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Annual Conference 20172
Summary9 Months
Actual9 Months Budget Variance -YTD
IncomeNormal Income 3,262,598 3,627,134 (364,535)Olympic Income - 1,360,605 (1,360,605)Total Income 3,262,598 4,987,739 (1,725,140)
ExpenditureDirect costs 2,878,780 3,135,457 (256,677)
Olympics & Paralympics 122,504 177,250 (54,746)Total Direct Costs 3,001,284 3,312,707 (311,423)
AdministrationAdministration 1,850,047 1,980,109 (130,062)Exceptional Items 396,474 460,000 (63,526)Total Administration Costs 2,246,521 2,440,109 (193,588)
Total Expenditure 5,247,806 5,752,816 (505,011)
Operational Surplus/(Deficit) (1,985,207) (765,078) (1,220,129)Exchange Gains/(Losses) (744,520) 0 (744,520)Surplus / (Deficit) (2,729,727) (765,078) (1,964,649)
Annual Conference 20173
Income
9 months Actual
9 MonthsBudget
Subscriptions 306,602 305,200Olympic receipts 0 1,360,605Special event income 1,377,839 1,070,030Investment income 1,177 74,574Other income 267,881 311,739Sponsorship 1,309,100 1,865,591Total £3,262,598 £4,987,739
0 500,000 1,000,000 1,500,000 2,000,000
Subscriptions
Olympic receipts
Special event income
Investment income
Other income
Sponsorship
9 Months Budget 9 months Actual
Annual Conference 20174
Expenditure
9 months Actual
9 MonthsBudget
Governance 451,134 309,203Olympic costs 159,918 222,250Special event cost 1,435,200 1,477,527Other Direct costs 952,351 1,303,727Employment Costs 1,184,016 1,524,925Other Administrative Costs 666,031 455,185Exceptional Items 396,474 460,000Total £5,247,806 £5,752,816
0 500,000 1,000,000 1,500,000 2,000,000
Governance
Olympic costs
Special event cost
Other Direct costs
Employment Costs
Other Administrative Costs
Exceptional Items
9 Months 9 months Actual
Annual Conference 20175
Account Name Company £
Short Term Investments < One Year IOM 0NW Business a/c UK 88,507NW Current a/c IOM 293,955NW Fixed Capital IOM 33,276NW Capital Res a/c IOM 0NW Foreign Currency Account IOM 7,111,379IEM Current a/c Events 67,178IEM multi currency a/c Events 500,774Paypal Accounts Events 19,674Petty Cash UK 82Total 8,114,824
Currency HeldAUD 1,233CAD 1,443EURO 641,115GBP 641,558NZD 28,894USD 6,800,581Total 8,114,824
Short term reserves
Annual Conference 20177
2017-2020 Quad Approved 11/162017 2018 2019 2020 2017-2020BUDGET BUDGET BUDGET BUDGET Forecast£ £ £ £ £
OPERATING INCOME
Subscriptions 305,200 305,200 305,200 305,200 1,220,800Olympic receipts 1,360,605 0 0 10,825,753 12,186,359Income from special events 298,373 1,148,373 298,373 573,373 2,318,491Investment Income 116,318 130,761 83,574 69,533 400,186Other Income 420,350 420,350 420,350 420,350 1,681,400Sponsorship 2,504,091 2,850,000 2,875,000 3,370,909 11,600,000
Total Income 5,004,937 4,854,684 3,982,497 15,565,118 29,407,236
DIRECT COSTS
Governance 422,353 422,353 422,353 422,353 1,689,412Olympic Costs 260,000 360,000 260,000 585,000 1,465,000Special Events 1,175,347 1,302,036 1,230,077 1,270,590 4,978,050Other Direct Costs 1,653,000 1,501,500 1,539,500 1,607,075 6,301,075Sponsorship 244,000 199,000 199,000 199,000 841,000
Total Expenditure 3,754,700 3,784,889 3,650,930 4,084,018 15,274,537
ADMINISTRATIVE COSTS
Employment costs 1,911,566 2,007,144 2,107,501 2,212,876 8,239,088Other Administrative costs 657,746 657,746 657,746 657,746 2,630,984
Total Administrative Costs 2,569,312 2,664,890 2,765,247 2,870,622 10,686,072
Fair Value Adjustments / Exceptional Items 460,000 0 0 0 460,000
DEFICIT FOR THE YEAR BEFORE TAXATION -1,779,075 -1,595,095 -2,433,680 8,610,477 2,986,627
TAXATION CHARGE 0 0 0 0
SURPLUS / (DEFICIT) FOR THE YEAR -1,779,075 -1,595,095 -2,433,680 8,610,477 2,986,627
Annual Conference 20178
2018-2020 Budget Review• Key factors
• After an extensive research and benchmarking exercise, London was selected as the new location for the World Sailing Executive office
