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)

other policy documents that we have,

29:35

S… Speaker 2 (video1518234199)

that is something I think we need to check.

29:38

S… Speaker 2 (video1518234199)

But,

29:39

S… Speaker 2 (video1518234199)

you know, very often,

29:40

S… Speaker 2 (video1518234199)

Scout Council makes...

29:41

S… Speaker 2 (video1518234199)

decisions over the years.

29:43

S… Speaker 2 (video1518234199)

They are all in various resolutions

29:47

S… Speaker 2 (video1518234199)

and minutes and all that.

29:48

S… Speaker 2 (video1518234199)

How do you extract that and make it into a standing policy?

29:52

S… Speaker 2 (video1518234199)

That's the question.

29:53

S… Speaker 2 (video1518234199)

It ought to have been part of the financial policies

29:58

S… Speaker 2 (video1518234199)

as well, which I'm not 100 % sure.

30:00

S… Speaker 3 (video1518234199)

whether it's there or not.

30:00

S… Speaker 3 (video1518234199)

So because there is such a policy,

30:03

S… Speaker 3 (video1518234199)

that's why on a yearly basis,

30:06

S… Speaker 3 (video1518234199)

you know,

30:06

S… Speaker 3 (video1518234199)

council members are required to make that declaration.

30:10

S… Speaker 3 (video1518234199)

And in fact, I think at one point in time,

30:11

S… Speaker 3 (video1518234199)

there was a discussion as to whether we should do it biannually.

30:16

S… Speaker 1 (video1518234199)

Yeah,

30:16

S… Speaker 2 (video1518234199)

I remember this.

30:17

S… Speaker 2 (video1518234199)

I remember this,

30:18

S… Speaker 1 (video1518234199)

Jinkiel.

30:18

S… Speaker 2 (video1518234199)

That's why I'm asking.

30:20

S… Speaker 1 (video1518234199)

So therefore,

30:21

S… Speaker 3 (video1518234199)

you cannot say that there was no policy,

30:23

S… Speaker 3 (video1518234199)

right? In fact,

30:24

S… Speaker 3 (video1518234199)

the decision that was taken is that we want to do it only once a year.

30:27

S… Speaker 3 (video1518234199)

So that itself is also a policy.

30:30

S… Speaker 3 (video1518234199)

Where are these policies kept?

30:32

S… Speaker 3 (video1518234199)

Can they be easily found?

30:33

S… Speaker 3 (video1518234199)

I think this is a question we need to be clearer.

30:35

S… Speaker 1 (video1518234199)

Yeah.

30:38

S… Speaker 2 (video1518234199)

So I think building off Ching Keong's point,

30:41

S… Speaker 2 (video1518234199)

my suggestion for management,

30:43

S… Speaker 2 (video1518234199)

I mean, if we accept,

30:44

S… Speaker 2 (video1518234199)

generally we accept that there's some improvement that needs to be made.

30:47

S… Speaker 2 (video1518234199)

But I think for the purpose of the minutes,

30:49

S… Speaker 2 (video1518234199)

I think it's useful to record Ching Keong's point that our understanding

30:54

S… Speaker 2 (video1518234199)

is that

30:55

S… Speaker 2 (video1518234199)

There has been a practice and at the council,

30:57

S… Speaker 2 (video1518234199)

I mean,

30:58

S… Speaker 2 (video1518234199)

you can validate this.

30:59

S… Speaker 2 (video1518234199)

These have been deliberated,

31:00

S… Speaker 2 (video1518234199)

but perhaps it's not been codified into a formal document.

31:04

S… Speaker 2 (video1518234199)

That's one.

31:05

S… Speaker 2 (video1518234199)

And then two is then that it's not automated.

31:09

S… Speaker 2 (video1518234199)

I mean,

31:11

S… Speaker 2 (video1518234199)

you can argue what is automated or what is not and things like that.

31:14

S… Speaker 2 (video1518234199)

But on item number two,

31:16

S… Speaker 2 (video1518234199)

I do want to ask the scope here.

31:18

S… Speaker 2 (video1518234199)

What are we talking about here?

31:20

S… Speaker 2 (video1518234199)

Because all this talks about is the council members.

31:23

S… Speaker 2 (video1518234199)

So what about staff,

31:24

S… Speaker 2 (video1518234199)

for example?

31:25

S… Speaker 2 (video1518234199)

What are we trying

31:29

S… Speaker 2 (video1518234199)

to scope here?

