video1518234199

3:19

S… Speaker 3 (video1518234199)

Is it very muffled?

3:23

S… Speaker 1 (video1518234199)

Is it very muffled?

3:25

S… Speaker 2 (video1518234199)

No?

3:26

S… Speaker 2 (video1518234199)

Better?

3:29

S… Speaker 1 (video1518234199)

It's the same.

3:47

S… Speaker 3 (video1518234199)

Is it

3:51

S… Speaker 1 (video1518234199)

better? Is it better?

3:55

S… Speaker 1 (video1518234199)

Yeah,

3:56

S… Speaker 1 (video1518234199)

but then it will be echoed.

3:58

S… Speaker 3 (video1518234199)

Echoed?

4:03

S… Speaker 3 (video1518234199)

Now?

4:27

S… Speaker 3 (video1518234199)

Now I can

4:37

S… Speaker 3 (video1518234199)

hear?

4:39

S… Speaker 2 (video1518234199)

Hey,

4:46

S… Speaker 2 (video1518234199)

it's very strange.

4:49

S… Speaker 3 (video1518234199)

I'm from my laptop.

4:56

S… Speaker 3 (video1518234199)

who's it from my my earpiece

5:00

S… Speaker 1 (video1518234199)

You are from earpiece,

5:01

S… Speaker 1 (video1518234199)

are you?

5:01

S… Speaker 1 (video1518234199)

Earpiece?

5:04

S… Speaker 1 (video1518234199)

As long as you can hear me.

5:07

S… Speaker 1 (video1518234199)

Yeah,

5:09

S… Speaker 1 (video1518234199)

you can hear me.

5:09

S… Speaker 1 (video1518234199)

Yes,

5:10

S… Speaker 1 (video1518234199)

you can hear me. Yes, you can hear me.

5:11

S… Speaker 1 (video1518234199)

Yes, you can hear me.

5:12

S… Speaker 1 (video1518234199)

Yes,

5:15

S… Speaker 1 (video1518234199)

you can hear me.

5:15

S… Speaker 1 (video1518234199)

Why is

5:19

S… Speaker 1 (video1518234199)

you off the speaker?

5:20

S… Speaker 1 (video1518234199)

You off the speaker,

5:22

S… Speaker 1 (video1518234199)

how do you hear me?

5:23

S… Speaker 1 (video1518234199)

Exactly.

5:24

S… Speaker 1 (video1518234199)

I think it's in that one.

5:27

S… Speaker 1 (video1518234199)

Let's see.

5:38

S… Speaker 1 (video1518234199)

Thank you.

6:36

S… Speaker 1 (video1518234199)

Okay,

6:36

S… Speaker 1 (video1518234199)

okay. I'll test you.

6:38

S… Speaker 1 (video1518234199)

I'll test you.

6:39

S… Speaker 1 (video1518234199)

I'll test you.

7:32

S… Speaker 1 (video1518234199)

So I

7:36

S… Speaker 1 (video1518234199)

should be CZ,

7:38

S… Speaker 1 (video1518234199)

AC and...

7:55

S… Speaker 1 (video1518234199)

I'll stop sharing first.

7:58

S… Speaker 1 (video1518234199)

I'll stop here.

9:10

S… Speaker 1 (video1518234199)

Okay. Okay.

9:33

S… Speaker 1 (video1518234199)

Okay, then you go.

9:34

S… Speaker 1 (video1518234199)

Okay, then you go.

9:36

S… Speaker 1 (video1518234199)

Okay, then you go. Okay,

9:38

S… Speaker 1 (video1518234199)

then you go.

9:38

S… Speaker 1 (video1518234199)

Okay, then you go.

9:39

S… Speaker 1 (video1518234199)

Okay, then you go.

9:40

S… Speaker 1 (video1518234199)

Okay, then you go.

9:40

S… Speaker 1 (video1518234199)

Okay, then you go. Okay,

9:42

S… Speaker 1 (video1518234199)

then you go.

9:43

S… Speaker 1 (video1518234199)

Okay, then you go.

9:45

S… Speaker 1 (video1518234199)

Okay, then you go. Okay, then you go.

9:46

S… Speaker 1 (video1518234199)

Okay, then you go.

9:47

S… Speaker 1 (video1518234199)

Okay,

9:48

S… Speaker 1 (video1518234199)

then you go. Okay,

9:50

S… Speaker 1 (video1518234199)

then you go.

