Statement of Revenue and Expenses

	Income
		Sponsorship	4		4,650
		Membership fees			2,810
		Competition fees			2,131
					9,754
	Expenses
		Team Canada expenses	5	5,096
		Legal	6	1,081
		Competition expenses		1,069
		Internet		389
		AIDA fees		75
		Bank charges		37
					(7,747)
	Net excess of revenue over expenditure				2,007
	Member’s equity – beginning of period				0
	Member’s equity July 31, 2001				2,007

Notes to the Financial Statements

1. Incorporation

Canadian Association of Freediving and Apnea (CAFA) was incorprated on June 30, 2000 as a non-profit organization.

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. Deposits Received

These deposits represent deposits received from competitive freedivers to secure their positions on Team Canada for the World Championships in Spain in October 2001. These deposits will go towards paying entry fees into the competition and associated expenses.

4. Sponsorship

Sponsorship represents cash contributions from sponsors towards expenses incurred in competing in the AIDA World Cup in France in October 2000. It does not represent sponsors who contributed equipment to the Team or sponsprships that team members may have received individually. It also includes one sponsorship for the World Championship in Spain in October 2001. These funds were used to pay expenses incurred by Team Canada, or distributed directly to the Team members.

Consists of:

Royal Canadian Legion	$1,000
Labatts	$250
Cayman Turtle Farm	$1,500
Individual Sponsors	$1,500
Miscellaneous Spain sponsor	$400
Total	$4,650

5. Team Canada Expenses

These expenses relate to expenses incurred by Team Canada primarily for the AIDA World Cup competition in France in October 2000. It also includes $400 for expenses relating to the AIDA World Championships in Spain

6. Legal

This expense represents the legal fees for incorporation and setting up of CAFA.