31:30

S… Speaker 2 (video1518234199)

So are you just saying the main concern here is that the council members,

31:34

S… Speaker 2 (video1518234199)

we don't know whether one of us has a company that

31:38

S… Speaker 2 (video1518234199)

is a side vendor to the Scott Association and things like that,

31:41

S… Speaker 2 (video1518234199)

or does it also extend to staff members and management?

31:45

S… Speaker 2 (video1518234199)

Or is there already an established process for management?

31:48

S… Speaker 2 (video1518234199)

It's just that the council doesn't have that process.

31:55

S… Speaker 3 (video1518234199)

Actually, that is quite an interesting point.

31:58

S… Speaker 3 (video1518234199)

Because over the years,

32:00

S… Speaker 3 (video1518234199)

I can recall that we have only talked about council members

32:04

S… Speaker 3 (video1518234199)

and so on, and even commissioners' council members.

32:07

S… Speaker 3 (video1518234199)

I think they also have to declare their conflict of interest and so on.

32:10

S… Speaker 3 (video1518234199)

But I don't recall ever discussing whether staff members,

32:14

S… Speaker 3 (video1518234199)

full -time staff,

32:16

S… Speaker 3 (video1518234199)

need to do a conflict declaration.

32:17

S… Speaker 3 (video1518234199)

But having brought up this point,

32:21

S… Speaker 3 (video1518234199)

I think it is actually essential for...

32:24

S… Speaker 3 (video1518234199)

for staff also to declare staff also make certain limited

32:28

S… Speaker 3 (video1518234199)

financial decisions you know so conflicts yeah

32:33

S… Speaker 2 (video1518234199)

Gary you want to respond

32:37

S… Speaker 1 (video1518234199)

yeah

32:41

S… Speaker 1 (video1518234199)

okay staff when doing the evaluation they do but yeah

32:46

S… Speaker 1 (video1518234199)

I agree that we just need a more formalized policy in terms of how

32:50

S… Speaker 1 (video1518234199)

this is done and then we shall implement it

32:56

S… Speaker 2 (video1518234199)

Okay, then we,

32:57

S… Speaker 2 (video1518234199)

I suggest this,

32:59

S… Speaker 2 (video1518234199)

we break the follow -ups into two parts.

33:01

S… Speaker 2 (video1518234199)

The first part we do sooner rather than later.

33:03

S… Speaker 2 (video1518234199)

And maybe management,

33:05

S… Speaker 2 (video1518234199)

you come back.

33:05

S… Speaker 2 (video1518234199)

The first part is having a formal policy.

33:08

S… Speaker 2 (video1518234199)

So that one I think is a no regrets move.

33:10

S… Speaker 2 (video1518234199)

I think can be done fairly quickly in the next few months.

33:14

S… Speaker 2 (video1518234199)

Then as for the automated system and things like that and tracking,

33:17

S… Speaker 2 (video1518234199)

I think that one may take a bit more time.

33:19

S… Speaker 2 (video1518234199)

If you can catch SMS,

33:20

S… Speaker 2 (video1518234199)

so be it.

33:21

S… Speaker 2 (video1518234199)

But if not,

33:22

S… Speaker 2 (video1518234199)

then I think we have to examine this.

33:25

S… Speaker 2 (video1518234199)

Because I asked about scoping also,

33:27

S… Speaker 2 (video1518234199)

because then it also affects what kind of system you need to have.

33:30

S… Speaker 2 (video1518234199)

If you're going to scope it just to council members,

33:33

S… Speaker 2 (video1518234199)

and the assumption is council members don't really take part in your day -to -day operations,

33:36

S… Speaker 2 (video1518234199)

then you may not...

33:39

S… Speaker 2 (video1518234199)

really need a very detailed or complicated system.

33:41

S… Speaker 2 (video1518234199)

And maybe whatever you're doing today may suffice.

33:43

S… Speaker 2 (video1518234199)

But if we're dealing with this like day -to -day,

33:46

S… Speaker 2 (video1518234199)

if it covers more people,

33:47

S… Speaker 2 (video1518234199)

staff, for example,

33:48

S… Speaker 2 (video1518234199)

then a different system may be necessary.

33:51

S… Speaker 2 (video1518234199)

So I can just leave it at that,

33:54

S… Speaker 2 (video1518234199)

but just check whether committee members have any other comments before we move to the next

33:58

S… Speaker 1 (video1518234199)

point.