9:52

S… Speaker 1 (video1518234199)

Okay.

13:20

S… Speaker 1 (video1518234199)

okay okay jenny

13:29

S… Speaker 1 (video1518234199)

were

13:41

S… Speaker 1 (video1518234199)

the auditors attending today uh on the audit report yes

13:49

S… Speaker 1 (video1518234199)

Hi everyone,

13:50

S… Speaker 1 (video1518234199)

can you hear me?

13:51

S… Speaker 1 (video1518234199)

Good evening.

13:52

S… Speaker 1 (video1518234199)

Hello.

13:53

S… Speaker 1 (video1518234199)

Hi.

13:54

S… Speaker 1 (video1518234199)

Hello.

13:55

S… Speaker 1 (video1518234199)

Hi.

13:59

S… Speaker 1 (video1518234199)

Hi,

14:00

S… Speaker 1 (video1518234199)

everyone. My camera,

14:02

S… Speaker 1 (video1518234199)

I've turned it on,

14:03

S… Speaker 1 (video1518234199)

but it's not seeming to work,

14:04

S… Speaker 1 (video1518234199)

but I think it's okay.

14:05

S… Speaker 1 (video1518234199)

We'll just, let's just go.

14:07

S… Speaker 1 (video1518234199)

Yeah,

14:10

S… Speaker 1 (video1518234199)

let me see how to reduce this.

14:11

S… Speaker 1 (video1518234199)

Okay.

14:12

S… Speaker 1 (video1518234199)

Hello,

14:14

S… Speaker 1 (video1518234199)

hello. Jenny,

14:15

S… Speaker 1 (video1518234199)

we're waiting for Ching Hyeong,

14:17

S… Speaker 1 (video1518234199)

is that right?

14:17

S… Speaker 1 (video1518234199)

Yes,

14:18

S… Speaker 1 (video1518234199)

yes.

14:19

S… Speaker 1 (video1518234199)

Hey, I'm in already.

14:20

S… Speaker 1 (video1518234199)

Oh,

14:22

S… Speaker 1 (video1518234199)

Chenkyan, you're in already?

14:23

S… Speaker 1 (video1518234199)

Yes,

14:24

S… Speaker 1 (video1518234199)

I am.

14:24

S… Speaker 1 (video1518234199)

Okay,

14:26

S… Speaker 1 (video1518234199)

brilliant.

14:26

S… Speaker 1 (video1518234199)

Then I think we're good,

14:28

S… Speaker 1 (video1518234199)

right? We have quorum already,

14:30

S… Speaker 1 (video1518234199)

right? I saw Chiwi.

14:32

S… Speaker 1 (video1518234199)

Yes,

14:33

S… Speaker 1 (video1518234199)

we have.

14:34

S… Speaker 1 (video1518234199)

Yeah,

14:35

S… Speaker 1 (video1518234199)

Chiwi's in.

14:35

S… Speaker 1 (video1518234199)

Chiwi's in.

14:37

S… Speaker 1 (video1518234199)

Yeah, hi,

14:38

S… Speaker 1 (video1518234199)

Tyrus.

14:38

S… Speaker 1 (video1518234199)

Hi,

14:39

S… Speaker 1 (video1518234199)

hi, hello.

14:40

S… Speaker 1 (video1518234199)

Okay, if we're in and we have...

14:42

S… Speaker 1 (video1518234199)

So we have quorum,

14:43

S… Speaker 1 (video1518234199)

Jenny? Yeah.

14:44

S… Speaker 1 (video1518234199)

So I think we can go ahead and start.

14:46

S… Speaker 1 (video1518234199)

Yeah,

14:48

S… Speaker 1 (video1518234199)

maybe we can...

14:49

S… Speaker 1 (video1518234199)

Yeah, go ahead.

14:50

S… Speaker 1 (video1518234199)

We'll start with the auditor's update.

14:51

S… Speaker 1 (video1518234199)

Sure.

14:52

S… Speaker 1 (video1518234199)

Share my screen,

14:52

S… Speaker 1 (video1518234199)

yeah. Can.

14:53

S… Speaker 1 (video1518234199)

Go ahead.

14:54

S… Speaker 1 (video1518234199)

Can

14:58

S… Speaker 1 (video1518234199)

you see my screen?

