CAFA Finance Report

Uncategorised

For the period from inception to 31 July 2001 and 1 August 2001 to 31 July 2002

Statement of Revenue and Expenses (unaudited)

Canadian Dollars
Note 31 July 2002 31 July 2001
Income
Sponsorship 5 5,536 4,650
Membership fees 3,587 2,810
Competition fees 900 2,131
Clothing sales (net) 26 –
Bank Interest received 3 3
Fundraising (net) – 160
10,052 9,754
Expenses
Team Canada expenses 6 4,020 5,096
Competition expenses 3,412 1,069
Internet 273 389
AIDA fees 167 75
Office expenses 165 –
Government fees 30 –
Advertising 10 –
Legal 7 – 1,081
Bank charges – 37
(8,077) (7,747)
8,077
Net excess of revenue over expenditure 1,975 2,007
Member’s equity – beginning of period 2,007 –
Member’s equity July 31, 2001 3,982 2,007
Trident Trust Company (Guernsey) Limited x
GB x

Notes to the Financial Statements

1. INCORPORATION
Canadian Association of Freediving and Apnea (CAFA) was incorporated on 30 June 2000 as a non-profit organization under Chapter II of the Canada Corporations Act.

The stated aim of CAFA is to further the development, saftey and promotion of the sport of freediving both within Canada and abroad.
2. ACCOUNTING PRINCIPALS
These financial statements have been prepared by the executive using the cash method of accounting.

No review or audit of these statements has been completed.
3. MERCHANDISE
2002 2001
Beginning inventory – –
CAFA clothing purchased during year 545 –
Cost of goods sold (26) –
Ending inventory 519 –
4. DEPOSITS RECEIVED
In fiscal 2001deposits of $600 represented funds received from competitive freedivers to secure their positions on Team Canada for the World Championships in Spain in October 2001.

These deposits were used in the year ended 31 July 2002 to pay the entry fees into the competition and associated expenses.
5. SPONSORSHIP
Sponsorship represents cash contributions from sponsors towards expenses incurred in competing in the AIDA competitions in France (October 2000) and Spain (2001). It does not include sponsorships of equipment to the team or sponsprships that team members may have received individually.

These funds were used to pay expenses incurred by Team Canada, or distributed directly to the Team members to offset expenses of travelling to these competitions.
2002 2001
Consists of: Royal Canadian Legion 1,000
Labatts 250
Cayman Turtle Farm 1,500
Individual sponsors 1,500
Miscellaneous 5,353 400
5,353 4,650
6. TEAM CANADA EXPENSES
These expenses relate to Team Canada’s expenses incurred in travelling to AIDA competitions.
7. LEGAL
This expense represents the legal fees for incorporation and setting up of CAFA for the year ended 31 July 2001