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SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
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6. CASH AND CASH EQUIVALENTS
As at December 31, 2022, cash at bank is comprised of following balances:
The Homeowners Association does not earn interest on cash at bank at the prevailing market interest rates. The current accounts earned no interest during the years ended December 31, 2022 and December 31, 2021. The Homeowners Association’s current account is non-interest bearing.
7. ACCOUNTS RECEIVABLE
Accounts receivable consist of the following balances:
The movement in the provision for doubtful accounts is as follows: made
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
8. FINANCIAL INSTRUMENT BY CATEGORY
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
8. FINANCIAL INSTRUMENT BY CATEGORY (CONTINUED)
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
9. FIXED ASSETS AND RIGHT-OF-USE-ASSET
The movement in fixed assets and right-of-use asset during the year is as follows: expense by functional categories is comprised of the balances:
10. PREPAID MAINTENANCE FEES AND DEPOSITS
Prepaid maintenance fees and deposits are comprised of the following balances:
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
11. LEASE LIABILITY
The Homeowners Association rents office space from Artech Bahamas Ltd. at $41,760 per annum, inclusive of electricity and water. The lease will expire on August 31, 2024.
Set out below is the carrying amount of the lease liability and the movement during the year:
The following are the amounts recognized in the statement of maintenance fund:
12. DEFERRED INCOME
Deferred income of $379,649 represent maintenance fee income of $10,918 and special assessment fee income for the road project of $368,731 to be recognized in 2023.
13. GENERAL RESERVE FUND
This amount represents a reserve established to provide for future contingencies.
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
15. MAINTENANCE OF COMMON AREAS
The expenses associated with the maintenance of common areas are comprised of the following balances :
16. GARDENING EXPENSES
Gardening expenses are comprised of the following balances:
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
NOTES TO THE AUDITED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2022
(Expressed in Bahamian Dollars)
17. WATER AND METERS
Water and meters expenses are comprised of the following balances:
18. PAINTING EXPENSES
Painting expenses are comprised of the following balances:
19.
Waste water management expenses are comprised of the following balances:
20. CONTINGENT LIABILITY
Seawall – With the exception of a few unstable and incomplete sections of the wall noted in an engineer’s report commission by the Homeowners Association, the seawall is in fair condition with primary corrosion damage to the coping beam. Engineers have advised that the durability and appearance of the wall can be improved significantly by completing the noted repairs and coating the concrete surface. The overall cost of the repairs has not been fully quantified. The seawall is repaired by request, according to the assessment given by the contractor and based on the level of the damage to the retaining wall.