33:58

S… Speaker 1 (video1518234199)

I have two,

34:00

S… Speaker 1 (video1518234199)

Terence.

34:00

S… Speaker 1 (video1518234199)

Go ahead,

34:01

S… Speaker 1 (video1518234199)

Chiwi.

34:01

S… Speaker 1 (video1518234199)

First, to the auditors.

34:03

S… Speaker 1 (video1518234199)

So I see that you have made a recommendation.

34:05

S… Speaker 1 (video1518234199)

My question to you is,

34:07

S… Speaker 1 (video1518234199)

have you found any adverse on RPT?

34:13

S… Speaker 4 (video1518234199)

Not from our findings.

34:17

S… Speaker 4 (video1518234199)

So basically,

34:17

S… Speaker 4 (video1518234199)

our procedures involve a lot of management representation in

34:21

S… Speaker 4 (video1518234199)

terms of relationships.

34:24

S… Speaker 4 (video1518234199)

Because this is an association,

34:26

S… Speaker 4 (video1518234199)

right?

34:27

S… Speaker 4 (video1518234199)

So in the context of a commercial company,

34:31

S… Speaker 4 (video1518234199)

then relationships can be clearly defined.

34:33

S… Speaker 4 (video1518234199)

But in an association,

34:35

S… Speaker 4 (video1518234199)

it will be quite difficult because it will...

34:38

S… Speaker 4 (video1518234199)

It would really depend on the person declaring.

34:42

S… Speaker 4 (video1518234199)

So in the course of our work,

34:44

S… Speaker 4 (video1518234199)

when we do,

34:45

S… Speaker 4 (video1518234199)

for example,

34:46

S… Speaker 4 (video1518234199)

the testing of the payments and submissions of quotations,

34:49

S… Speaker 4 (video1518234199)

so basically we will communicate a lot with the management

34:54

S… Speaker 4 (video1518234199)

to ask,

34:54

S… Speaker 4 (video1518234199)

you know, are there any relationships that are being...

35:00

S… Speaker 2 (video1518234199)

being declared here,

35:02

S… Speaker 2 (video1518234199)

who put in the proposal,

35:04

S… Speaker 2 (video1518234199)

who approved the quotations,

35:07

S… Speaker 2 (video1518234199)

for example.

35:07

S… Speaker 2 (video1518234199)

So I think a lot of our work would have relied on

35:12

S… Speaker 2 (video1518234199)

management's representation from that aspect.

35:14

S… Speaker 3 (video1518234199)

Okay.

35:15

S… Speaker 3 (video1518234199)

As an ex -auditor,

35:18

S… Speaker 3 (video1518234199)

I think that you don't have...

35:23

S… Speaker 3 (video1518234199)

strong basis to do your audit work.

35:25

S… Speaker 3 (video1518234199)

That's why you're recommending formalizing the policy.

35:28

S… Speaker 3 (video1518234199)

Correct, if I'm wrong?

35:29

S… Speaker 1 (video1518234199)

Yes,

35:30

S… Speaker 1 (video1518234199)

correct.

35:30

S… Speaker 1 (video1518234199)

Okay.

35:31

S… Speaker 3 (video1518234199)

Now,

35:32

S… Speaker 3 (video1518234199)

my comment to the management will

35:37

S… Speaker 3 (video1518234199)

be that please formalize the policy.

35:40

S… Speaker 3 (video1518234199)

The scoping should include any staff which is part

35:47

S… Speaker 3 (video1518234199)

of the bidding process and not just the council

35:51

S… Speaker 1 (video1518234199)

members.

35:54

S… Speaker 1 (video1518234199)

Recording Congress.

35:55

S… Speaker 3 (video1518234199)

I have raised this issue back in November

35:59

S… Speaker 3 (video1518234199)

25 to ask whether RPT is

36:03

S… Speaker 3 (video1518234199)

being covered in the audit.

36:04

S… Speaker 3 (video1518234199)

And I personally think RPT is extremely important

36:09

S… Speaker 3 (video1518234199)

because we have a

36:13

S… Speaker 3 (video1518234199)

lot of integrity and trust expectations for the

36:17

S… Speaker 3 (video1518234199)

charity organization.

36:19

S… Speaker 3 (video1518234199)

So management,

36:20

S… Speaker 3 (video1518234199)

please stick up.

