Sandyport 2015 H1 Statements
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FINANCIAL STATEMENTS 2015 H1 unaudited Serving our community www.sandyportmanagement.com S
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Unaudited financial statements for the 6 months to June 30, 2015
Transcript of Sandyport 2015 H1 Statements
FINANCIAL STATEMENTS2015 H1 unaudited
Serving our community
www.sandyportmanagement.com
S
ASSETS As atJun 30, 2015
As atJun 30, 2014
Current Assets
Cash and cash equivalents 897,715 960,343
Accounts receivable 287,679 169,642
Prepayments and deposits 83,937 82,303
Total current assets 1,269,331 1,212,288
Fixed assets, net 91,380 110,225
TOTAL 1,360,711 1,322,513
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses 66,516 113,017
Prepaid maintenance fees and deposits 685,643 488,621
Total current liabilities 752,159 601,638
SHAREHOLDERS’ EQUITY
Share capital 5,000 ordinary shares authorized at $1.00 par value, 406 (2014: 399) shares issued and
outstanding406 399
General reserve fund 557,028 534,125
Maintenance fund 51,118 186,352
Total shareholders’ equity 608,522 720,875
TOTAL 1,360,711 1,322,513
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2015
(Expressed in Bahamian dollars)
Unaudited
REVENUE6 months to
Jun 30, 2015Actual
6 months toJun 30, 2015
Budget
6 months toJun 30, 2014
Actual
Maintenance fees 1,344,096 1,348,892 1,338,696
Water & meters income 256,158 226,633 222,408
Other services 78,533 25,284 91,445
Miscellaneous income 17,957 - 26,221
Total revenue 1,686,744 1,600,809 1,678,770
DIRECT EXPENSES
Security expenses 358,961 346,767 322,846
Gardening expenses 217,348 209,417 211,910
Maintenance of common areas 215,594 180,137 166,328
Water & meters 197,035 198,939 173,234
Improvements 119,989 150,000 171,950
Wastewater management 115,683 150,888 109,309
Painting expenses 107,108 86,896 90,049
Garbage removal 42,000 42,000 33,000
Total direct expenses 1,373,718 1,365,044 1,288,625
Gross Profit 313,026 235,765 390,144
OPERATING EXPENSES
Salaries, benefits & national insurance 108,201 123,239 105,678
Provision for doubtful accounts 81,480 20,915 26,725
Office & computer supplies 19,044 22,263 20,613
Rent & utilities 18,300 18,300 18,300
Professional fees 15,990 20,508 11,780
Telephone & communications 7,927 7,758 8,043
Finance charges 6,024 4,541 6,371
Insurance 4,942 5,256 5,438
Other expenses - 1,185 (170)
Property & other taxes - 500 1,000
Total operating expenses 261,908 224,465 203,779
NET MAINTENANCE FUND 51,118 11,300 186,366
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2015
(Expressed in Bahamian dollars)
Unaudited
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SANDYPORT HOMEOWNERS ASSOCIATION
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