SHAL Financial Statements 2018 Q1

S

2018 Q1 FINANCIAL STATEMENTS ( UNAUDITED ) SANDYPORT HOMEOWNERS ASSOCIATION LTD.

www.sandyport.management

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2018 (Expressed in Bahamian dollars) ASSETS Current Assets Cash and cash equivalents Accounts receivable Prepayments and deposits Total current assets Fixed assets, net TOTAL ASSETS

As at Mar 31, 2018

As at Mar 31, 2017

1,367,694

1,231,323

234,549

221,970

92,860

159,481

1,695,103

1,612,774

82,517

86,433

1,777,620

1,699,207

66,658

183,149

1,009,018

961,532

1,075,676

1,144,681

LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current Liabilities Accounts payable and accrued expenses Prepaid maintenance fees and deposits Total current liabilities

SHAREHOLDERS’ EQUITY Share capital 5,000 ordinary shares authorized at $1.00 par value, 430 (2017: 422) shares issued and outstanding General reserve fund Maintenance fund Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

Unaudited

430

422

706,575

421,562

(5,061)

132,542

701,944

554,526

1,777,620

1,699,207

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND FOR THE 3 MONTHS ENDED MARCH 31, 2018 (Expressed in Bahamian dollars)

3 months to Mar 31, 2018 Actual

3 months to Mar 31, 2017 Actual

3 months to Mar 31, 2018 Budget

Maintenance fees

720,859

708,851

734,499

Water and meters income

112,636

85,892

94,998

48,968

40,297

12,498

9,436

10,721

-

891,899

845,761

841,995

Security expenses

195,987

190,522

201,750

Gardening expenses

123,943

107,855

129,999

Waste water management

112,411

38,236

68,748

Water & meters

REVENUE

Other services Miscellaneous income Total revenue DIRECT EXPENSES

106,065

98,857

102,999

Maintenance of common areas

93,653

91,568

108,249

Improvements

92,099

77,199

56,250

Painting expenses

50,423

60,937

55,248

Garbage removal

17,100

17,100

17,250

Total direct expenses

791,681

682,274

740,493

GROSS PROFIT

100,218

163,487

101,502

Salaries, benefits & NI

64,736

62,428

63,750

Rent and utilities

10,017

9,450

9,750

Doubtful debts provision (recovery)

9,372

(59,884)

Office & computer

6,178

4,241

8,250

Professional fees

6,145

5,505

6,249

Telephone & communications

3,022

2,491

4,248

Insurance

2,958

2,437

2,499

Finance charges

2,601

4,027

3,249

250

250

750

-

-

750

105,279

30,945

99,495

(5,061)

132,542

2,007

OPERATING EXPENSES

Property & other taxes

Other expense Total operating expenses NET MAINTENANCE FUND (DEFICIT) Unaudited

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