15:00

S… Speaker 3 (video1518234199)

Yep.

15:01

S… Speaker 2 (video1518234199)

Okay for Chi -Wi and Ching -Hyung?

15:04

S… Speaker 1 (video1518234199)

Yep.

15:05

S… Speaker 4 (video1518234199)

Okay,

15:10

S… Speaker 5 (video1518234199)

good evening members of the ARC committee.

15:13

S… Speaker 5 (video1518234199)

So we'll just quickly bring you through some of

15:17

S… Speaker 5 (video1518234199)

the points that were highlighted by the members during

15:21

S… Speaker 5 (video1518234199)

our planning stage.

15:22

S… Speaker 5 (video1518234199)

So we are here just to give an update following the completion of

15:27

S… Speaker 1 (video1518234199)

our audit.

15:27

S… Speaker 4 (video1518234199)

Okay,

15:30

S… Speaker 1 (video1518234199)

thank you.

15:30

S… Speaker 3 (video1518234199)

Please go ahead.

15:31

S… Speaker 1 (video1518234199)

Next page.

15:35

S… Speaker 5 (video1518234199)

Okay, so these were the four points that were raised from the planning stage.

15:39

S… Speaker 5 (video1518234199)

The implementation of the new management system,

15:43

S… Speaker 5 (video1518234199)

the accounting for the Jamboree 2025,

15:48

S… Speaker 5 (video1518234199)

whether the association had any policies and procedures

15:52

S… Speaker 5 (video1518234199)

on related party transactions,

15:53

S… Speaker 5 (video1518234199)

as well as whether there were any significant

15:59

S… Speaker 5 (video1518234199)

findings from the restricted funds.

16:01

S… Speaker 1 (video1518234199)

Next page.

16:04

S… Speaker 5 (video1518234199)

Okay, so for the SCALP membership system,

16:07

S… Speaker 5 (video1518234199)

based on our audit,

16:10

S… Speaker 5 (video1518234199)

the project was approximately 63 % completed

16:14

S… Speaker 5 (video1518234199)

up to the day of a few work.

16:16

S… Speaker 5 (video1518234199)

So it should be March 2026,

16:18

S… Speaker 5 (video1518234199)

apologize for the typo instead of April.

16:21

S… Speaker 5 (video1518234199)

And customization costs as of

16:25

S… Speaker 5 (video1518234199)

31st December 2025 amounted to approximately

16:29

S… Speaker 5 (video1518234199)

$202 ,000.

16:32

S… Speaker 5 (video1518234199)

There was no amortization on the asset during the year because it was still

16:36

S… Speaker 5 (video1518234199)

under development and not in use.

16:38

S… Speaker 5 (video1518234199)

So these costs have actually been reflected

16:43

S… Speaker 5 (video1518234199)

as intangible asset under development on the

16:47

S… Speaker 5 (video1518234199)

balance sheet.

16:48

S… Speaker 1 (video1518234199)

Is

16:53

S… Speaker 5 (video1518234199)

there any question on that point?

16:58

S… Speaker 2 (video1518234199)

Hang on,

16:58

S… Speaker 2 (video1518234199)

so just to be very clear,

17:01

S… Speaker 2 (video1518234199)

this does not,

17:03

S… Speaker 2 (video1518234199)

what you're saying is it doesn't change the statements,

17:06

S… Speaker 2 (video1518234199)

right? This particular point,

17:08

S… Speaker 3 (video1518234199)

because it is,

17:09

S… Speaker 2 (video1518234199)

while it's still being worked on,

17:11

S… Speaker 2 (video1518234199)

it is,

17:15

S… Speaker 2 (video1518234199)

so how is this,

17:16

S… Speaker 2 (video1518234199)

or maybe let me rephrase the question.

17:18

S… Speaker 2 (video1518234199)

So how is this reflected in the statements?

17:19

S… Speaker 5 (video1518234199)

So it's reflected as an intangible asset of

17:24

S… Speaker 5 (video1518234199)

the balance sheet.

17:25

S… Speaker 5 (video1518234199)

The costs have been capitalized.

17:29

S… Speaker 2 (video1518234199)

Okay, and so there's no expense,

17:32

S… Speaker 1 (video1518234199)

is it?

17:32

S… Speaker 5 (video1518234199)

No expense because it was not in use during the financial year.

