S
2018 H1 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2018 (Expressed in Bahamian dollars) ASSETS Current Assets
As at Jun 30, 2018
As at Jun 30, 2017
1,200,101
1,146,014
222,058
218,651
78,418
89,881
1,500,577
1,454,546
71,032
82,959
1,571,609
1,537,505
Accounts payable and accrued expenses
108,089
264,725
Prepaid maintenance fees and deposits
757,900
730,437
865,989
995,162
434
423
706,571
421,560
(1,385)
120,360
705,620
542,343
1,571,609
1,537,505
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, 430 (2017: 423) 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, 2018 (Expressed in Bahamian dollars) REVENUE Maintenance fees Water and meters income
6 months to Jun 30, 2018 Actual
6 months to Jun 30, 2017 Actual
6 months to Jun 30, 2018 Budget
1,462,932
1,437,840
1,468,998
221,300
192,311
189,996
Other services
81,964
63,234
24,996
Miscellaneous income
16,453
18,703
-
1,782,649
1,712,088
1,683,990
Security expenses
399,610
399,156
403,500
Gardening expenses
246,419
228,652
259,998
Improvements
220,083
210,869
112,500
Water & meters
215,878
209,276
205,998
Maintenance of common areas
186,536
179,486
216,498
Waste water management
Total revenue DIRECT EXPENSES
169,243
94,184
137,496
Painting expenses
95,961
116,947
110,496
Garbage removal
34,200
34,200
34,500
1,567,930
1,472,770
1,480,986
214,719
239,318
203,004
Total direct expenses GROSS PROFIT OPERATING EXPENSES
132,863
122,835
127,500
Doubtful debts provision (recovery)
20,522
(60,691)
-
Rent and utilities
19,500
18,900
19,500
Office & computer
14,156
9,361
16,500
Professional fees
Salaries, benefits & NI
11,950
11,310
12,498
Telephone & communications
6,044
5,624
8,496
Insurance
5,403
4,882
4,998
Finance charges
5,166
6,236
6,498
500
500
1,500
-
-
1,500
216,104
118,957
198,990
(1,385)
120,361
4,014
Property & other taxes
Other expense Total operating expenses NET MAINTENANCE FUND (DEFICIT) Unaudited
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