• Significant initiative to move the Executive office from Southampton to London after 20 years• Office move brought additional one-off approved costs amounting to £490k (excluding capital
expenditure) in staff restructuring, relocation and also the replacement of an ageing technology infrastructure
• 2017 also saw an increase in the new Board activities as a consequence of it being the first working year of the new Board. In addition increased costs of the mid-year meeting and conference. Total governance costs are forecast to have increased by £447k in 2017
• The commercial strategy has begun to bear fruit with 4-year Tier 1 sponsorship deals signed with SAP, Volvo and Rolex worth £4.3m and a healthy pipeline of further commercial partners developing to ensure we are well placed to achieve our commercial targets for the quadrennial
• However, Gazprom have exercised their right to terminate the sponsorship agreement at the end of 2017
Annual Conference 20179
2018-2020 Overview• Some reductions in activity and a more conservative approach to staffing in
2018-2020 is required whilst we replace Gazprom sponsorship revenues• Commercial income plan scrutinsed and we remain confident at this time that
this plan is achievable
Annual Conference 201710
2017-2020 Quad New 11/172017 2018 2019 2020 2017-2020
Reforecast Reforecast Reforecast Reforecast Reforecast
£ £ £ £
OPERATING INCOME
Subscriptions 307,000 307,200 316,394 316,394 1,246,988Olympic receipts 0 0 0 12,236,608 12,236,608Income from special events 1,617,078 2,712,250 1,343,331 1,518,331 7,190,990Builders/technical fees 258,100 272,000 312,000 314,000 1,156,100Other Income 191,203 228,750 229,250 229,250 878,453Sponsorship 1,989,100 2,825,542 3,421,542 3,997,542 12,233,725
Total Income 4,362,481 6,345,742 5,622,516 18,612,124 34,942,864
DIRECT COSTS
Governance 1,110,760 711,100 671,100 671,100 3,164,060Olympic Costs 100,000 148,600 143,000 443,000 834,600Special Events 2,525,619 3,436,513 2,005,553 2,005,553 9,973,239Other Direct Costs 1,657,377 1,991,750 1,862,750 1,938,750 7,450,627Sponsorship
Total Expenditure 5,393,756 6,287,963 4,682,403 5,058,403 21,422,526
ADMINISTRATIVE COSTS
Employment costs 1,638,957 2,247,251 2,269,698 2,362,133 8,518,039Other Administrative costs 912,646 1,112,641 1,081,089 1,088,011 4,194,387Depreciation 179,803 82,755 82,700 82,700 427,958
Total Administrative Costs 2,731,406 3,442,647 3,433,486 3,532,844 13,140,384
Exceptional Items 489,923 0 0 0 489,923
Surplus / (Deficit) for the year before taxation -4,252,604 -3,384,868 -2,493,374 10,020,876 -109,969
TAXATION CHARGE 0 0 0 0
SURPLUS / (DEFICIT) FOR THE YEAR -4,252,604 -3,384,868 -2,493,374 10,020,876 -109,969
CONSOLIDATED INCOME STATEMENT
Quad Income Comparison 11/16 Vs 11/17
Annual Conference 201711
-
4,000,000
8,000,000
12,000,000
16,000,000
2017-20 New 2017-20-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2017-20 New 2017-20
Sponsorship
Other Income
Income from special events
Olympic receipts
Subscriptions
Quad Direct Costs Comparison 11/16 Vs 11/17
Annual Conference 201712
0
4,000,000
8,000,000
12,000,000
16,000,000
20,000,000
Old 2017-2018 New 2017-2018
Comm/Mrkt/Sponsors
Training/Devel/Technical
Events
Olympics
Committes, Board meetings & Conference
0
4,000,000
8,000,000
12,000,000
Old 2017-2018 New 2017-2018
Quad Administration Costs Comparison 11/16 Vs 11/17
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Old 2017-20 New 2017-20
Bank & Invstm chargesDepreciation
IT (hrdw/sftw/mainten)
Printing & Postage
Office Running Costs/UtilitiesOffice Costs - Rent, rates, etcProfessional/Insurance/Legal FeesTravel
Staff salaries/NI/pension
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
Old 2017-20 New 2017-20
Annual Conference 201713
Annual Conference 201714
2018 OverviewCONSOLIDATED INCOME STATEMENT 2018
OPERATING INCOMESubscriptions 307,200Olympic receipts 0Income from special events 2,712,250Builders/technical fees 272,000Other Income 228,750Sponsorship 2,825,542Total Income 6,345,742
