S FINANCIAL STATEMENTS 2015 H1 unaudited
www.sandyportmanagement.com Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2015 (Expressed in Bahamian dollars)
As at Jun 30, 2015
As at Jun 30, 2014
Cash and cash equivalents
897,715
960,343
Accounts receivable
287,679
169,642
83,937
82,303
1,269,331
1,212,288
91,380
110,225
1,360,711
1,322,513
Accounts payable and accrued expenses
66,516
113,017
Prepaid maintenance fees and deposits
685,643
488,621
752,159
601,638
406
399
557,028
534,125
51,118
186,352
Total shareholders’ equity
608,522
720,875
TOTAL
1,360,711
1,322,513
ASSETS Current Assets
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, 406 (2014: 399) shares issued and outstanding General reserve fund Maintenance fund
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2015 (Expressed in Bahamian dollars)
6 months to Jun 30, 2015 Actual
6 months to Jun 30, 2015 Budget
6 months to Jun 30, 2014 Actual
1,344,096
1,348,892
1,338,696
256,158
226,633
222,408
Other services
78,533
25,284
91,445
Miscellaneous income
17,957
-
26,221
1,686,744
1,600,809
1,678,770
Security expenses
358,961
346,767
322,846
Gardening expenses
217,348
209,417
211,910
Maintenance of common areas
215,594
180,137
166,328
Water & meters
197,035
198,939
173,234
Improvements
119,989
150,000
171,950
Wastewater management
115,683
150,888
109,309
Painting expenses
107,108
86,896
90,049
Garbage removal
42,000
42,000
33,000
Total direct expenses
1,373,718
1,365,044
1,288,625
Gross Profit
313,026
235,765
390,144
108,201
123,239
105,678
Provision for doubtful accounts
81,480
20,915
26,725
Office & computer supplies
19,044
22,263
20,613
Rent & utilities
18,300
18,300
18,300
Professional fees
15,990
20,508
11,780
7,927
7,758
8,043
Finance charges
6,024
4,541
6,371
Insurance
4,942
5,256
5,438
Other expenses
-
1,185
(170)
Property & other taxes
-
500
1,000
261,908
224,465
203,779
51,118
11,300
186,366
REVENUE Maintenance fees Water & meters income
Total revenue
DIRECT EXPENSES
OPERATING EXPENSES Salaries, benefits & national insurance
Telephone & communications
Total operating expenses NET MAINTENANCE FUND
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