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.

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