36:22

S… Speaker 3 (video1518234199)

the recommendation by the auditors.

36:24

S… Speaker 3 (video1518234199)

That's all.

36:25

S… Speaker 1 (video1518234199)

Thanks.

36:25

S… Speaker 5 (video1518234199)

Thanks,

36:26

S… Speaker 1 (video1518234199)

Jiwi.

36:27

S… Speaker 5 (video1518234199)

Okay.

36:30

S… Speaker 1 (video1518234199)

Thank you.

36:31

S… Speaker 4 (video1518234199)

We can move to the next one.

36:37

S… Speaker 2 (video1518234199)

So the next point is on restricted funds.

36:39

S… Speaker 2 (video1518234199)

The restricted funds of the association

36:43

S… Speaker 2 (video1518234199)

mainly comprise the building fund,

36:45

S… Speaker 2 (video1518234199)

the Scalp Foundation Fund,

36:47

S… Speaker 2 (video1518234199)

the Benjamin Henry Shears Scholarship Fund,

36:51

S… Speaker 2 (video1518234199)

as well as the Scalp Discovery Centre Fund.

36:54

S… Speaker 2 (video1518234199)

There were no significant movements in these funds other

36:58

S… Speaker 2 (video1518234199)

than amortisation of the building fund.

37:01

S… Speaker 2 (video1518234199)

which was to match against depreciation recognized on the building,

37:04

S… Speaker 2 (video1518234199)

as well as interest income in Dr.

37:09

S… Speaker 2 (video1518234199)

Benjamin Henry Scheer's scholarship fund.

37:12

S… Speaker 5 (video1518234199)

Are

37:17

S… Speaker 2 (video1518234199)

there any questions with regards to today's point?

37:19

S… Speaker 4 (video1518234199)

But your point

37:23

S… Speaker 4 (video1518234199)

is just you've looked at it and you have not found anything adverse,

37:28

S… Speaker 1 (video1518234199)

right?

37:28

S… Speaker 4 (video1518234199)

You're just saying that it was amortization of the building fund and investment

37:33

S… Speaker 1 (video1518234199)

income.

37:33

S… Speaker 7 (video1518234199)

That's right.

37:37

S… Speaker 4 (video1518234199)

Okay, if the others don't have,

37:38

S… Speaker 4 (video1518234199)

I'm okay to move on.

37:40

S… Speaker 5 (video1518234199)

Okay,

37:44

S… Speaker 2 (video1518234199)

the final point is just an observation we had from the audit.

37:47

S… Speaker 2 (video1518234199)

So we conducted the stock tape,

37:50

S… Speaker 2 (video1518234199)

and as in the previous years,

37:53

S… Speaker 2 (video1518234199)

this is not the first time,

37:54

S… Speaker 2 (video1518234199)

we have actually noted some variances between the physical

37:59

S… Speaker 2 (video1518234199)

items as well as the stock records.

38:02

S… Speaker 2 (video1518234199)

So this will happen because usually

38:07

S… Speaker 1 (video1518234199)

the...

38:08

S… Speaker 2 (video1518234199)

Scout shop records and the Sarambun camp inventory

38:13

S… Speaker 2 (video1518234199)

records, they are separate and they are not linked to the

38:17

S… Speaker 2 (video1518234199)

accounting system.

38:18

S… Speaker 2 (video1518234199)

So it has got to be updated manually and then that information

38:22

S… Speaker 2 (video1518234199)

has got to be...

38:23

S… Speaker 2 (video1518234199)

has got to be submitted up to the finance to update as well.

38:26

S… Speaker 2 (video1518234199)

So in the course of discovering the differences,

38:30

S… Speaker 2 (video1518234199)

I think the Sarembung Chem one,

38:34

S… Speaker 2 (video1518234199)

we actually noticed that some items were no longer

38:38

S… Speaker 2 (video1518234199)

there versus the records.

38:43

S… Speaker 2 (video1518234199)

When we tried with the management,

38:45

S… Speaker 2 (video1518234199)

there were valid reasons.

38:46

S… Speaker 2 (video1518234199)

Part of the items were actually damaged and they were actually

38:50

S… Speaker 1 (video1518234199)

removed earlier.

38:51

S… Speaker 2 (video1518234199)

I think due to...

38:54

S… Speaker 2 (video1518234199)

to my infestation,

38:55

S… Speaker 1 (video1518234199)

right?

