Bush T May16

FINANCIAL REPORT
FOR THE PERIOD ENDING 29 FEBRUARY
2016
The 2016 financials reflect a sound financial
position for the Association.
The balance sheet depicts current assets
exceeding current liabilities in excess of R53
million, and it is noted that this excess is largely
due to funds held on call and in fixed deposits.
1. CASH FLOW
The cash flow statement shows positive cash
flows of R7.7 million at February 2016.
2. INVESTMENTS
ZEMA has maintained and grown investments
from R59.4 million in 2015 to
R67.1 million at end of February 2016.
3. R7.6 MILLION EXPENDITURE HAS
BEEN INCURRED AS AT FEBRUARY
2016, MAJOR EXPENDITURE
INCURRED AS FOLLOWS:
Security – 27%, Salaries & Wages – 14%,
Ground Management – 8%, Depreciation –
14%, Marketing – 3%, Legal costs – 1%,
Electricity & Water – 2%, Estate transport
– 5%, BBC,VOP,GYM – 5% and Repairs &
Maintenance– 8% = 87% of expenses.
Note: Marketing expenses are not paid out
of members’ funds. These costs are limited
to Branding, Managing & Administering of
the Estate Fee income earned by ZEMA from
property resale.
4. R9.3 MILLION INCOME HAS BEEN
GENERATED AS AT FEBRUARY 2016,
ANALYSIS AS FOLLOWS:
Majority of funds are generated by levies being
73%, Road Maintenance Levy – 4%,Branding,
Managing & Administering of the Estate Fee
income– 6%, Interest - 7%, rental admin fee –
3% and other income – 7%
5. DEBTORS ANALYSIS:
Total homeowners levies receivable at the end
of February 2016 is R905,034. This amount
excludes levies owing by the developer of
R5,230,802.
As at February 2016 R138,583 in levies have
been collected via the legal handover process.
At the end of February 2016 there are 30
homeowners who have been handed over
for collection. There are currently 1272 levies
invoiced inclusive of the developer levy.
6. CAPITAL EXPENDITURE
As at February 2016 R1,223,568 was spent on
capital expenditure.
Security equipment
(Thermal cameras) 677,660
Land and buildings 120,616
BBC and VOP building and
walkway upgrade 382,503
Pool and VOP deck upgrades 42,789
TOTAL 1,223,568
7. TOTAL MEMBERS FUNDS/
RESERVES AMOUNT TO R87.9 MILLION
Total R
Funds balance as at end February 2016
87,914,608
Investments in fixed assets and
other investments 34,699,776
Other receivables to be collected 2,648,142
Cash Component 67,664,486
Less amounts due to creditors (17,097,796)
Total 87,914,608
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