOR THE YEAR BEFORE TAXATION 2 74,379 (446,428)

TAXATION CHARGE 3 (11,948) (12,323) ------SURPLUS/(DEFICIT) FOR THE YEAR 62,429 (458,751) Transfer from Olympic Revenue Fund 738,514 738,515 Reserves brought forward 1,528,434 1,248,670 ------RESERVES CARRIED FORWARD £2,329,377 £1,528,434 ======Surplus/(deficit) for the year dealt with in the financial statements of : Parent company (929,136) (495,776) Subsidiary company 46,132 37,025 Quasi-subsidiary 945,433 ------£62,429 £(458,751) ======

Turnover and operating deficit are derived solely from continuing activities.

All recognised gains and losses are included in the profit and loss account.

A separate movement of shareholders’ funds statement has not been provided since there are no movements other than the retained deficit for the current period. 43 Consolidated Balance Sheet

2003 2002 Note £ £ £ £ FIXED ASSETS Tangible assets 5 85,778 110,328 Investments 6 279,953 -

CURRENT ASSETS Debtors 7 317,469 139,386 Cash on deposit 8 2,227,027 2,433,609 Cash at bank and in hand 122,359 388,177 ------2,666,855 2,961,172 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 9 (385,866) (692,183) ------NET CURRENT ASSETS 2,280,989 2,268,989 ------TOTAL ASSETS LESS CURRENT LIABILITIES 2,646,720 2,379,317

CREDITORS: AMOUNTS 10 FALLING DUE AFTER ONE YEAR 10 (314,343) (106,739)

PROVISION FOR LIABILITIES AND CHARGES 11 (3,000) (5,630) ------NET ASSETS £2,329,377 £2,266,948 ======MEMBERS’ FUNDS Accumulated fund 18 2,329,377 1,528,434 Olympic Revenue Fund 18 - 738,514 ------£2,329,377 £2,266,948 ======

Approved by the Council on 5 June 2004 and signed on its behalf by:-

PAUL HENDERSON

President

44 Parent Balance Sheet

2003 2002 Note £ £ £ £

CURRENT ASSETS

Debtors 7 274,455 111,784 Cash on deposit 8 1,563,409 2,433,609 Cash at bank and in hand 68,945 382,475 ------1,906,809 2,927,868 CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR 9 (234,118) (633,653) ------NET CURRENT ASSETS 1,672,691 2,294,215 ------TOTAL ASSETS LESS CURRENT LIABILITIES 1,672,691 2,294,215

CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 10 (314,343) (106,739) ------NET ASSETS £1,358,348 £2,187,476 ======

MEMBERS’ FUNDS

Accumulated fund 1,358,348 1,448,962 Olympic Revenue Fund - 738,514 ------£1,358,348 £2,187,476 ======

Approved by the Council on 5 June 2004 and signed on its behalf by:-

PAUL HENDERSON

President

45 Cash Flow Statement

2003 2002 Note £ £ £ £ Net cash (outflow)/inflow from operating activities 15 (238,280) 144,605

Returns on investments and servicing of finance Interest received 83,998 88,923 Dividends received 2,219 ------Net cash inflow from returns on investments and servicing of finance 86,217 88,923

Taxation

UK corporation tax paid (13,218) -

Capital expenditure and financial investment

Payments to acquire investments (279,953) - Payments to acquire fixed assets (28,715) (77,084) Proceeds from disposal of fixed 1,550 - assets ------Net cash outflow from capital expenditure and financial investment (307,119) (77,084) ------(DECREASE)/INCREASE IN CASH 17 £(472,400) £156,444 ======

46 Notes to the Financial Statements

1. ACCOUNTING POLICIES

ACCOUNTING BASIS The financial statements are prepared on the historical cost basis and in accordance with applicable accounting standards.

FOREIGN EXCHANGE Income and expenditure in currencies other than sterling are translated at the rate of exchange ruling on the date of receipt of payment.

Assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date. Differences arising on exchange are written off to the profit and loss account.

DEPRECIATION Depreciation is calculated to write down the cost of the assets over their expected useful lives at the following rates.

Furniture, fixtures and equipment 20% per annum or 33 1/3% per annum on cost

DEFERRED TAXATION Deferred tax is provided using the full provision method. Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. It is the company’s policy not to discount deferred tax to reflect the time value of money.

2. SURPLUS/(DEFICIT) FOR THE YEAR BEFORE TAXATION 2003 2002

This is stated after charging : £ £ Auditors’ remuneration 11,100 10,300 Depreciation 52,368 82,776 Operating lease rentals 67,522 67,582 ======3. TAX ON PROFIT ON ORDINARY ACTIVITIES 2003 2002 a) UK Corporation tax on profits for the year £ £ Corporation tax at 19% (2002: 19.25%) 14,403 13,043 Overprovision in prior year 175 (6,350) ------Total current tax (note 4(b)) 14,578 6,693 Deferred tax (2,630) 5,630 ------£11,948 £12,323 ======

47 Notes to the Financial Statements

b) Tax charge reconciliation Profit/(loss) on ordinary activities before tax - Parent (829,134) (495,781) - Subsidiary 58,080 49,353 - Quasi subsidiary 943,483 ------£172,429 £(446,428) ======Profits on ordinary activities multiplied by the standard rate of corporation tax 19% (2002: 20%) - subsidiary 11,035 9,871

Effects of: Depreciation in excess of capital allowances 3,149 7,077 Expenses not deductible for tax purposes 219 1,347 Utilisation of tax losses - (4,742) Over provision in the previous year 175 (6,350) Marginal year relief - (510) ------£14,578 £6,693 ======

The parent company and the quasi subsidiary are not subject to UK corporation tax.

