S FINANCIAL STATEMENTS 2014 H1 unaudited
www.sandyportmanagement.com Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2014 (Expressed in Bahamian dollars)
As at Jun 30, 2014
As at Jun 30, 2013
Cash and cash equivalents
960,343
626,361
Accounts receivable
169,642
268,276
-
11,070
82,303
110,848
1,212,288
1,016,555
110,225
127,731
1,322,513
1,144,286
Accounts payable and accrued expenses
113,017
114,106
Prepaid maintenance fees and deposits
486,621
502,737
601,638
616,843
399
357
General reserve fund
534,125
430,632
Maintenance fund
186,352
96,455
Total shareholders’ equity
720,875
527,443
TOTAL
1,322,513
1,144,286
ASSETS Current Assets
Loan receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL
LIABILITIES AND EQUITY LIABILITIES Current Liabilities
Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 399 (2013: 357) shares issued and outstanding
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2014 (Expressed in Bahamian dollars)
6 months to Jun 30, 2014 Actual
6 months to Jun 30, 2014 Budget
6 months to Jun 30, 2013 Actual
1,338,696
1,298,526
1,322,812
222,408
200,193
212,205
Other services
91,445
25,284
37,955
Miscellaneous income
26,221
-
3,735
1,678,770
1,524,004
1,576,708
332,846
299,193
294,384
Gardening expenses
211,910
201,650
200,564
Water and meters
173,234
198,939
215,837
Improvements
171,950
183,750
153,463
Maintenance of common areas
166,328
174,576
181,224
Waste water management
109,309
150,888
150,244
Painting expenses
90,049
82,290
74,219
Garbage removal
33,000
33,000
33,000
1,288,625
1,324,285
1,302,934
390,144
199,719
273,774
105,678
114,414
104,307
Provision for doubtful accounts
26,725
1,185
-
Office & computer supplies
20,613
20,852
16,810
Rent & utilities
18,300
18,300
18,300
Professional fees
11,780
20,508
14,053
Telephone & communications
8,043
7,236
7,025
Finance charges
6,371
7,758
9,146
Insurance
5,438
4,797
4,913
1,000
500
1,000
(170)
-
1,766
Total operating expenses
203,779
195,551
177,320
NET MAINTENANCE FUND
186,366
4,168
96,454
REVENUE Maintenance fees Water & meters income
Total revenue
DIRECT EXPENSES Security expenses
Total direct expenses Gross Profit OPERATING EXPENSES Salaries, benefits & national insurance
Property & other taxes Other expenses
Unaudited
STAY IN TOUCH PO BOX SP 64016 SANDYPORT NASSAU, BAHAMAS
BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599
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WWW.SANDYPORTMANAGEMENT.COM
SANDYPORT HOMEOWNERS ASSOCIATION Serving our community