WBF - World Bridge Federation

We have again suffered from the variations of the exchange rate of currencies (euro and US dollar) throughout 2005: most of our expenses are in the European area and they are now higher in dollars, but our income is, on the contrary, in US dollars most of the time and we have lost 25% of our normal income since 2002. There is in addition inflation, some normal cost increases (leases are revised every 3 years) and there are new projects to finance now, mainly for the youth, hence the necessity to adjust the dues in due course.

The Executive Council moved and seconded to increase the annual dues from the current $0.50 to a total of US$1.00 which increase will be implemented commencing in 2008 and completed by 2010. This was carried with four votes against.

Estoril

The entry fees in the Transnational were at a high level, thus we had a total income of $704,657 against the budget of $645,000.

But the organizational costs went up even more than the transnational entry fees ($295,449 against $225,000), which resulted in a final result of +$171,431 against the budget of $190,000. It was a success, both as an event and as a financial achievement. Nevertheless, it appears very clearly that without generous sponsors, we cannot cope.

-	Olympiad years (last one Istanbul) +$247,000 but after $368,000 of sponsorship: net minus $121,000.
-	Bermuda Bowl years (Estoril) +$171,000 after $370,000 of sponsorship: net minus $199,000.
-	World Championship years (Verona) the forecast is +$325,000 after $375,000 of sponsorship: net minus $50,000.

Member Countries

Dues: after consulting with the Zonal organizations and according to our By-Laws, I have cancelled the debts of the following countries which are then automatically suspended since they have been two full years without payment:

Zone 1:	Belarus and Ukraine
Zone 4:	Bahrain, Kuwait, Nepal and Palestine
Zone 5:	Haïti, Panama, Guyana and Surinam
Zone 8:	Tanzania

Some other countries are in arrears for dues or Worldwide Bridge Contest fees, but they are hopefully expected to put themselves in good standing before the end of this tournament.

Again, I must emphasize that the WBF needs to receive the payment of the annual dues in April at the latest: we have contracts, rents, general expenses and so on, the payment of which cannot be postponed while we wait for sufficient money in our accounts.

In the documents provided, you have
-	balance sheet and statement of revenue and expenditure for the year 2005
-	revised 2006 budget (second draft)

As you can see, we remain reasonably within our budgets.

Attachments:
-	balance sheet 2005
-	statement of revenue and expenditure
-	balance sheet of Estoril
-	revised 2006 budget (second draft)

Jean-Louis Derivery
WBF Treasurer
Verona, 15th June 2006