S
2017 Q1-Q3 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2017 (Expressed in Bahamian dollars) ASSETS Current Assets
As at Sep 30, 2017
As at Sep 30, 2016
Cash and cash equivalents
928,989
759,002
Accounts receivable
194,108
232,953
89,340
76,678
1,212,437
1,068,633
69,250
80,960
1,281,687
1,149,593
Accounts payable and accrued expenses
208,880
143,299
Prepaid maintenance fees and deposits
523,250
486,082
732,130
629,381
429
415
General reserve fund
421,554
404,252
Maintenance fund
127,574
115,545
549,557
520,212
1,281,687
1,149,593
Prepayments and deposits Total current assets Fixed assets, net TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities
Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 423 (2016: 415) shares issued and outstanding
Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND FOR THE 9 MONTHS ENDED SEPTEMBER 30, 2017 (Expressed in Bahamian dollars) REVENUE Maintenance fees Water and meters income
9 months to Sep 30, 2017 Actual
9 months to Sep 30, 2016 Actual
9 months to Sep 30, 2017 Budget
2,120,927
2,174,916
2,198,997
287,234
266,981
267,003
Other services
87,143
136,193
-
Miscellaneous income
27,424
27,171
6,750
2,522,728
2,605,261
2,472,750
Security expenses
589,748
581,242
605,250
Gardening expenses
376,747
332,858
353,250
Water & meters
308,635
250,252
250,497
Maintenance of common areas
287,610
278,845
320,247
Improvements
253,473
279,212
195,003
Painting expenses
165,725
146,843
164,250
Waste water management
133,851
155,154
226,503
51,300
63,061
63,000
2,167,089
2,087,467
2,178,000
355,639
517,794
294,750
Total revenue DIRECT EXPENSES
Garbage removal
Total direct expenses GROSS PROFIT OPERATING EXPENSES
186,433
182,905
186,003
Rent and utilities
28,450
31,513
28,503
Office & computer
19,079
18,818
24,750
Professional fees
16,915
17,405
18,747
Finance charges
8,910
9,330
9,747
Telephone & communications
8,632
11,756
12,753
Insurance
7,332
7,446
7,497
Other expense
2,250
-
2,250
Property & other taxes
1,938
1,000
747
(51,874)
122,076
-
Total operating expenses
228,065
402,249
290,997
NET MAINTENANCE FUND (DEFICIT)
127,574
115,545
3,753
Salaries, benefits & NI
Doubtful debts provision
Unaudited
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