Sandyport 2014 H1 Statements

S FINANCIAL STATEMENTS 2014 H1 unaudited

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SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2014 (Expressed in Bahamian dollars)

As at Jun 30, 2014

As at Jun 30, 2013

Cash and cash equivalents

960,343

626,361

Accounts receivable

169,642

268,276

-

11,070

82,303

110,848

1,212,288

1,016,555

110,225

127,731

1,322,513

1,144,286

Accounts payable and accrued expenses

113,017

114,106

Prepaid maintenance fees and deposits

486,621

502,737

601,638

616,843

399

357

General reserve fund

534,125

430,632

Maintenance fund

186,352

96,455

Total shareholders’ equity

720,875

527,443

TOTAL

1,322,513

1,144,286

ASSETS Current Assets

Loan receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL

LIABILITIES AND EQUITY LIABILITIES Current Liabilities

Total current liabilities

SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 399 (2013: 357) shares issued and outstanding

Unaudited

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2014 (Expressed in Bahamian dollars)

6 months to Jun 30, 2014 Actual

6 months to Jun 30, 2014 Budget

6 months to Jun 30, 2013 Actual

1,338,696

1,298,526

1,322,812

222,408

200,193

212,205

Other services

91,445

25,284

37,955

Miscellaneous income

26,221

-

3,735

1,678,770

1,524,004

1,576,708

332,846

299,193

294,384

Gardening expenses

211,910

201,650

200,564

Water and meters

173,234

198,939

215,837

Improvements

171,950

183,750

153,463

Maintenance of common areas

166,328

174,576

181,224

Waste water management

109,309

150,888

150,244

Painting expenses

90,049

82,290

74,219

Garbage removal

33,000

33,000

33,000

1,288,625

1,324,285

1,302,934

390,144

199,719

273,774

105,678

114,414

104,307

Provision for doubtful accounts

26,725

1,185

-

Office & computer supplies

20,613

20,852

16,810

Rent & utilities

18,300

18,300

18,300

Professional fees

11,780

20,508

14,053

Telephone & communications

8,043

7,236

7,025

Finance charges

6,371

7,758

9,146

Insurance

5,438

4,797

4,913

1,000

500

1,000

(170)

-

1,766

Total operating expenses

203,779

195,551

177,320

NET MAINTENANCE FUND

186,366

4,168

96,454

REVENUE Maintenance fees Water & meters income

Total revenue

DIRECT EXPENSES Security expenses

Total direct expenses Gross Profit OPERATING EXPENSES Salaries, benefits & national insurance

Property & other taxes Other expenses

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