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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