FINANCIAL STATEMENTS2015 Q1 unaudited

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www.sandyportmanagement.com

S

ASSETS As atMar 31, 2015

As atMar 31, 2014

Current Assets

Cash and cash equivalents 1,106,514 1,032,802

Accounts receivable 312,229 148,601

Loan receivable - 2,772

Prepayments and deposits 92,537 114,291

Total current assets 1,511,280 1,298,466

Fixed assets, net 96,510 117,409

TOTAL 1,607,790 1,415,875

LIABILITIES AND EQUITY

LIABILITIES

Current Liabilities

Accounts payable and accrued expenses 114,404 147,459

Prepaid maintenance fees and deposits 947,890 660,210

Total current liabilities 1,062,294 807,669

SHAREHOLDERS’ EQUITY

Share capital 5,000 ordinary shares authorized at $1.00 par value, 406 (2014: 398) shares issued and outstanding

406 398

General reserve fund 557,028 534,126

Maintenance fund (11,938) 73,683

Total shareholders’ equity 545,496 608,207

TOTAL 1,607,790 1,415,876

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF FINANCIAL POSITION At March 31, 2015 (Expressed in Bahamian dollars)

Unaudited

REVENUE3 months to

Mar 31, 2015Actual

3 months toMar 31, 2015

Budget

3 months toMar 31, 2014

Actual

Maintenance fees 650,335 674,446 664,298

Water & meters income 131,994 113,316 103,984

Other services 39,286 12,642 49,394

Miscellaneous income 10,386 - 12,291

Total revenue 832,001 800,404 829,967

DIRECT EXPENSES

Security expenses 167,551 173,384 166,823

Maintenance of common areas 130,380 90,068 77,263

Gardening expenses 107,687 104,709 101,496

Water & meters 103,694 99,469 85,274

Improvements 61,988 75,000 119,650

Painting expenses 60,729 43,448 42,171

Wastewater management 58,044 75,444 55,987

Garbage removal 21,000 21,000 16,500

Total direct expenses 711,073 682,522 665,164

Gross Profit 120,928 117,882 164,803

OPERATING EXPENSES

Salaries, benefits & national insurance 51,638 61,619 52,761

Provision for doubtful accounts 42,895 10,458 -

Office & computer supplies 9,746 11,132 11,295

Professional fees 9,400 10,254 6,200

Rent & utilities 9,150 9,150 9,150

Telephone & communications 4,094 3,879 3,947

Finance charges 3,472 2,270 4,328

Insurance 2,471 2,628 2,440

Other expenses - 593 -

Property & other taxes - 250 1,000

Total operating expenses 132,866 112,233 91,120

NET MAINTENANCE FUND (11,938) 5,649 73,683

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED STATEMENT OF MAINTENANCE FUND For the 3 months ended March 31, 2015 (Expressed in Bahamian dollars)

Unaudited

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