17:36

S… Speaker 2 (video1518234199)

Okay, but once it comes into use,

17:38

S… Speaker 2 (video1518234199)

then essentially these $202K or whatever the final cost is

17:42

S… Speaker 2 (video1518234199)

will be depreciated and that will become an expense.

17:46

S… Speaker 1 (video1518234199)

Yes,

17:47

S… Speaker 1 (video1518234199)

over five years,

17:48

S… Speaker 5 (video1518234199)

I think that's the estimate that the management has concluded on.

17:52

S… Speaker 4 (video1518234199)

Okay.

17:57

S… Speaker 2 (video1518234199)

Okay, given that this was a sales,

17:59

S… Speaker 2 (video1518234199)

just to confirm as well,

18:01

S… Speaker 2 (video1518234199)

given that this is sales,

18:02

S… Speaker 2 (video1518234199)

two things.

18:03

S… Speaker 2 (video1518234199)

So one is that technically the project has a mix of subscription

18:08

S… Speaker 2 (video1518234199)

fees as well as,

18:10

S… Speaker 2 (video1518234199)

so subscription meaning like they have to pay for the license,

18:15

S… Speaker 2 (video1518234199)

I assume for Salesforce and things like that,

18:16

S… Speaker 2 (video1518234199)

as well as fees for the development of it.

18:19

S… Speaker 2 (video1518234199)

So are both capitalized or is only the latter capitalized?

18:24

S… Speaker 5 (video1518234199)

No, only the customization costs are capitalized.

18:28

S… Speaker 1 (video1518234199)

Can.

18:28

S… Speaker 2 (video1518234199)

So then the license fees should be reflected in the past financial

18:32

S… Speaker 2 (video1518234199)

statement if we're already paying for license fees.

18:34

S… Speaker 1 (video1518234199)

Yes,

18:35

S… Speaker 1 (video1518234199)

that's right.

18:36

S… Speaker 4 (video1518234199)

Okay.

18:38

S… Speaker 2 (video1518234199)

Anything else from others?

18:40

S… Speaker 4 (video1518234199)

Essentially,

18:43

S… Speaker 1 (video1518234199)

the customization fees is capitalized and the license fees are expensive.

18:47

S… Speaker 1 (video1518234199)

Correct me,

18:48

S… Speaker 1 (video1518234199)

Fumro? Yes,

18:49

S… Speaker 1 (video1518234199)

correct. Okay.

18:50

S… Speaker 1 (video1518234199)

Sure.

18:51

S… Speaker 1 (video1518234199)

Thanks.

18:51

S… Speaker 4 (video1518234199)

Okay.

18:54

S… Speaker 3 (video1518234199)

Please go ahead.

18:55

S… Speaker 4 (video1518234199)

Okay.

18:59

S… Speaker 1 (video1518234199)

Okay,

18:59

S… Speaker 5 (video1518234199)

so the January 2025 was completed.

19:03

S… Speaker 5 (video1518234199)

So we focus a lot on verifying the income and expense

19:07

S… Speaker 5 (video1518234199)

to make sure that the transactions have been completely captured.

19:11

S… Speaker 5 (video1518234199)

There were no cutoff errors and the classification of the items

19:16

S… Speaker 5 (video1518234199)

were appropriately reflected.

19:19

S… Speaker 5 (video1518234199)

The issues that we have actually noted was actually mainly

19:23

S… Speaker 5 (video1518234199)

from the stock counts.

19:24

S… Speaker 5 (video1518234199)

We had a stock count of the items and

19:29

S… Speaker 5 (video1518234199)

we actually detected that there were differences between the

19:34

S… Speaker 5 (video1518234199)

records as well as the physical quantities for certain sample

19:38

S… Speaker 1 (video1518234199)

items.

19:38

S… Speaker 5 (video1518234199)

So this specifically was the eight -man dome

19:43

S… Speaker 5 (video1518234199)

tent as well as the backpack 25 litre.

19:46

S… Speaker 5 (video1518234199)

Yeah, so when we went into

19:50

S… Speaker 5 (video1518234199)

investigation with the management,

19:53

S… Speaker 5 (video1518234199)

we actually were sorry,

19:56

S… Speaker 5 (video1518234199)

let me correct it.