4a) STAFF COSTS 2003 2002 £ £ Wages and salaries 433,056 402,138 Social security costs 45,027 33,014 Pension costs 32,572 26,603 ------£510,655 £461,755 ======

No. No. The average monthly number of employees during the year was 18 18 ======

4b) DIRECTORS’ EMOLUMENTS

No director received any emoluments during the year.

48 Notes to the Financial Statements

5. TANGIBLE ASSETTS GROUP Furniture, fittings and equipment £ At 1 January 2003 333,161 Additions 28,716 Disposals (1,368) ------At 31 December 20003 360,509 ------DEPRECIATION At 1 January 2003 222,833 Charge for year 52,368 Elimination on disposal (470) ------At 31 December 2003 274,731 ------NET BOOK VALUE At 31 December 2003 85,778 ------At 31 December 2002 £110,328 ======6, FIXED ASSET INVESTMENTS - GROUP Listed investments £ Cost at 1 January 2003 - Additions 279,953 ------Cost at 31 December 2003 £279,953 ======Market value at 31 December 2003 was £278,005

7. DEBTORS Group Company 2003 2002 2003 2002 £ £ £ £ Subscriptions and international class fees receivable 16,015 30,454 14,100 26,825 Other debtors 79,192 65,920 65,920 65,920 Prepayments and accrued income 222,262 43,012 194,435 19,039 ------£317,469 £139,386 £274,455 £111,784 ======Within other debtors is an amount of £65,920 owed by A. Sundheim a director of the wholly owned subsidiary Sailing International Limited on which interest is being charged at 5.0% per annum, and is repayable over 15 years.

49 Notes to the Financial Statements

8. CASH ON DEPOSIT Group Company

2003 2002 2003 2002 £ £ £ £ Sterling balances 2,226,886 2,433,469 1,563,268 2,433,469 US Dollar balances 141 140 141 140 ------£2,227,027 £2,433,609 £1,563,409 £2,433,609 ======The exchange rate used at the year end is $1.6097 (2002: $1.49266)

9. CREDITORS: AMOUNTS Group Company FALLING DUE WITHIN ONE YEAR 2003 2002 2003 2002 £ £ £ £ Trade creditors 45,997 20,170 - 598 Other creditors 45,276 31,635 44,978 29,435 Other taxes and social security 12,970 45,268 - - Amount owed to subsidiary - - 32,941 28,692 undertaking UK Corporation tax 14,403 13,043 - - Accruals and deferred income 267,220 582,067 156,199 574,928 ------£385,866 £692,183 £234,118 £633,653 ======

10. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Other creditors 90,000 60,000 90,000 60,000 Accruals and deferred income 224,343 46,739 224,343 46,739 ------£314,343 £106,739 £314,343 £106,739 ======

11. PROVISION FOR LIABILITIES AND CHARGES Deferred taxation Accelerated capital allowances At 1 January 2003 5,630 - - - (Credit)/charge for year (2,630) 5,630 ------At 31 December 2003 £3,000 £5,630 £ - £ - ======

50 Notes to the Financial Statements

12. LIABILITY OF MEMBERS Every full member of the Federation undertakes to contribure such amount as may be required not exceeding £1 to the assets of the Federation if it should be wound up while they are a Full Member of within one year after they cease to be a Full Member, for payment of the Federation’s debts and liabilities contracted before they cease to be a Full Member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves.

The number of full members on 31 December 2003 was 106 (2002 : 197)

13. OPERATING LEASES - GROUP Land and Buildings Other 2003 2002 2003 2002 £ £ £ £ Annual commitment under - - - 7,469 operating leases expiring within one year Expiring after one year but within - - - - five years Expiring after five years 76,524 73,447 - - ======

14. SUBSIDIARY COMPANY At 31 December 2003 the company ownedthe whole of the issued share capital of ISAF (UK) Limited which is incorporated in Great Britain.

