Sandyport 2015 H1 Statements

S FINANCIAL STATEMENTS 2015 H1 unaudited

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SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2015 (Expressed in Bahamian dollars)

As at Jun 30, 2015

As at Jun 30, 2014

Cash and cash equivalents

897,715

960,343

Accounts receivable

287,679

169,642

83,937

82,303

1,269,331

1,212,288

91,380

110,225

1,360,711

1,322,513

Accounts payable and accrued expenses

66,516

113,017

Prepaid maintenance fees and deposits

685,643

488,621

752,159

601,638

406

399

557,028

534,125

51,118

186,352

Total shareholders’ equity

608,522

720,875

TOTAL

1,360,711

1,322,513

ASSETS Current Assets

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, 406 (2014: 399) shares issued and outstanding General reserve fund Maintenance fund

Unaudited

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2015 (Expressed in Bahamian dollars)

6 months to Jun 30, 2015 Actual

6 months to Jun 30, 2015 Budget

6 months to Jun 30, 2014 Actual

1,344,096

1,348,892

1,338,696

256,158

226,633

222,408

Other services

78,533

25,284

91,445

Miscellaneous income

17,957

-

26,221

1,686,744

1,600,809

1,678,770

Security expenses

358,961

346,767

322,846

Gardening expenses

217,348

209,417

211,910

Maintenance of common areas

215,594

180,137

166,328

Water & meters

197,035

198,939

173,234

Improvements

119,989

150,000

171,950

Wastewater management

115,683

150,888

109,309

Painting expenses

107,108

86,896

90,049

Garbage removal

42,000

42,000

33,000

Total direct expenses

1,373,718

1,365,044

1,288,625

Gross Profit

313,026

235,765

390,144

108,201

123,239

105,678

Provision for doubtful accounts

81,480

20,915

26,725

Office & computer supplies

19,044

22,263

20,613

Rent & utilities

18,300

18,300

18,300

Professional fees

15,990

20,508

11,780

7,927

7,758

8,043

Finance charges

6,024

4,541

6,371

Insurance

4,942

5,256

5,438

Other expenses

-

1,185

(170)

Property & other taxes

-

500

1,000

261,908

224,465

203,779

51,118

11,300

186,366

REVENUE Maintenance fees Water & meters income

Total revenue

DIRECT EXPENSES

OPERATING EXPENSES Salaries, benefits & national insurance

Telephone & communications

Total operating expenses NET MAINTENANCE FUND

Unaudited

STAY IN TOUCH PO BOX SP 64016 SANDYPORT NASSAU, BAHAMAS

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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community