38:56

S… Speaker 2 (video1518234199)

But the records were never updated.

38:58

S… Speaker 2 (video1518234199)

So it shows a higher number versus what was there physically.

39:02

S… Speaker 2 (video1518234199)

So these have been resolved with the management.

39:05

S… Speaker 2 (video1518234199)

We have actually recommended that they adjust it accordingly.

39:08

S… Speaker 2 (video1518234199)

So all physical quantities have been correctly reflected

39:12

S… Speaker 2 (video1518234199)

in the listings following our observations.

39:15

S… Speaker 5 (video1518234199)

Can

39:20

S… Speaker 4 (video1518234199)

you give us a sense,

39:21

S… Speaker 4 (video1518234199)

order of magnitude?

39:22

S… Speaker 4 (video1518234199)

When we talk about variances,

39:24

S… Speaker 4 (video1518234199)

what are we talking about?

39:27

S… Speaker 6 (video1518234199)

Yeah,

39:27

S… Speaker 4 (video1518234199)

percent of incoming funds or some appropriate measure.

39:31

S… Speaker 4 (video1518234199)

I'm trying to understand how material this is.

39:33

S… Speaker 1 (video1518234199)

Okay,

39:34

S… Speaker 2 (video1518234199)

so based on the variances that we had actually extrapolated

39:38

S… Speaker 2 (video1518234199)

from our samples,

39:40

S… Speaker 2 (video1518234199)

because we didn't do 100 % count,

39:41

S… Speaker 2 (video1518234199)

it amounted to about 9

39:47

S… Speaker 2 (video1518234199)

,000 over total inventories of about 200 over 1 ,000.

39:51

S… Speaker 2 (video1518234199)

So that represents roughly around 3%.

39:55

S… Speaker 2 (video1518234199)

of the inventories, which was below our maturity.

40:01

S… Speaker 8 (video1518234199)

Okay.

40:02

S… Speaker 7 (video1518234199)

Okay.

40:03

S… Speaker 6 (video1518234199)

So then they were saying that next year,

40:05

S… Speaker 6 (video1518234199)

they will reconcile this next year.

40:07

S… Speaker 1 (video1518234199)

So all the numbers have actually been noted by the management

40:11

S… Speaker 1 (video1518234199)

already.

40:12

S… Speaker 1 (video1518234199)

I think they have actually effected some of the corrections in

40:16

S… Speaker 1 (video1518234199)

March itself.

40:17

S… Speaker 7 (video1518234199)

Okay.

40:19

S… Speaker 6 (video1518234199)

No, I'm trying to understand this because the first bullet said that management

40:24

S… Speaker 6 (video1518234199)

will obtain required approval to adjust in the next financial year.

40:27

S… Speaker 1 (video1518234199)

Yes, that's the scout shop one,

40:29

S… Speaker 1 (video1518234199)

because the variances for the scout shop are much lower.

40:33

S… Speaker 7 (video1518234199)

Okay,

40:35

S… Speaker 6 (video1518234199)

so scout shop is even less than 3%,

40:37

S… Speaker 6 (video1518234199)

and so they will settle it in

40:41

S… Speaker 6 (video1518234199)

the next financial year.

40:42

S… Speaker 6 (video1518234199)

But for Surinboon campsite,

40:43

S… Speaker 6 (video1518234199)

management has already made corrections,

40:47

S… Speaker 6 (video1518234199)

necessary corrections.

40:48

S… Speaker 6 (video1518234199)

Correct.

40:50

S… Speaker 3 (video1518234199)

Can I try to understand?

40:52

S… Speaker 3 (video1518234199)

Okay,

40:52

S… Speaker 4 (video1518234199)

I'm actually more concerned about the Serenbum Scout Camp.

40:56

S… Speaker 4 (video1518234199)

When you talk about these variations,

40:58

S… Speaker 4 (video1518234199)

what kind of items are these?

41:00

S… Speaker 4 (video1518234199)

Because the Serenbum Scout Camp don't really carry stock

41:04

S… Speaker 4 (video1518234199)

or anything like that.

41:05

S… Speaker 4 (video1518234199)

They will have equipment and things like tentage.

41:09

S… Speaker 4 (video1518234199)

Are we talking about these kind of things?

41:12

S… Speaker 1 (video1518234199)

Yes,

41:12

S… Speaker 1 (video1518234199)

correct. Now,

41:14

S… Speaker 4 (video1518234199)

a lot of these items actually have a shelf life.

