FINANCIAL STATEMENTS 2016 H1 unaudited
S
www.sandyport.management Serving our community
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2016 (Expressed in Bahamian dollars)
As at Jun 30, 2016
As at Jun 30, 2015
859,906
897,715
257,392
287,679
84,321
83,937
1,201,619
1,269,331
61,575
91,380
1,263,194
1,360,711
Accounts payable and accrued expenses
64,559
66,516
Prepaid maintenance fees and deposits
711,470
685,643
776,029
752,159
415
406
404,252
557,028
82,498
51,118
487,165
608,522
1,263,194
1,360,711
ASSETS Current Assets Cash and cash equivalents Accounts receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities
Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 415 (2015: 406) shares issued and outstanding General reserve fund Maintenance fund Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Unaudited
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2016 (Expressed in Bahamian dollars)
6 months to Jun 30, 2016 Actual
6 months to Jun 30, 2016 Budget
6 months to Jun 30, 2015 Actual
1,390,419
1,381,854
1,344,096
246,488
226,944
256,158
Other services
89,098
-
78,533
Miscellaneous income
19,203
4,117
17,957
1,745,208
1,612,915
1,686,744
Security expenses
379,654
397,110
358,961
Gardening expenses
215,310
216,078
217,348
194,390
75,000
119,989
Maintenance of common areas
192,752
213,414
215,594
Water & meters
170,631
203,844
197,035
Painting expenses
112,727
103,074
107,108
Waste water management
104,304
150,888
115,683
Garbage removal
42,000
42,000
42,000
Total direct expenses
1,411,768
1,401,408
1,373,718
Gross Profit
333,440
211,507
313,026
121,095
123,240
108,201
68,571
-
81,480
18,900
18,900
18,300
11,170
20,508
15,990
10,758
22,512
19,044
7,801
8,310
7,927
6,690
5,178
6,024
4,957
5,586
4,942
1,000
498
-
-
1,188
-
250,942
205,920
261,908
82,498
5,587
51,118
REVENUE Maintenance fees Water & meters income
Total revenue
DIRECT EXPENSES
Improvements
OPERATING EXPENSES Salaries, benefits & national insurance Provision for doubtful accounts Rent & utilities Professional fees Office & computer supplies Telephone & communications Finance charges Insurance Property & other taxes Other expenses 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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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community