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2018 Q1 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2018 (Expressed in Bahamian dollars) ASSETS Current Assets Cash and cash equivalents Accounts receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL ASSETS
As at Mar 31, 2018
As at Mar 31, 2017
1,367,694
1,231,323
234,549
221,970
92,860
159,481
1,695,103
1,612,774
82,517
86,433
1,777,620
1,699,207
66,658
183,149
1,009,018
961,532
1,075,676
1,144,681
LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities Accounts payable and accrued expenses Prepaid maintenance fees and deposits Total current liabilities
SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 430 (2017: 422) shares issued and outstanding General reserve fund Maintenance fund Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Unaudited
430
422
706,575
421,562
(5,061)
132,542
701,944
554,526
1,777,620
1,699,207
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND FOR THE 3 MONTHS ENDED MARCH 31, 2018 (Expressed in Bahamian dollars)
3 months to Mar 31, 2018 Actual
3 months to Mar 31, 2017 Actual
3 months to Mar 31, 2018 Budget
Maintenance fees
720,859
708,851
734,499
Water and meters income
112,636
85,892
94,998
48,968
40,297
12,498
9,436
10,721
-
891,899
845,761
841,995
Security expenses
195,987
190,522
201,750
Gardening expenses
123,943
107,855
129,999
Waste water management
112,411
38,236
68,748
Water & meters
REVENUE
Other services Miscellaneous income Total revenue DIRECT EXPENSES
106,065
98,857
102,999
Maintenance of common areas
93,653
91,568
108,249
Improvements
92,099
77,199
56,250
Painting expenses
50,423
60,937
55,248
Garbage removal
17,100
17,100
17,250
Total direct expenses
791,681
682,274
740,493
GROSS PROFIT
100,218
163,487
101,502
Salaries, benefits & NI
64,736
62,428
63,750
Rent and utilities
10,017
9,450
9,750
Doubtful debts provision (recovery)
9,372
(59,884)
Office & computer
6,178
4,241
8,250
Professional fees
6,145
5,505
6,249
Telephone & communications
3,022
2,491
4,248
Insurance
2,958
2,437
2,499
Finance charges
2,601
4,027
3,249
250
250
750
-
-
750
105,279
30,945
99,495
(5,061)
132,542
2,007
OPERATING EXPENSES
Property & other taxes
Other expense Total operating expenses NET MAINTENANCE FUND (DEFICIT) Unaudited
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