41:17

S… Speaker 4 (video1518234199)

Do we actually depreciate these items?

41:21

S… Speaker 1 (video1518234199)

No, stocks are not depreciated.

41:23

S… Speaker 4 (video1518234199)

That's the problem because a lot of these things are not actually stocks.

41:27

S… Speaker 4 (video1518234199)

There are items that are being used.

41:30

S… Speaker 4 (video1518234199)

For example, tens.

41:30

S… Speaker 3 (video1518234199)

You buy a ten.

41:31

S… Speaker 4 (video1518234199)

It may have a lifespan of,

41:34

S… Speaker 4 (video1518234199)

say, about five years.

41:35

S… Speaker 4 (video1518234199)

And with that,

41:36

S… Speaker 4 (video1518234199)

you use it,

41:36

S… Speaker 1 (video1518234199)

use it.

41:37

S… Speaker 4 (video1518234199)

But because we don't depreciate them,

41:38

S… Speaker 4 (video1518234199)

after five years,

41:40

S… Speaker 4 (video1518234199)

some of these things are spoiled.

41:41

S… Speaker 4 (video1518234199)

They get thrown away,

41:42

S… Speaker 4 (video1518234199)

disposed off.

41:43

S… Speaker 4 (video1518234199)

But the records are not updated.

41:44

S… Speaker 4 (video1518234199)

Then we end up with this variance in numbers.

41:51

S… Speaker 4 (video1518234199)

In fact, I would think a lot of the camp items are items with very short lifespan.

41:55

S… Speaker 4 (video1518234199)

And there should be some way to depreciate them so that we don't

41:59

S… Speaker 4 (video1518234199)

end up with a lot of stocks that are disposed of because they're damaged,

42:03

S… Speaker 4 (video1518234199)

spoiled, obsolete.

42:05

S… Speaker 4 (video1518234199)

And then we did not update the record and we get into a lot of this kind of issue.

42:08

S… Speaker 7 (video1518234199)

Okay,

42:10

S… Speaker 2 (video1518234199)

maybe I'll just jump in here.

42:11

S… Speaker 2 (video1518234199)

Okay,

42:12

S… Speaker 2 (video1518234199)

actually the termite infestation,

42:14

S… Speaker 2 (video1518234199)

the stocks was actually the sleeping bag.

42:17

S… Speaker 2 (video1518234199)

So the sleeping bag was infested with termites because they were kept in the cupboard and

42:21

S… Speaker 2 (video1518234199)

inside the carton boxes,

42:22

S… Speaker 2 (video1518234199)

the termites attacked the whole thing,

42:24

S… Speaker 2 (video1518234199)

including the sleeping bag.

42:25

S… Speaker 2 (video1518234199)

So that's one of the variances.

42:27

S… Speaker 4 (video1518234199)

Even things like sleeping bags also has

42:32

S… Speaker 4 (video1518234199)

a very short lifespan.

42:33

S… Speaker 3 (video1518234199)

I agree.

42:33

S… Speaker 7 (video1518234199)

Gary,

42:37

S… Speaker 6 (video1518234199)

I think the overall point is that once you have a physical item...

42:42

S… Speaker 6 (video1518234199)

it may make sense to actually depreciate it.

42:44

S… Speaker 6 (video1518234199)

Because even a sleeping bag,

42:45

S… Speaker 6 (video1518234199)

for example,

42:46

S… Speaker 6 (video1518234199)

even if it's not used,

42:47

S… Speaker 6 (video1518234199)

if you leave it in a cupboard for a certain period of time,

42:51

S… Speaker 6 (video1518234199)

eventually it becomes unusable,

42:53

S… Speaker 7 (video1518234199)

right? Okay,

42:55

S… Speaker 2 (video1518234199)

yeah, fair enough.

42:56

S… Speaker 6 (video1518234199)

So I thought that was a useful suggestion by Cheng Keong.

43:00

S… Speaker 6 (video1518234199)

I mean, unless from an audit perspective,

43:02

S… Speaker 6 (video1518234199)

this is not something you can do.

43:03

S… Speaker 7 (video1518234199)

Okay,

43:07

S… Speaker 2 (video1518234199)

usually I think for us,

43:08

S… Speaker 2 (video1518234199)

what we do is we don't depreciate at the offset.

43:11

S… Speaker 1 (video1518234199)

Okay.

