CAFA Finance Report
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. |
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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. |
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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. |
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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. |
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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 |