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2018 Q1-Q3 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2018 (Expressed in Bahamian dollars) ASSETS Current Assets
As at Sep 30, 2018
As at Sep 30, 2017
1,039,490
928,989
214,267
194,108
78,432
89,340
1,332,189
1,212,437
58,838
69,250
1,391,027
1,281,687
Accounts payable and accrued expenses
190,799
228,523
Prepaid maintenance fees and deposits
484,678
503,607
675,477
732,130
436
429
706,567
421,554
8,547
127,574
715,550
549,557
1,391,027
1,281,687
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, 436 (2017: 429) 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 9 MONTHS ENDED SEPTEMBER 30, 2018 (Expressed in Bahamian dollars)
9 months to Sep 30, 2018 Actual
9 months to Sep 30, 2017 Actual
9 months to Sep 30, 2018 Budget
2,202,752
2,120,927
2,203,497
Water and meters income
307,214
287,234
284,994
Other services
106,436
87,143
37,494
24,641
27,424
2,641,043
2,522,728
2,525,985
Security expenses
599,555
589,748
605,250
Gardening expenses
371,721
376,747
389,997
Maintenance of common areas
319,620
287,610
324,747
Water & meters
306,081
308,635
308,997
Improvements
282,367
253,473
168,750
Waste water management
218,056
133,851
206,244
Painting expenses
145,122
165,725
165,744
Garbage removal
52,500
51,300
51,750
2,295,022
2,167,089
2,221,479
346,021
355,639
304,506
REVENUE Maintenance fees
Miscellaneous income Total revenue DIRECT EXPENSES
Total direct expenses GROSS PROFIT OPERATING EXPENSES
205,204
186,433
191,250
Doubtful debts provision (recovery)
34,574
(51,874)
-
Rent and utilities
29,250
28,450
29,250
Office & computer
23,860
19,079
24,750
Professional fees
Salaries, benefits & NI
17,755
16,915
18,747
Telephone & communications
9,554
8,632
12,744
Finance charges
8,554
8,910
9,747
Insurance
7,973
7,332
7,497
750
1,938
2,250
-
2,250
2,250
337,474
228,065
298,485
8,547
127,574
6,021
Property & other taxes
Other expense Total operating expenses NET MAINTENANCE FUND (DEFICIT) Unaudited
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