2006 ISAF Annual Report and Financial Statements Contents Part I - Committee Reports 1 President’s Message 3 Secretary General’s Report 5 Constitution Committee 18 Equipment Committee 19 Events Committee 20 2006 ISAF World Sailing Games 22 2006 Volvo Youth Sailing ISAF World Championship 24 ISAF Classes Committee 26 Match Racing Committee 27 Dexia Private Banking ISAF Women’s Match Racing World Championship 2006 29 ISAF Nations Cup 2006 30 Offshore Committee 31 ISAF Offshore Team World Championship 2006 33 Race Officials Committee 34 Racing Rules Committee 36 Regional Games Committee 37 Windsurfing Committee 38 Women’s Sailing Committee 39 Youth and Development Committee 40 2006 ISAF Approved World Champions 42 Part II - Accounts 45 Director’s Report 46 Independent Auditors’ Report to the Members of International Sailing Federation Limited 47 Consolidated Income and Expenditure Account 48 Consolidated Balance Sheet 49 Parent Balance Sheet 50 Consolidated Cash Flow Statement 51 Notes to the Financial Statements 52 Part III - 2007 Budget 59 Income 60 Expenditure 60 3 Part I Committee Reports President’s Message There were continents. Most importantly the ISAF Sailing numerous World Cup© will be a real partnership between achievements ISAF, event organizers, sailors, MNAs, classes, of note in 2006, media, sponsors and other stakeholders to many of which are promote the very exciting world of Olympic highlighted in this sailing. Annual Report. Most importantly Reflecting the increased professionalism of the sport of sailing sailing, I have appointed a working party to look continues to at the professional aspects of our sport, and flourish. to consider the services ISAF could provide, whether it be for sailors or event organizers or The world in which others involved in this arena. we operate will keep on being subject to rapid change, the Our sport has a proud track record of fostering nature of which may be difficult to predict. innovation and 2006 has been no different. ISAF’s aims to respond speedily and positively Whether it be developments in design and to opportunities and challenges as they appear. technology at the America’s Cup, the equipment The ongoing development of the ISAF Strategic being used to set new world speed records or Plan is a strong focus in enabling ISAF to the digital and graphic technology which will achieve its goals. help explain our sport, ISAF will continue to encourage innovation. Success relies on competent governance and through the Strategic Plan, ISAF has been Of significant note during 2006 have been reviewing the effectiveness of the organization the results achieved by nations who have not to ensure we have a sound structure able previously found themselves on the medal to deliver in the best interests of the sport. podium. I would specifically like to congratulate Through our decisions, combined with the best Lijia XU from China who won the gold medal interests of our sport, we must be aware of our at the Laser Radial World Championships this competition – the other sports and the other year. Her achievement marked the first World recreational interests for youth and the wider Championship title in an Olympic Class for population. China. The number of nations achieving at elite competition is increasing, and I applaud your The significant outcome of the ISAF Strategic successes. Plan during 2006 was the priority placed on marketing. Through the creation of a dedicated In the future, ISAF will increase its focus on the Marketing and Media department, ISAF aims development of the sport, through the work of the to realise the commercial potential of sailing. ISAF Committee and Secretariat, and initiatives We aim to increase the profile of the sport and such as the established Connect to Sailing develop strategic commercial alliances. ISAF programme. One of ISAF’s objectives is to will also ensure modern technology and the promote sailing as a major participatory lifetime opportunities of new media are embraced. sport and provide increased opportunities to participate. Development and participation are ISAF took a major step in 2006 with the decision the key to the ongoing success of our sport, and to introduce the ISAF Sailing World Cup. together we must ensure a sport of quality. Essentially, a world tour for Olympic Classes which will provide the platform Olympic sailing My thanks to the many dedicated volunteers so desperately needs between the Olympic with ISAF who support ISAF in our work. From Games. The ISAF Sailing World Cup will those out on the water managing the sport in launch in 2008 and will be further expanded in competition, to those reviewing the detail and future years to embrace host venues from all attending meetings regarding cross-border 3 President’s Message legislation which affects our sport, to those ISAF Council supporting the next generation of sailors - I pay Göran PETERSSON (SWE) - President tribute to you all. His Majesty King Harald V of Norway - President of Honour His Majesty King Constantine - President of Honour The volunteers within ISAF are of course a George