43:12

S… Speaker 2 (video1518234199)

The method for scout shop is that usually what we

43:16

S… Speaker 2 (video1518234199)

do is that if the auditors pick it up as a very slow moving stock,

43:20

S… Speaker 2 (video1518234199)

what they will ask us to,

43:22

S… Speaker 2 (video1518234199)

I think,

43:23

S… Speaker 2 (video1518234199)

what is that

43:27

S… Speaker 2 (video1518234199)

word where you're apportionate for it to be,

43:30

S… Speaker 2 (video1518234199)

I think,

43:31

S… Speaker 2 (video1518234199)

write down the amount,

43:34

S… Speaker 2 (video1518234199)

then for us to actually sell it off at a cheaper price.

43:40

S… Speaker 1 (video1518234199)

Okay.

43:40

S… Speaker 4 (video1518234199)

You know, what I'm saying is we have to treat items in the skull shop and

43:44

S… Speaker 4 (video1518234199)

items in the camp very differently.

43:46

S… Speaker 3 (video1518234199)

You know,

43:47

S… Speaker 4 (video1518234199)

so I don't know from audit point how you want to do it.

43:49

S… Speaker 4 (video1518234199)

Let's say if I'm running a bicycle renter shop,

43:51

S… Speaker 4 (video1518234199)

you know, I have 50 bicycles and I rent them out every day.

43:55

S… Speaker 4 (video1518234199)

You know, how do you deal with these 50 items?

43:58

S… Speaker 4 (video1518234199)

Do you treat them as stock or do you depreciate those bicycles?

44:01

S… Speaker 4 (video1518234199)

Because you know that most of these rental bicycles,

44:04

S… Speaker 4 (video1518234199)

after a few years,

44:05

S… Speaker 4 (video1518234199)

you know, they are basically unusable anymore.

44:09

S… Speaker 4 (video1518234199)

So is there any way of depreciating such things?

44:11

S… Speaker 4 (video1518234199)

Because our Sermon items are like that,

44:14

S… Speaker 4 (video1518234199)

you know. They are there in the camp and they are being used.

44:16

S… Speaker 5 (video1518234199)

You know,

44:17

S… Speaker 4 (video1518234199)

we rent them out for a certain number of years and then after that,

44:20

S… Speaker 4 (video1518234199)

they become unusable.

44:21

S… Speaker 7 (video1518234199)

How do you deal with them?

44:23

S… Speaker 1 (video1518234199)

Yeah, so actually the differentiation is whether it's

44:27

S… Speaker 1 (video1518234199)

for use or it's for sale.

44:29

S… Speaker 1 (video1518234199)

So these items were classified as inventories

44:33

S… Speaker 1 (video1518234199)

because they will help for sale,

44:35

S… Speaker 1 (video1518234199)

not use,

44:37

S… Speaker 1 (video1518234199)

right?

44:37

S… Speaker 1 (video1518234199)

So if they are used,

44:38

S… Speaker 1 (video1518234199)

then yeah,

44:39

S… Speaker 1 (video1518234199)

totally agree that they should be depreciated.

44:44

S… Speaker 4 (video1518234199)

So those items in the scout camp,

44:46

S… Speaker 4 (video1518234199)

are they for sale?

44:47

S… Speaker 4 (video1518234199)

I don't even selling things in the scout camp.

44:49

S… Speaker 2 (video1518234199)

Okay,

44:50

S… Speaker 2 (video1518234199)

because these were tents and there

44:54

S… Speaker 2 (video1518234199)

was not enough storage and at that time we were actually renovating the

44:59

S… Speaker 2 (video1518234199)

headquarters.

45:00

S… Speaker 1 (video1518234199)

So that's why all these stocks,

45:01

S… Speaker 1 (video1518234199)

the big items,

45:02

S… Speaker 1 (video1518234199)

the tentage,

45:03

S… Speaker 1 (video1518234199)

were brought to the campsite.

45:04

S… Speaker 4 (video1518234199)

So they were for sale.

45:07

S… Speaker 4 (video1518234199)

So they're actually scout shop items and not camp items.

45:10

S… Speaker 4 (video1518234199)

So you see,

45:12

S… Speaker 4 (video1518234199)

my point is that there's a distinction between scout shop and camp items.

45:15

S… Speaker 4 (video1518234199)

So here you're talking about items that are actually scout shop items kept

45:19

S… Speaker 4 (video1518234199)

in the camps.