19:58

S… Speaker 5 (video1518234199)

So the items were actually

20:00

S… Speaker 6 (video1518234199)

discovered to be damaged and lost respectively.

20:03

S… Speaker 6 (video1518234199)

And the management has made adjustments to appropriately

20:07

S… Speaker 6 (video1518234199)

reflect the correct physical quantities based on the numbers that we have counted.

20:13

S… Speaker 2 (video1518234199)

Additionally,

20:14

S… Speaker 6 (video1518234199)

the unsold general items from the Jamboree were transferred

20:18

S… Speaker 6 (video1518234199)

to the scalp shop and the items specific to Jamboree

20:23

S… Speaker 6 (video1518234199)

2025, that means those items that bore either

20:27

S… Speaker 6 (video1518234199)

the emblem of Jamboree 2025 or very,

20:31

S… Speaker 6 (video1518234199)

very specific to the Jamboree itself,

20:34

S… Speaker 6 (video1518234199)

they were transferred at cost and at zero

20:38

S… Speaker 1 (video1518234199)

cost.

20:39

S… Speaker 6 (video1518234199)

which was specific to the Jamboree 2025,

20:42

S… Speaker 6 (video1518234199)

they were transferred at zero cost because,

20:44

S… Speaker 6 (video1518234199)

you know,

20:45

S… Speaker 6 (video1518234199)

the management does not expect that,

20:49

S… Speaker 6 (video1518234199)

you know, this could be sold.

20:51

S… Speaker 6 (video1518234199)

Some people might just buy it.

20:54

S… Speaker 6 (video1518234199)

How do I explain this?

20:58

S… Speaker 6 (video1518234199)

Okay, so it's an item that someone

21:02

S… Speaker 6 (video1518234199)

may, I mean,

21:03

S… Speaker 6 (video1518234199)

the scouts may buy it,

21:04

S… Speaker 6 (video1518234199)

but then...

21:11

S… Speaker 6 (video1518234199)

Maybe Gary will be in a bad situation,

21:15

S… Speaker 1 (video1518234199)

I suppose.

21:16

S… Speaker 3 (video1518234199)

Okay.

21:17

S… Speaker 2 (video1518234199)

You can hear me,

21:20

S… Speaker 4 (video1518234199)

right? Yes,

21:21

S… Speaker 1 (video1518234199)

we can hear you.

21:21

S… Speaker 1 (video1518234199)

Go ahead.

21:22

S… Speaker 5 (video1518234199)

okay okay yeah so okay so this logo items right

21:26

S… Speaker 5 (video1518234199)

logo items usually after the event carry very little value or

21:31

S… Speaker 5 (video1518234199)

no value at all right so we are saying that since they are of very little and no value

21:35

S… Speaker 5 (video1518234199)

then we just put it to scout shop at zero cost

21:39

S… Speaker 5 (video1518234199)

whereas those that has value we transfer it to scout shop at

21:43

S… Speaker 5 (video1518234199)

cost

21:45

S… Speaker 2 (video1518234199)

Does that explain it,

21:47

S… Speaker 4 (video1518234199)

Elaine?

21:47

S… Speaker 7 (video1518234199)

Yes,

21:48

S… Speaker 6 (video1518234199)

thank you, Gary.

21:49

S… Speaker 2 (video1518234199)

Okay,

21:50

S… Speaker 1 (video1518234199)

no problem.

21:50

S… Speaker 1 (video1518234199)

But the assertion

21:55

S… Speaker 1 (video1518234199)

here is that items relating specific to Jamboree 2025 have little

21:59

S… Speaker 1 (video1518234199)

value.

21:59

S… Speaker 1 (video1518234199)

That's what you're saying.

22:01

S… Speaker 1 (video1518234199)

No,

22:02

S… Speaker 5 (video1518234199)

those that are branded with Jamboree logo.

22:05

S… Speaker 1 (video1518234199)

Yeah,

22:06

S… Speaker 1 (video1518234199)

have little value.

22:07

S… Speaker 1 (video1518234199)

So I'm just trying to understand the logic behind that.

22:09

S… Speaker 1 (video1518234199)

And is that consistent with past events?

