SHAL Financial Statements 2016 H1

FINANCIAL STATEMENTS 2016 H1 unaudited

S

www.sandyport.management Serving our community

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2016 (Expressed in Bahamian dollars)

As at Jun 30, 2016

As at Jun 30, 2015

859,906

897,715

257,392

287,679

84,321

83,937

1,201,619

1,269,331

61,575

91,380

1,263,194

1,360,711

Accounts payable and accrued expenses

64,559

66,516

Prepaid maintenance fees and deposits

711,470

685,643

776,029

752,159

415

406

404,252

557,028

82,498

51,118

487,165

608,522

1,263,194

1,360,711

ASSETS Current Assets Cash and cash equivalents Accounts receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL

LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities

Total current liabilities

SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 415 (2015: 406) 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 6 months ended June 30, 2016 (Expressed in Bahamian dollars)

6 months to Jun 30, 2016 Actual

6 months to Jun 30, 2016 Budget

6 months to Jun 30, 2015 Actual

1,390,419

1,381,854

1,344,096

246,488

226,944

256,158

Other services

89,098

-

78,533

Miscellaneous income

19,203

4,117

17,957

1,745,208

1,612,915

1,686,744

Security expenses

379,654

397,110

358,961

Gardening expenses

215,310

216,078

217,348

194,390

75,000

119,989

Maintenance of common areas

192,752

213,414

215,594

Water & meters

170,631

203,844

197,035

Painting expenses

112,727

103,074

107,108

Waste water management

104,304

150,888

115,683

Garbage removal

42,000

42,000

42,000

Total direct expenses

1,411,768

1,401,408

1,373,718

Gross Profit

333,440

211,507

313,026

121,095

123,240

108,201

68,571

-

81,480

18,900

18,900

18,300

11,170

20,508

15,990

10,758

22,512

19,044

7,801

8,310

7,927

6,690

5,178

6,024

4,957

5,586

4,942

1,000

498

-

-

1,188

-

250,942

205,920

261,908

82,498

5,587

51,118

REVENUE Maintenance fees Water & meters income

Total revenue

DIRECT EXPENSES

Improvements

OPERATING EXPENSES Salaries, benefits & national insurance Provision for doubtful accounts Rent & utilities Professional fees Office & computer supplies Telephone & communications Finance charges Insurance Property & other taxes Other expenses Total operating expenses NET MAINTENANCE FUND

Unaudited

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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community