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Reported a deficit — but operationally healthy · reserve fully backed · debtor ageing
Chobe Sands Body Corporate
Bottom line, decoded
Operationally healthy — the deficit is driven by correctly funding the reserve (and tax), not insolvency. Naive extraction would file this next to a genuinely insolvent scheme; normalisation tells them apart.
Maintenance-driven: repairs & maintenance of -R 2 092 153 is 48% of operating expenses. This deficit reflects a maintenance programme, not recurring operating costs — the credit question is what work remains and how it will be funded, not why there is a loss.
Normalised income statement
Statement of financial position
Reserve cash-backing
Reserve fund R 3 294 725 vs identifiable reserve cash R 3 322 592
Levy debtor ageing
Total 1 222 195 · reconciles to levy debtors: yes
Reconciliation
3/3 tie- ✓assets == equity + liabilities5 918 151 vs 5 918 151
- ✓operating_result before transfers/tax1 126 053 vs 1 126 053
- ✓levy_debtor age analysis == levy_debtors1 222 195 vs 1 222 195