MASTER ANNUAL REPORT

Revenues: Club membership and association dues 28,287,710 $ 1,116,000 $ 29,403,710 $ 27,350,728 $ 916,000 $ 28,266,728 $ Food and beverage 4,868,783 - 4,868,783 4,728,865 - 4,728,865 Golf activities 1,899,113 - 1,899,113 1,912,316 - 1,912,316 Tennis activities 84,735 - 84,735 92,669 - 92,669 Fitness center 1,974,590 - 1,974,590 1,875,949 - 1,875,949 Interest income 150,809 - 150,809 184,711 - 184,711

Security badge and commercial vehicle fees 113,425 - 113,425 88,100 - 88,100 Architect review board fees 55,000 - 55,000 34,554 - 34,554 Marketing income 72,564 - 72,564 67,671 - 67,671 Home service income 232,435 - 232,435 210,368 - 210,368 Hurricane assessment 1,049,987 - 1,049,987 224,820 - 224,820 Other income 51,209 - 51,209 45,521 - 45,521 38,840,360 1,116,000 39,956,360 36,816,272 916,000 37,732,272 Expenses:

Hurricane expenses, net of insurance proceeds of $176,124 in 2018 1,049,987 - 1,049,987 221,011 - 221,011 Interest expense, net of capitalized interest of $100,874 in 2017 123,340 - 123,340 33,262 - 33,262 Major repairs and replacements: Infrastructure - 371,621 371,621 - 429,124 429,124 Building painting and cleaning - 275,483 275,483 - 216,961 216,961 Drainage, dredging and seawalls - 45,077 45,077 - 90,304 90,304 38,558,842 692,181 39,251,023 36,317,045 736,389 37,053,434 Excess of revenues over expenses before other revenue (expenses) (forward) 281,518 423,819 705,337 499,227 179,611 678,838 (Continued)

Food and beverage, net of service charges (2018 – $1,111,585; 2017 – $1,100,025) 7,374,310 - 7,374,310 6,970,607 - 6,970,607 Golf activities 5,626,274 - 5,626,274 5,576,026 - 5,576,026 Tennis activities 407,807 - 407,807 417,786 - 417,786 Fitness center 2,167,371 - 2,167,371 2,035,471 - 2,035,471 Member relations 2,027,014 - 2,027,014 2,032,815 - 2,032,815 Clubhouse: Beach club facility 921,835 - 921,835 1,068,548 - 1,068,548 Locker 471,646 - 471,646 499,784 - 499,784 Valet 400,315 - 400,315 389,516 - 389,516 Engineering 1,773,928 - 1,773,928 1,528,593 - 1,528,593 Housekeeping 1,596,920 - 1,596,920 1,574,209 - 1,574,209 Common area 6,769,003 - 6,769,003 6,577,149 - 6,577,149

Homes maintenance 2,006,252 - 2,006,252 1,819,878 - 1,819,878 Administrative, general and accounting 4,550,986 - 4,550,986 4,347,985 - 4,347,985 Marketing expenses 494,569 - 494,569 452,872 - 452,872 Insurance 797,285 - 797,285 771,533 - 771,533

Operating Replacement Operating Replacement Fund Fund Totals Fund Fund Totals

2017

2018

Frenchmanʼs Creek, Inc. and Subsidiary Consolidated Statements of Revenues and Expenses and Changes in Fund Balances Years Ended April 30, 2018 and 2017

2018/2019 Annual Report Page 29