S
2017 H1 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2017 (Expressed in Bahamian dollars) ASSETS Current Assets
As at Jun 30, 2017
As at Jun 30, 2016
1,146,014
859,906
218,651
257,392
89,881
84,321
1,454,546
1,201,619
82,959
61,575
1,537,505
1,263,194
Accounts payable and accrued expenses
264,725
64,559
Prepaid maintenance fees and deposits
730,437
711,470
995,162
776,029
423
415
General reserve fund
421,560
404,252
Maintenance fund
120,360
82,498
542,343
487,165
1,537,505
1,263,194
Cash and cash equivalents Accounts receivable 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 6 MONTHS ENDED JUNE 30, 2017 (Expressed in Bahamian dollars)
6 months to June 30, 2017 Actual
6 months to June 30, 2016 Actual
6 months to June 30, 2017 Budget
1,437,840
1,390,419
1,465,998
192,311
246,488
178,002
Other services
63,234
89,098
Miscellaneous income
18,703
19,203
4,500
1,712,088
1,745,208
1,648,500
Security expenses
399,156
379,654
403,500
Gardening expenses
228,652
215,310
235,500
Improvements
210,869
194,390
130,002
Water & meters
209,276
170,631
166,998
Maintenance of common areas
179,486
192,752
213,498
Painting expenses
REVENUE Maintenance fees Water and meters income
Total revenue DIRECT EXPENSES
116,947
112,727
109,500
Waste water management
94,184
104,304
151,002
Garbage removal
34,200
42,000
42,000
1,472,770
1,411,768
1,452,000
239,318
333,440
196,500
Total direct expenses GROSS PROFIT OPERATING EXPENSES
122,835
121,094
124,000
Rent and utilities
18,900
18,900
19,000
Professional fees
Salaries, benefits & NI
11,310
11,170
12,500
Office & computer
9,361
10,758
16,500
Finance charges
6,236
6,690
6,500
Telephone & communications
5,624
7,802
8,500
Insurance
4,882
4,957
5,000
500
1,000
500
-
-
1,500
(60,691)
68,571
-
Total operating expenses
118,957
250,942
194,000
NET MAINTENANCE FUND (DEFICIT)
120,361
82,498
2,500
Property & other taxes Other expense
Doubtful debts provision
Unaudited
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