SHAL Financial Statements 2017 Q1

S

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

www.sandyport.management

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2017 (Expressed in Bahamian dollars) ASSETS Current Assets

As at Mar 31, 2017

As at Mar 31, 2016

1,231,323

1,046,901

Accounts receivable

221,970

316,183

Prepayments and deposits

159,481

89,985

1,612,774

1,453,069

86,433

67,204

1,699,207

1,520,274

Accounts payable and accrued expenses

183,149

31,860

Prepaid maintenance fees and deposits

961,532

965,718

1,144,681

997,578

422

412

General reserve fund

421,562

404,255

Maintenance fund

132,542

118,028

554,526

522,695

1,699,207

1,520,273

Cash and cash equivalents

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, 422 (2016: 412) shares issued and outstanding

Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

Unaudited

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND FOR THE 3 MONTHS ENDED MARCH 31, 2017 (Expressed in Bahamian dollars)

3 months to March 31, 2017 Actual

3 months to March 31, 2016 Actual

3 months to March 31, 2017 Budget

708,851

680,650

732,999

Water and meters income

85,892

115,598

89,001

Other services

40,297

48,896

Miscellaneous income

10,721

10,572

2,250

845,761

855,716

824,250

Security expenses

190,522

185,103

201,750

Gardening expenses

REVENUE Maintenance fees

Total revenue DIRECT EXPENSES

107,855

108,442

117,750

Water & meters

98,857

81,414

83,499

Maintenance of common areas

91,568

96,747

106,749

Improvements

77,199

19,269

65,001

Painting expenses

60,937

55,851

54,750

Waste water management

38,236

46,367

75,501

Garbage removal

17,100

21,000

21,000

Total direct expenses

682,274

614,193

726,000

GROSS PROFIT

163,487

241,523

98,250

OPERATING EXPENSES 62,428

59,310

62,001

Rent and utilities

9,450

9,450

9,501

Professional fees

5,505

5,500

6,249

Office & computer

4,241

7,855

8,250

Finance charges

4,027

3,793

3,249

Telephone & communications

2,491

3,956

4,251

Insurance

2,437

2,466

2,499

250

1,000

249

-

-

750

(59,884)

30,165

-

30,945

123,495

96,999

132,542

118,028

1,251

Salaries, benefits & NI

Property & other taxes Other expense

Doubtful debts provision Total operating expenses NET MAINTENANCE FUND (DEFICIT) Unaudited

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