22:12

S… Speaker 1 (video1518234199)

So, for example,

22:13

S… Speaker 1 (video1518234199)

whenever you organize major events,

22:14

S… Speaker 1 (video1518234199)

what you're saying is this is a consistent practice that if whether it's Jamboree 2025 or

22:19

S… Speaker 1 (video1518234199)

I'm making this up,

22:20

S… Speaker 1 (video1518234199)

National Patrol Leaders Conference or

22:25

S… Speaker 1 (video1518234199)

something like that,

22:25

S… Speaker 1 (video1518234199)

if it is a very specific event for that year and there's a logo and branding

22:30

S… Speaker 1 (video1518234199)

for the event,

22:30

S… Speaker 1 (video1518234199)

then once the event is over,

22:33

S… Speaker 1 (video1518234199)

you will take it that has very little or zero value.

22:36

S… Speaker 3 (video1518234199)

Correct.

22:41

S… Speaker 1 (video1518234199)

Okay.

22:42

S… Speaker 1 (video1518234199)

If it's consistent,

22:43

S… Speaker 1 (video1518234199)

I mean, if this is a consistent approach that's been done and from an audit perspective,

22:46

S… Speaker 1 (video1518234199)

that's acceptable.

22:47

S… Speaker 1 (video1518234199)

I don't have questions here,

22:49

S… Speaker 1 (video1518234199)

but again, I just turned to my colleagues.

22:51

S… Speaker 1 (video1518234199)

Anything else you want to check?

22:52

S… Speaker 3 (video1518234199)

I'll jump in.

22:54

S… Speaker 3 (video1518234199)

Basically, you write it off,

22:55

S… Speaker 1 (video1518234199)

right?

22:56

S… Speaker 3 (video1518234199)

That's the thinking.

22:57

S… Speaker 3 (video1518234199)

Yeah.

22:58

S… Speaker 3 (video1518234199)

Okay.

22:59

S… Speaker 3 (video1518234199)

So what is the estimated at

23:03

S… Speaker 3 (video1518234199)

cost value of such return off?

23:06

S… Speaker 2 (video1518234199)

How much is the return off?

23:09

S… Speaker 2 (video1518234199)

Jenny,

23:11

S… Speaker 6 (video1518234199)

do you have the number?

23:14

S… Speaker 2 (video1518234199)

I don't have the number that means.

23:16

S… Speaker 6 (video1518234199)

Yeah, offhand.

23:17

S… Speaker 6 (video1518234199)

We can come back to you with the

23:22

S… Speaker 1 (video1518234199)

number.

23:22

S… Speaker 3 (video1518234199)

Okay.

23:23

S… Speaker 2 (video1518234199)

Thank you.

23:26

S… Speaker 2 (video1518234199)

Are there any questions on the

23:30

S… Speaker 1 (video1518234199)

jabberi?

23:30

S… Speaker 2 (video1518234199)

I

23:37

S… Speaker 1 (video1518234199)

think Chiwi asked already.

23:38

S… Speaker 1 (video1518234199)

So it's just whether Ching Keong has anything else to add.

23:40

S… Speaker 8 (video1518234199)

It would be good also to have some idea as

23:44

S… Speaker 8 (video1518234199)

to what these items are.

23:45

S… Speaker 8 (video1518234199)

Because some of these items are quite high value items.

23:48

S… Speaker 8 (video1518234199)

And even though after the event,

23:52

S… Speaker 8 (video1518234199)

the euphoria of the event has died down.

23:56

S… Speaker 8 (video1518234199)

You know, it will progressively decrease in value.

23:59

S… Speaker 8 (video1518234199)

But if they are of substantial value,

24:02

S… Speaker 8 (video1518234199)

there's still some retention of value for the initial period.

24:05

S… Speaker 8 (video1518234199)

But you can still sell them at quite substantial value.

24:08

S… Speaker 8 (video1518234199)

So it really depends on what those items are.

24:12

S… Speaker 8 (video1518234199)

So it will be good to have some more clarity of what these items

24:16

S… Speaker 8 (video1518234199)

are, what the amounts are,

24:18

S… Speaker 1 (video1518234199)

and so on.

24:18

S… Speaker 5 (video1518234199)

Can I share about these items?

24:22

S… Speaker 5 (video1518234199)

These items are mainly some event t -shirts.

24:25

S… Speaker 5 (video1518234199)

I think something like event apron that

24:29

S… Speaker 5 (video1518234199)

we actually print out and we were trying to sell it off and they were

24:33

S… Speaker 5 (video1518234199)

used for those people that were manning the stalls and so on.