15. RECONCILIATION OF SURPLUS/(DEFICIT) FOR THE YEAR 2003 2002 TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES £ £ Operating deficit 74,379 (446,428) Depreciation 52,368 82,776 (Increase)/decrease in debtors (178,083) 35,416 (Decrease)/increase in creditors (97,746) 561,764 Interest received (83,998) (88,923) Dividends (5,200) ------Net cash (outflow)/inflow from operating activities £(238,280) £144,605 ======16. ANALYSIS OF CHANGES IN At 1 January Cashflow At 31 CASH 2003 December 2003 £ £ £ Cash at bank in hand 388,177 (265,818) 122,359 Cash on deposit 2,433,609 (206,582) 2,227,027 ------£2,821,786 £(472,400) £2,349,386 ======

51 Notes to the Financial Statements

17. RECONCILIATION OF NET CASH OUTFLOW TO MOVEMENT £ IN NET FUNDS Decrease in cash for year (472,400) ------Movement for the year (472,400) Net funds at 1 January 2003 £2,821,786) ------Net funds at 31 December 2003 £2,349,386 ======

18. MEMBERS’ FUNDS Accumu- Olympic Total lated Fund Revenue Fund £ £ £ At 1 January 2003 1,528,434 738,514 2,266,948 Surplus for the year 62,429 - 62,429 Transfer to Olympic Revenue 738,514 (738,514) - Fund ------£2,329,377 £ - £2,329,377 ======A donation from the International Olympic Committee was received during 2000 after the completion of the 2000 Olympic Games. The directors determined that the whole of the donation would be credited to a separate fund and released to the Income and Expenditure account in equal instalments in 2000, 2001, 2002 and 2003. 19. QUASI SUBSIDIARY During the year, the International Yachting Foundation (IYF) donated £942,413 to the ISAF Trust. The ISAF Trust is a quasi-subsidiary of the International Sailing Federation Limited. Profit and loss for the year ending 31 December 2003 £ Income Donation 942,413 Investment income 5,200 ------947,613 Expenditure Investment manager’s fees (2,180) ------Surplus for the year £945,433 ======Balance sheet as at 31 December 2003 £ Fixed asset investments - at cost 279,953 Debtors 2,978 Cash 663,618 Creditors (1,116) ------Net assets £945,433 ======

52 PART III 2004 BUDGET

1 January - 31 December 2004

53 Income

£ € MNA and Associate Member Subscriptions 175,000 262,500 Affiliated Member Subscriptions 1,000 1,500 ICA Subscriptions 10,000 15,000 New Class Application Fees 1,000 1,500 Licensed Builder Fees 12,000 18,000 Fees on New Boats Built 200,000 300,000 Olympic Solidarity 26,000 39,000 Publications & Technical Specifications 6,000 9,000 ISAF Merchandise 3,000 4,500 Special Events & Approval Fees 75,000 112,500 Marketing & Sponsorship 50,000 75,000 World Sailor of the Year Awards 75,000 112,500 Website 1,000 1,500 Evaluation Events 4,000 6,000 Copyright fees 2,000 3,000 Olympics 1,203,000 1,804,500 ITOs - Olympic Regatta 2004 90,000 135,000

TOTAL INCOME £1,934,000 €2,901,000

Expenditure

£ € Administration Salaries 460,000 690,000 Employment costs 110,000 165,000 Other staff costs 13,000 19,500 Office rent & rates 91,000 136,500 Office running costs (inc. heat, light & power) 21,000 31,500 Equipment rental & renewals 12,000 18,000 Travelling & entertaining 5,000 7,500 Telecommunications 17,000 25,500 Printing & stationery 15,000 22,500 Postage 17,000 25,500 Legal & professional fees 7,000 10,500 Audit & accountancy fees 23,000 34,500 Bank charges & interest 7,000 10,500 Depreciation 40,000 60,000 TOTAL Administration £838,000 €1,257,000

54 Expenditure

£ € Direct costs ISAF Meetings 155,000 232,500 Executive Committee Meetings 25,000 37,500 ISAF Review Board 1,000 1,500 Executive Expenses 30,000 45,000 Committees’ Activities 27,000 40,500 Race Officials Programme 55,000 82,500 Athletes Participation Programme 22,000 33,000 Special Events/Umpires Payments 5,000 7,500 America’s Cup (MNA Share) 0 0 ISAF Events 50,000 75,000 Evaluation Events 8,000 12,000 Marketing & Sponsorship 80,000 120,000 World Sailor of the Year 70,000 105,000 Awards Presentations 0 0 Media Relations/TV productions 30,000 45,000 Connect to Sailing 20,000 30,000 Website & IT Development 25,000 37,500 Insurance 45,000 67,500 Building Fees - Class & Designer Share 45,000 67,500 Plaques Purchased 2,000 3,000 Technical Specifications 2,000 3,000 Technical Inspection Programme 5,000 7,500 Olympic Solidarity - General 5,000 7,500 ISAF Goods 4,000 6,000 Publications 20,000 30,000 International subscription fees 3,000 4,500 Bad debts 2,000 3,000 TOTAL Direct costs £736,000 €1,104,000

Olympics Staff Salaries 48,000 72,000 Classes Administration 40,000 60,000 IOC Meetings 2,000 3,000 Olympic Regatta 2004 235,000 352,500 Future Olympic Regattas 5,000 7,500 Anti Doping Program 30,000 45,000 TOTAL Olympics £360,000 € 540,000

TOTAL EXPENDITURE £1,934,000 €2,901,000

(Exchange Rate for the 2004 Budget = Euro 1.5/£ 55 Income

Pie Chart indicating the breakdown of income as per the 2004 Budget.

Expenditure

Pie Chart indicating the breakdown of expenditure as per the 2004 Budget.

56