2022 Quarter 1 Budget Actual INCOME Maintenance Fees (quarterly) VAT Monthly Packages Service Sales (including Spa, repairs, painting etc.)
-£ 91,830.00- -£ 100,600.00- Actual fees collected Q1. This figure includes owners who choose to pay annually in advance etc -£ 9,183.00- -£ 10,575.00-£ 12,000.00- -£ 12,900.00- 208 Apartments with additional maintenace packages -£ 10,500.00- -£ 24,611.00- Income exceeded budget due to increase in Spa services plus extra services provided by TM including property maintenance, renovations, new kitchens, painting, furtniture design packs etc
TOTAL INCOME
-£ 105,147.00- -£ 127,536.00-
EXPENSES Salaries Net Salaries Provident Fund Salary Tax Social Security Employer Share Performance Bonus Total Salaries
-£ 57,000.00- -£ 70,138.00-£ 6,000.00- -£ 6,262.00-£ 6,900.00- -£ 8,277.00-£ 4,200.00- -£ 13,270.00-£ - - -£ - -£ 74,100.00- -£ 97,947.00-
Increase due to minimum salary rise in January 2022 from 4970tl to 7000tl. No large increase as foreign workers make up large % of workforce. Related to Minimum wage increase. Related to Minimum wage increase.
Administrative Expenses Staff Meals Expenses + Beverage+ Kitchen Small Inventory/ Fixtures Tractor Trailer Stationary Expenses Spa Expenses Travel Expenses Uniform Expenses Car & Communal Area Fuel Expense Total Administrative Expenses
-£ -£ -£ -£ -£ -£ -£ -£ -£
Increase due to high inflation in TRNC Purchased washing machine and tumble dryer for laundry,
Operational Expenses Insurance Electricity Fixed Assets Computer Consulting Expenses Internet Expenses Mobile Expenses Office Machine Service and Repair Expenses Software Website Hosting Visitt Cleaning Material Expenses Laundry Garden and Park Expenses Outdoor Furniture Expenses Communal Area Activity Expenses Electrical Service Expenses Elevator Repair and Service Pool Services Water Bank Expenses/ Charges Pest Control Threatment and Medicine Expenses Spa Central Heating System Other Expenses Total Operational Expenses
-£ 3,450.00- -£ 3,396.00-£ 12,000.00- -£ 9,384.00-£ - - -£ 2,788.00-£ 900.00- -£ 450.00-£ 3,000.00- -£ 2,367.00-£ 600.00- -£ 406.00-£ 150.00- -£ 125.00-£ 810.00- -£ 793.00-£ 1,500.00- -£ 1,435.00-£ 1,600.00- -£ 885.00-£ 1,950.00- -£ 1,383.00-£ 1,350.00- -£ 558.00-£ 900.00- -£ 1,319.00-£ 500.00- -£ 150.00-£ - - -£ 1,118.00-£ 900.00- -£ 343.00-£ 2,700.00- -£ 4,726.00-£ 1,950.00- -£ 1,051.00-£ 6,500.00- -£ 2,522.00-£ 1,500.00- -£ 2,148.00-£ 600.00- -£ 380.00-£ - - -£ 1,235.00-£ - - -£ 2,300.00-£ 4,500.00- -£ 4,592.00-£ 47,360.00- -£ 47,378.00-
TOTAL EXPENSES TOTAL ACTUAL INCOME EXPECTED CASH FLOW OUTSTANDING MF INVOICES (LESS THEN 3 MONTH) 3% DEFAULT NET REMAINING PROFIT/LOSS FOR THE QUARTER Tavor Properties TO Tavor Management
3,000.001,050.00- - - - - 1,350.005,400.00-
-£ 4,620.00-£ 1,113.00-£ 1,305.00-£ 430.00-£ 847.00-£ 696.00-£ 95.00-£ 1,821.00-£ 13,483.00-
New professional manicure products & equipment purchased (Shellac) EMITT 2022 Conference Fuel increase in TRNC from 10tl to 19tl since December
Costs reduced by restrcting lighting hours and LED bulbs Includes CCTV camera system improvements and cameras, Seat Benches, Car Park Bird Laser system Payments were invoiced in TL so benefited from the exchange rate. Q2 Suplier now invoicing in GBP due to losses he was incurring.
TM and Rentals website. Rentals hosting will be paid for by TP from May 1st.
Reduced as doing spa laundry on site.
New batteries, brushes and other equipment were purchased for the block cleaning machines Normal servicing plus repair due to poweroutage (Insurance claim submitted for 1700gbp Q2.) TM staff are doing more cleaning in house as oppose to contracting out. Winter season, budget evens out over the four quarters.
PCR Test for staff, blood tests for SPA ladies etc. Damage due to poweroutage (Insurance will refund Q2) Sewage removal, cleaning outside units of aircon etc
-£ 126,860.00- -£158,808.00-£ 127,536.00-£ 31,272.00-£ 8,910.00- We expect to collect within 4 weeks of Q2 so owners avoid disconnection of services & interest charges. -£ 3,285.30- Percentage % of debt from 11 apartments in Q1 -£ 25,647.30-
OUTSTANDING MF INVOICES (MORE THEN 3 MONTH) TP SUBSIDY TP LOAN FROM 2020 TO COVER OUTSTANDING DEBTORS ACTUAL SUBSIDY AFTER DEDUCTING LOAN
-£ -£ -£ -£
NET REMAINING PROFIT/ LOSS
-£
ACTUAL MAINTENANCE FEES PAYABLE PER QUARTER
59,873.00- Historical debt courtcases outstanding. (TP gave intercompany loan of 70K in 2020 to cover, TM paying back Quarterly from subsidy.) 37,500.00- 12500 PER MONTH FOR 2022(150K ANNUAL) 12,000.00- 4000 PER MONTH DEDUCTED TO REPAY THE ORIGINAL LOAN(28,000 FOR 7 MONTH LEFT) 25,500.00147.30-
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