24:37

S… Speaker 5 (video1518234199)

So these are just examples of the items that was

24:41

S… Speaker 5 (video1518234199)

at zero cost that is branded with Jambri logo that

24:45

S… Speaker 5 (video1518234199)

we are passing on to the South Shop.

24:52

S… Speaker 1 (video1518234199)

That's useful.

24:52

S… Speaker 1 (video1518234199)

At the same time, since there was a request,

24:55

S… Speaker 1 (video1518234199)

perhaps the HQ can get back to us on the specific listing.

25:00

S… Speaker 1 (video1518234199)

So just give us...

25:01

S… Speaker 5 (video1518234199)

And the value,

25:01

S… Speaker 7 (video1518234199)

correct?

25:02

S… Speaker 3 (video1518234199)

Yeah.

25:03

S… Speaker 1 (video1518234199)

Yeah.

25:03

S… Speaker 1 (video1518234199)

The original starting value.

25:06

S… Speaker 3 (video1518234199)

Yeah.

25:08

S… Speaker 6 (video1518234199)

Okay.

25:12

S… Speaker 1 (video1518234199)

I think Gary went in the lift,

25:14

S… Speaker 1 (video1518234199)

but he should be back on soon.

25:15

S… Speaker 6 (video1518234199)

Okay.

25:18

S… Speaker 1 (video1518234199)

Anything else from other members before we...

25:20

S… Speaker 1 (video1518234199)

If Gary is okay.

25:22

S… Speaker 3 (video1518234199)

Hello.

25:24

S… Speaker 3 (video1518234199)

Yeah.

25:26

S… Speaker 3 (video1518234199)

Gary,

25:27

S… Speaker 1 (video1518234199)

anything else to add before we move on to the next slide?

25:29

S… Speaker 3 (video1518234199)

Hello.

25:30

S… Speaker 3 (video1518234199)

Yeah.

25:31

S… Speaker 1 (video1518234199)

Can you hear us?

25:36

S… Speaker 1 (video1518234199)

Gary. No,

25:37

S… Speaker 1 (video1518234199)

no, I'm good.

25:38

S… Speaker 6 (video1518234199)

Okay,

25:38

S… Speaker 5 (video1518234199)

great. I just got back to the office.

25:40

S… Speaker 3 (video1518234199)

Can.

25:40

S… Speaker 1 (video1518234199)

Okay, Jenny,

25:41

S… Speaker 1 (video1518234199)

you want to continue?

25:42

S… Speaker 1 (video1518234199)

Sorry,

25:43

S… Speaker 1 (video1518234199)

for Ealing and company.

25:45

S… Speaker 3 (video1518234199)

Okay,

25:46

S… Speaker 4 (video1518234199)

so the next one is on related party policies and procedures.

25:50

S… Speaker 4 (video1518234199)

So our review and discussion with the management indicates

25:54

S… Speaker 4 (video1518234199)

that the current process is very manual.

25:58

S… Speaker 4 (video1518234199)

We understand that the council members are just

26:02

S… Speaker 4 (video1518234199)

reminded on an annual basis to declare any potential

26:06

S… Speaker 4 (video1518234199)

conflict of interest via a form.

26:11

S… Speaker 4 (video1518234199)

And there's no system generated notification

26:17

S… Speaker 4 (video1518234199)

with regards to their declaration.

26:21

S… Speaker 4 (video1518234199)

And these forms are basically just maintained

26:25

S… Speaker 4 (video1518234199)

manually, right?

26:26

S… Speaker 4 (video1518234199)

Where there are transactions which

26:31

S… Speaker 4 (video1518234199)

involve declared,

26:33

S… Speaker 4 (video1518234199)

sorry.

26:36

S… Speaker 4 (video1518234199)

Yeah, where there's

26:40

S… Speaker 4 (video1518234199)

interest by the members,

26:41

S… Speaker 4 (video1518234199)

then I think they would just do a self -declaration to the association.

26:45

S… Speaker 4 (video1518234199)

So the risk of this is that the

26:49

S… Speaker 4 (video1518234199)

conflicts of interest and disclosures,

26:52

S… Speaker 4 (video1518234199)

if not properly governed,

26:54

S… Speaker 4 (video1518234199)

may be missed out.

