sandyport 2014 h1 statements
DESCRIPTION
Unaudited financial statements for the 6 months to June 30, 2014TRANSCRIPT
FINANCIAL STATEMENTS2014 H1 unaudited
Serving our community
www.sandyportmanagement.com
S
ASSETS As atJun 30, 2014
As atJun 30, 2013
Current Assets
Cash and cash equivalents 960,343 626,361
Accounts receivable 169,642 268,276
Loan receivable - 11,070
Prepayments and deposits 82,303 110,848
Total current assets 1,212,288 1,016,555
Fixed assets, net 110,225 127,731
TOTAL 1,322,513 1,144,286
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses 113,017 114,106
Prepaid maintenance fees and deposits 486,621 502,737
Total current liabilities 601,638 616,843
SHAREHOLDERS’ EQUITY
Share capital 5,000 ordinary shares authorized at $1.00 par value, 399 (2013: 357) shares issued and outstanding
399 357
General reserve fund 534,125 430,632
Maintenance fund 186,352 96,455
Total shareholders’ equity 720,875 527,443
TOTAL 1,322,513 1,144,286
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At June 30, 2014 (Expressed in Bahamian dollars)
Unaudited
REVENUE6 months to
Jun 30, 2014Actual
6 months toJun 30, 2014
Budget
6 months toJun 30, 2013
Actual
Maintenance fees 1,338,696 1,298,526 1,322,812
Water & meters income 222,408 200,193 212,205
Other services 91,445 25,284 37,955
Miscellaneous income 26,221 - 3,735
Total revenue 1,678,770 1,524,004 1,576,708
DIRECT EXPENSES
Security expenses 332,846 299,193 294,384
Gardening expenses 211,910 201,650 200,564
Water and meters 173,234 198,939 215,837
Improvements 171,950 183,750 153,463
Maintenance of common areas 166,328 174,576 181,224
Waste water management 109,309 150,888 150,244
Painting expenses 90,049 82,290 74,219
Garbage removal 33,000 33,000 33,000
Total direct expenses 1,288,625 1,324,285 1,302,934
Gross Profit 390,144 199,719 273,774
OPERATING EXPENSES
Salaries, benefits & national insurance 105,678 114,414 104,307
Provision for doubtful accounts 26,725 1,185 -
Office & computer supplies 20,613 20,852 16,810
Rent & utilities 18,300 18,300 18,300
Professional fees 11,780 20,508 14,053
Telephone & communications 8,043 7,236 7,025
Finance charges 6,371 7,758 9,146
Insurance 5,438 4,797 4,913
Property & other taxes 1,000 500 1,000
Other expenses (170) - 1,766
Total operating expenses 203,779 195,551 177,320
NET MAINTENANCE FUND 186,366 4,168 96,454
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 6 months ended June 30, 2014 (Expressed in Bahamian dollars)
Unaudited
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STAY IN TOUCHPO BOX SP 64016SANDYPORTNASSAU, BAHAMAS
SANDYPORT HOMEOWNERS ASSOCIATION
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