DIRECT COSTSGovernance 711,100Olympic Costs 148,600Special Events 3,436,513Other Direct Costs 1,991,750Sponsorship 0Total Expenditure 6,287,963
ADMINISTRATIVE COSTSEmployment costs 2,247,251Other Administrative costs 1,112,641Depreciation 82,755Total Administrative Costs 3,442,647
SURPLUS / (DEFICIT) FOR THE YEAR -3,384,868
Annual Conference 201715
2018 Income
2017 2018Subscriptions 307,000 307,200Olympic receipts 0 0Special event income 1,617,078 2,712,250Builders/technical fees 258,100 272,000Other income 191,203 228,750Sponsorship 1,989100 2,825,542Total £4,362,481 £6,345,742
5%
0%
43%
4%
4%
45%
0% 20% 40%
Subscriptions
Olympic receipts
Special Events Income
Builders/Technical Fees
Other income
Sponsorship
Annual Conference 201716
2018 Direct Costs2017 2018
Committees, Board meetings & Conference 1,110,760 711,100Olympics 100,000 148,600Events 2,525,619 3,436,513Publications & Merchandise 15,000 25,000Builders & Technical Fees 70,500 99,750Broadcast, Marketing & Communications 490,000 264,000Website - Rebuild 20,000 165,000Training and Development 541,877 361,000Sustainability 40,000 50,000Paralympic Development 80,000 87,000Race Officials Programme 60,000 50,000Events Sport Impact & accreditation 55,000 40,000Sponsorship 285,000 850,000Total £5,393,756 £6,287,963
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2017 2018
Sponsorship
Events Sport Impact & accreditation
Other direct costs
Events
Olympics
Committes, Board meetings & Conference
2017 2018Employment costs 1,638,957 2,247,251Travel 28,776 32,700Professional, Insurance & Legal Fees 167,763 172,000Office Costs - Routine, rent, rates etc. 400,332 547,100Employee Benefits and HR administration 82,000 107,756Office Running Costs, utilities and communication 64,431 63,658Printing & Postage 15,000 16,000IT website/computer/hardware support & software licenses
125,000 144,027
Depreciation 179,803 82,755Bank Charges & Investment Charges 29,344 29,400
£2,731,406 £3,442,647
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000
Employment costs
Travel
Professional, Insurance & Legal Fees
Office Costs - Rent, rates, etc
Office Running Costs/Utilities
Printing & Postage
IT (hardware/software/mainten)
Depreciation
Bank Charges & Investment Charges
2018 2017
Annual Conference 201717
2018 Administration Costs
Annual Conference 201719
Value at 30 September 2017
Value 30/09/2017 Value 30/09/2016
Baker Tilly IOM Trusts Ltd ATO ISAF Trust - EUR, IM10078 622,600 (Euros) 615,338 (Euros)
Baker Tilly IOM Trusts Ltd ATO ISAF Trust - GBP, IM10077 1,653,120 (GB Pounds) 1,658,310 (GB Pounds)
Annual Conference 201721
MNA Subscription Debtors at 31 October 2017
MNA Subscriptions Amount (GB£)Federacao Angolana de Vela 750 Botswana Yacht Racing Association 300 Federation Djiboutienne de Voile et des Sports Nautique 456 Iran Canoeing, Rowing and Sailing Federation 1,500 Kenya Yachting Association 300 Kosovo Sailing Federation 100 Macedonia Sailing Association 900 Madagascar Yachting and Rowing Squad 100 Mauritius Yachting Association 300 Nigeria Rowing Canoe and Sailing Federation 900 Yacht Racing Association DPR Korea 1,025 Federation Senegalaise De Voile 425 Federacion Venezolana de Vela 750 St Vincent and Grenadines Sailing Association 100 Sailing Association of Zimbabwe 100 Anguilla Sailing Association 100
Annual Conference 201722
Class Subscription Debtors at 31 October 2017
Class Subscriptions Amount (GB£)O'pen Bic Class Association 200 International Soto 40 Class 200 Nautor Holding Srl 200
Annual Conference 201723
Other MNA Debtors at 31 October 2017
Insurance Rio 2016 Olympic Games Amount (GB£)Cayman Islands Sailing Club 140 Malaysian Sailing Association 482 Trinidad & Tobago Sailing Association 258 Federacion Venezolana de Vela 263
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