SHAL Financial Statements 2017 Q1-Q3

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2017 Q1-Q3 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.

www.sandyport.management

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2017 (Expressed in Bahamian dollars) ASSETS Current Assets

As at Sep 30, 2017

As at Sep 30, 2016

Cash and cash equivalents

928,989

759,002

Accounts receivable

194,108

232,953

89,340

76,678

1,212,437

1,068,633

69,250

80,960

1,281,687

1,149,593

Accounts payable and accrued expenses

208,880

143,299

Prepaid maintenance fees and deposits

523,250

486,082

732,130

629,381

429

415

General reserve fund

421,554

404,252

Maintenance fund

127,574

115,545

549,557

520,212

1,281,687

1,149,593

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, 423 (2016: 415) shares issued and outstanding

Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

Unaudited

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND FOR THE 9 MONTHS ENDED SEPTEMBER 30, 2017 (Expressed in Bahamian dollars) REVENUE Maintenance fees Water and meters income

9 months to Sep 30, 2017 Actual

9 months to Sep 30, 2016 Actual

9 months to Sep 30, 2017 Budget

2,120,927

2,174,916

2,198,997

287,234

266,981

267,003

Other services

87,143

136,193

-

Miscellaneous income

27,424

27,171

6,750

2,522,728

2,605,261

2,472,750

Security expenses

589,748

581,242

605,250

Gardening expenses

376,747

332,858

353,250

Water & meters

308,635

250,252

250,497

Maintenance of common areas

287,610

278,845

320,247

Improvements

253,473

279,212

195,003

Painting expenses

165,725

146,843

164,250

Waste water management

133,851

155,154

226,503

51,300

63,061

63,000

2,167,089

2,087,467

2,178,000

355,639

517,794

294,750

Total revenue DIRECT EXPENSES

Garbage removal

Total direct expenses GROSS PROFIT OPERATING EXPENSES

186,433

182,905

186,003

Rent and utilities

28,450

31,513

28,503

Office & computer

19,079

18,818

24,750

Professional fees

16,915

17,405

18,747

Finance charges

8,910

9,330

9,747

Telephone & communications

8,632

11,756

12,753

Insurance

7,332

7,446

7,497

Other expense

2,250

-

2,250

Property & other taxes

1,938

1,000

747

(51,874)

122,076

-

Total operating expenses

228,065

402,249

290,997

NET MAINTENANCE FUND (DEFICIT)

127,574

115,545

3,753

Salaries, benefits & NI

Doubtful debts provision

Unaudited

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