ANDREADIS (GBR) - Vice-President Fiona BARRON (GBR) - Vice-President significant but small percentage of the vast David IRISH (USA) - Vice-President pool of volunteers around the world who ensure David KELLETT (AUS) - Vice-President the future of our sport. I would therefore also Teresa LARA (VEN) - Vice-President like to use this opportunity to thank the many Teo Ping LOW (SIN) - Vice-President & Treasurer Nucci NOVI CEPPELLINI (ITA) - Vice-President other supporters – sailors, MNAs, Classes, Chris ATKINS (GBR) Committee Members, Race Officials, Clubs, John CREBBIN (IRL) boating industry, sponsors – Thank You. Dierk THOMSEN (GER) Helmut JAKOBOWITZ (AUT) Kamen FILLYOV (BUL) Tomasz HOLC (POL) Jean-Pierre CHAMPION (FRA) Sergio GAIBISSO (ITA) Nazli IMRE (TUR) Gerardo POMBO (ESP) Henri VAN DER AAT (NED) Kim ANDERSEN (DEN) Carin HILDEBRAND (SWE) Göran Petersson Alexander KOTENKOV (RUS) ISAF President Saeed HAREB (UAE) Quanhai LI (CHN) Takao OTANI (JPN) Sailing – a lifetime’s sport Ajay BALRAM (IND) Joe BUTTERFIELD (NZL) David TILLETT (AUS) Maximo RIVERO KELLY (ARG) Harry ADLER (BRA) Jane MOON (CAY) Eric TULLA (PUR) Charles COOK (USA) Cory SERTL (USA) David SPRAGUE (CAN) Ross ROBSON (RSA) Jeff MARTIN (GBR) - ICC representative Philip TOLHURST (GBR) - Offshore representative Fiona KIDD (CAN) - Women’s representative ISAF Members 2006 Total at end of year Member National Authorities 121 Affiliate Continental Members 2 Affiliate Members 5 ISAF Executive Committee - left to right (back row) David Recognized Organizations 1 KELLETT (AUS), David IRISH (USA), Teo Ping LOW (SIN) (Treasurer), Arve SUNDHEIM (NOR) (Secretary General), Olympic Classes 9 His Majesty King Contantine (President of Honour), His Majesty King Harald V of Norway (President of Honour), International Classes 55 George ANDREADIS (GRE) - (front row) Teresa LARA (VEN), Recognized Classes 24 Nuci NOVI CEPPELLINI (ITA), Göran PETERSSON (SWE) (President) & Fiona BARRON (GBR). Classic Yacht Classes 3 © Per Heegaard/ISAF International Rating Systems 3 2006 ISAF Meetings Meeting Committees Venue Dates ISAF Annual Conference Council, Executive and all ISAF Committees Helsinki, Finland 2-12 November ISAF Mid-Year Meeting Council, Executive, Equipment & Events Committees Berlin, Germany 4-8 May Goteborg, Sweden 3-5 February ISAF Executive Executive Committee Estoril, Portugal 27 June Committee Meetings Southampton, Great Britain 1-3 September 4 Secretary General’s Report Council and World Match Racing Tour Executive ISAF gave its approval to the creation of the new Committee World Match Racing Tour to incorporate the ISAF Decisions World Match Racing Championship and ISAF There follows an Special Event status was granted. The Tour was overview of the key launched in February 2006. decisions affecting the sport taken by RS:X the ISAF Council The inaugural men’s and women’s World and Executive Championships for the RS:X, the equipment for Committee during the Olympic windsurfing event, were approved to 2006. be held in Italy in September 2006. Competition Race Offi cials Support was given to reviewing the fees paid to ISAF Sailing World Cup Umpires at graded match racing events to reflect Following on from the decision taken in November the professional commitment required to officiate 2005, the concept of the ISAF Sailing World Cup at high level events, with the first review taking for Olympic classes was further developed in 2006. place during 2007. The President remarked in his opening address to Council, ‘ISAF has to respond to the requirements Racing Rules of Sailing of being an Olympic sport and maximise the RRS Appendix P2.3 was amended to allow sailors Olympic opportunity’. The launch of the ISAF to continue in a regatta series after three RRS42 Sailing World Cup was supported as a vital step penalties, rather than being excluded from the towards meeting those challenges. entire series. The ISAF Sailing World Cup was approved as a Medal Race Format series of events combined under the umbrella of the World Cup, with Sail Melbourne, Rolex Miami Approval was given to extend the Medal Race OCR, Princess Sofia Trophy, Semaine Olympique format used at the Olympic Sailing Competition, to Française, Holland Regatta and Kiel Week all be used in a consistent format for the ISAF Sailing scheduled as part of the initial series, which will World Championships, Olympic Test Event and start no later than 2008. ISAF Grade 1 Olympic Class events. Regional Games Team Racing Underlining ISAF’s commitment to support women A new under-21 division was approved for the in sailing, when Olympic Equipment designated ISAF Team Racing World Championship, with for women is used at Regional Games, ISAF effect from 2007. will require that the Organizing Committees shall include the equipment in a separate women’s event in accordance with the Olympic Sailing Technical Competition programme In-House Certifi cation (IHC) Volvo Youth Sailing ISAF World Championships Approval was given to the IHC project and budget requirements and the project was launched in Approval was given to use the 29er for the boy’s June 2006.