Sandyport 2014 Q1 Statements

Page 1

S FINANCIAL STATEMENTS 2014 Q1 unaudited

www.sandyportmanagement.com Serving our community


SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2014 (Expressed in Bahamian dollars)

As at Mar 31, 2014

As at Mar 31, 2013

1,032,802

706,428

148,601

314,335

2,772

13,836

114,291

112,614

1,298,466

1,147,213

117,409

147,127

1,415,876

1,294,340

Accounts payable and accrued expenses

147,459

87,709

Prepaid maintenance fees and deposits

660,210

691,252

807,669

778,961

398

357

534,126

430,632

73,683

84,391

Total shareholders’ equity

608,207

515,379

TOTAL

1,415,876

1,294,340

ASSETS Current Assets Cash and cash equivalents Accounts receivable 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, 398 (2013: 357) shares issued and outstanding General reserve fund Maintenance fund

Unaudited


SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2014 (Expressed in Bahamian dollars)

3 months to Mar 31, 2014 Actual

3 months to Mar 31, 2014 Budget

3 months to Mar 31, 2013 Actual

Maintenance fees

664,298

649,263

661,603

Water & meters income

103,984

100,097

106,212

49,394

12,642

18,568

12,291

-

2,544

829,968

762,002

788,928

Security expenses

166,823

149,596

142,193

Improvements

119,650

91,875

31,780

Gardening expenses

101,496

100,825

98,411

Water and meters

85,274

99,469

112,119

Maintenance of common areas

77,263

87,288

86,630

Waste water management

55,987

75,444

83,728

Painting expenses

42,171

41,145

43,398

Garbage removal

16,500

16,500

16,500

Total direct expenses

665,164

662,142

614,759

Gross Profit

164,803

99,860

174,168

Salaries, benefits & national insurance

52,761

57,207

50,885

Office & computer supplies

11,295

10,426

8,596

Rent & utilities

9,150

9,150

9,150

Professional fees

6,200

10,254

6,010

Finance charges

4,328

3,879

6,180

Telephone & communications

3,947

3,618

3,810

Insurance

2,440

2,399

2,629

Property & other taxes

1,000

250

1,000

-

593

1,517

Total operating expenses

91,120

97,776

89,778

NET MAINTENANCE FUND

73,683

2,084

84,391

REVENUE

Other services Miscellaneous income Total revenue

DIRECT EXPENSES

OPERATING EXPENSES

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

Visit us on the interweb to make reservations, contact customer service and more!

WWW.SANDYPORTMANAGEMENT.COM

SANDYPORT HOMEOWNERS ASSOCIATION Serving our community


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