26:57

S… Speaker 4 (video1518234199)

So we are actually recommending for the association to

27:01

S… Speaker 4 (video1518234199)

consider formalizing the...

27:03

S… Speaker 4 (video1518234199)

RPT policies,

27:04

S… Speaker 4 (video1518234199)

perhaps by centralizing a register or

27:08

S… Speaker 4 (video1518234199)

systemizing it to flag any potential

27:13

S… Speaker 4 (video1518234199)

interest.

27:14

S… Speaker 6 (video1518234199)

Okay,

27:19

S… Speaker 1 (video1518234199)

management response to this?

27:21

S… Speaker 4 (video1518234199)

I understand Jenny

27:25

S… Speaker 4 (video1518234199)

was discussing this morning to say that they will start

27:29

S… Speaker 4 (video1518234199)

looking into how to manage this moving forward.

27:32

S… Speaker 6 (video1518234199)

Okay,

27:34

S… Speaker 1 (video1518234199)

but just to be very clear for management,

27:40

S… Speaker 1 (video1518234199)

Based on this,

27:40

S… Speaker 1 (video1518234199)

it is implying that there is no policy in place at all,

27:44

S… Speaker 1 (video1518234199)

just a standing practice of seeking annual declarations.

27:48

S… Speaker 1 (video1518234199)

Is that correct or is there actually an internal policy just that it's not been

27:52

S… Speaker 1 (video1518234199)

formally communicated out or published?

27:55

S… Speaker 6 (video1518234199)

Okay,

27:58

S… Speaker 5 (video1518234199)

the one that we practice here is always just a self

28:02

S… Speaker 5 (video1518234199)

-declaration that we always do

28:06

S… Speaker 5 (video1518234199)

at the start of the year or after the AGM.

28:09

S… Speaker 5 (video1518234199)

That's the only one that we do.

28:11

S… Speaker 5 (video1518234199)

Yes, I think maybe we should look more seriously into it and see how we

28:15

S… Speaker 5 (video1518234199)

can have a better system of noting it and even maybe tying

28:21

S… Speaker 5 (video1518234199)

up to the current,

28:22

S… Speaker 5 (video1518234199)

the new SMS system where actually there

28:26

S… Speaker 5 (video1518234199)

can be a conflict of interest kind of declaration there.

28:30

S… Speaker 1 (video1518234199)

Maybe Gary,

28:31

S… Speaker 1 (video1518234199)

allow me to explain my point.

28:33

S… Speaker 1 (video1518234199)

I think in the auditor's report,

28:35

S… Speaker 1 (video1518234199)

there are actually two separate points.

28:36

S… Speaker 1 (video1518234199)

So the first is whether there is a policy.

28:40

S… Speaker 1 (video1518234199)

Then the second is whether we automate it.

28:42

S… Speaker 1 (video1518234199)

So I'm trying to establish,

28:43

S… Speaker 1 (video1518234199)

is it that we have a policy,

28:45

S… Speaker 1 (video1518234199)

but it's just that it's not automated?

28:47

S… Speaker 1 (video1518234199)

Or we have a policy,

28:50

S… Speaker 1 (video1518234199)

but it's not published and not automated?

28:55

S… Speaker 5 (video1518234199)

Okay, I don't think there is clearly a written policy.

28:58

S… Speaker 5 (video1518234199)

There is a declaration form,

29:00

S… Speaker 5 (video1518234199)

but there is no written policy.

29:02

S… Speaker 2 (video1518234199)

Can I chime in on this?

29:04

S… Speaker 2 (video1518234199)

I think you can say that there's no policy because

29:08

S… Speaker 2 (video1518234199)

these are things that were discussed and resolved at Scout Council

29:12

S… Speaker 2 (video1518234199)

that we have to do this.

29:13

S… Speaker 2 (video1518234199)

So if the Scout Council has made a decision on this,

29:17

S… Speaker 2 (video1518234199)

it is a policy.

29:18

S… Speaker 2 (video1518234199)

This policy has been...

29:22

S… Speaker 2 (video1518234199)

the record,

29:23

S… Speaker 2 (video1518234199)

I'm sure if it's a council thing,

29:26

S… Speaker 2 (video1518234199)

it will be limited.

29:27

S… Speaker 2 (video1518234199)

Whether it forms part of the financial policy or some

29:31

S… Speaker 2 (video1518234199)

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