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Senorio de Aloha – Financial Report for 2023 to the 2024 AGM The attached schedule sets out the summary Income and Expenditure Account for 2023 together with the Balance Sheet as at 31 December. The Income and Expenditure Account for 2023 shows a surplus of €63k assuming 100% collection of fees . This is a very satisfactory performance and reflects tight management of costs and savings on water and electricity utilities. The Balance Sheet as at the Year End indicates that the Community has a net worth of €267k but this, in real terms is close to zero give the fact that Owner balances of €453k includes a significant amount of old non recoverable monies. However, there is an improvement from previous years in that prudent management of cash balances has allowed the payment of about €150k of old creditor balances. The community is now able to pay suppliers on a timely basis and the only old balance due included in the €292k ‘a mounts owing to suppliers’ is the Pinturas debt of €138k which is still the subject of legal proceedings. Much work has continued on the cash collection from owners (current and overdue) and overall cash flow is now positive. The Balance Sheet includes €79k deferred credit being the unspent amount of the €500k cash call as at the end of 2023. The €79k balance assumes full collection of the cash call but this reduces to €48k give that €31k (6%) of the call was not collected. Summary. The financial position of the Community has much improved as a result of the fees increase in 2022 plus the cash call. These were necessary to balance the books on a day to day basis and to allow the first phase of the structural works to take place. (see summary analysis of how the cash call monies were expended in the papers). As noted at last year’s AGM, there are other additional works to be carried out which have been evaluated with the exception of works relating to the FCC legal case. This matte r is now being brought to a close & due to the significance of the necessary works, the President will be calling an EGM in order to present a plan of total works & estimated costs. Gerry Burke Vice President 10 April 2024