2004 CAFA Annual General Meeting

October 10, 2004

Statement of Revenue and Expenses

For the year ended June 30, 2004

Canadian Dollars
30 June 2004 30 June 2003
Income
Sponsorship - -
Membership fees 1,593 2,849
Team Fees - 2,324
Pool Training fees 160 (212)
Competition fees 3,136 3,165
Record fees 50 -
Bank Interest received 3 3
Fundraising (net) 1,164 (308)
Judge-in-learning fees - 250
6,105 8,071
Expenses
Team Canada expenses - 1,928
Competition expenses 3,107 1,354
Internet expenses 271 383
AIDA fees 146 -
Office expenses 217 27
Government fees - 60
Advertising 538 95
Insurance 2,168 1,800
6,447 5,647
Net excess of revenue over expenditure (342) 2,424
Member's equity - beginning of period 6,406 3,982
Member's equity June 30, 2004 6,064 6,406

Notes to the Financial Statements

For the year ended June 30, 2004

1. INCORPORATION
The Canadian Association of Freediving and Apnea (CAFA) was incorporated on 30 June 2000 as a non-profit national organization under Part II of the Canada Corporations Act.
The stated aim of CAFA is to further the development, safety and promotion of the sport of freediving both within Canada and abroad.
2. ACCOUNTING PRINCIPLES
These financial statements have been prepared by the executive using the cash method of accounting.
3. TEAM CANADA EXPENSES
Last year's expenses relate to expenses incurred by Team Canada primarily for the Pacific Cup competition in Kona, Hawaii in October 2002.
4. 2004 WORLD COMPETITION
With the competition taking place in August 2004 after this year end, those fees received and costs expended in advance have been deferred on the Balance Sheet, and will expensed against the final accounting of all costs and income next year.

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