45:20

S… Speaker 4 (video1518234199)

It's a different story.

45:21

S… Speaker 4 (video1518234199)

So technically,

45:23

S… Speaker 4 (video1518234199)

they are scout shop items,

45:24

S… Speaker 4 (video1518234199)

not camp items.

45:25

S… Speaker 2 (video1518234199)

Yeah,

45:26

S… Speaker 2 (video1518234199)

correct.

45:27

S… Speaker 2 (video1518234199)

Scout

45:32

S… Speaker 1 (video1518234199)

shop items meant for camping.

45:34

S… Speaker 4 (video1518234199)

I know.

45:34

S… Speaker 4 (video1518234199)

They are not items that are supposed to be for the camp.

45:38

S… Speaker 2 (video1518234199)

Yeah,

45:39

S… Speaker 4 (video1518234199)

correct. You are just putting them in the camp for convenience.

45:42

S… Speaker 4 (video1518234199)

You are short of space.

45:43

S… Speaker 4 (video1518234199)

So that's a big distinction,

45:45

S… Speaker 1 (video1518234199)

you know.

45:45

S… Speaker 1 (video1518234199)

Yeah, correct.

45:46

S… Speaker 2 (video1518234199)

Tio.

45:47

S… Speaker 2 (video1518234199)

Chibi,

45:49

S… Speaker 5 (video1518234199)

you had something?

45:50

S… Speaker 5 (video1518234199)

Yeah,

45:51

S… Speaker 1 (video1518234199)

Gary.

45:51

S… Speaker 1 (video1518234199)

So the scout shop item,

45:53

S… Speaker 1 (video1518234199)

the inventories are for sales,

45:56

S… Speaker 2 (video1518234199)

correct?

45:58

S… Speaker 2 (video1518234199)

Correct.

45:59

S… Speaker 1 (video1518234199)

All scout shop items are for sale.

46:02

S… Speaker 2 (video1518234199)

Okay,

46:03

S… Speaker 1 (video1518234199)

so therefore...

46:04

S… Speaker 1 (video1518234199)

Therefore,

46:05

S… Speaker 1 (video1518234199)

the question right now is that the inventory got spoilt

46:09

S… Speaker 1 (video1518234199)

at the campsite?

46:10

S… Speaker 2 (video1518234199)

Yes.

46:11

S… Speaker 1 (video1518234199)

Only the tents were not

46:15

S… Speaker 1 (video1518234199)

spoilt.

46:16

S… Speaker 1 (video1518234199)

Only the sleeping bags were spoilt because they were attacked by termites.

46:20

S… Speaker 1 (video1518234199)

So if we use the inventory and use it at the campsite,

46:24

S… Speaker 1 (video1518234199)

can we then later sell off again at that?

46:26

S… Speaker 2 (video1518234199)

No, no,

46:27

S… Speaker 1 (video1518234199)

no. Then what happens is that,

46:28

S… Speaker 1 (video1518234199)

okay, the process is if we use it at the campsite,

46:32

S… Speaker 1 (video1518234199)

then if SLDC is the one doing it and they use it for rent,

46:36

S… Speaker 1 (video1518234199)

they will purchase it over from Scrap Shop.

46:38

S… Speaker 2 (video1518234199)

Okay?

46:39

S… Speaker 1 (video1518234199)

Then they will rent it out.

46:41

S… Speaker 2 (video1518234199)

Okay.

46:43

S… Speaker 1 (video1518234199)

Can you follow on that?

46:44

S… Speaker 1 (video1518234199)

Yeah.

46:45

S… Speaker 2 (video1518234199)

Okay.

46:46

S… Speaker 1 (video1518234199)

Then my point to the auditors is in

46:50

S… Speaker 1 (video1518234199)

the past,

46:51

S… Speaker 1 (video1518234199)

There used to be an impairment assessment on inventory checks,

46:55

S… Speaker 1 (video1518234199)

right? Were you required to do that?

46:57

S… Speaker 3 (video1518234199)

Yes.

46:58

S… Speaker 2 (video1518234199)

Okay.

47:01

S… Speaker 3 (video1518234199)

Yeah,

47:02

S… Speaker 3 (video1518234199)

we looked at the aging list,

47:04

S… Speaker 3 (video1518234199)

the inventory aging list.

47:05

S… Speaker 2 (video1518234199)

Okay.

47:07

S… Speaker 1 (video1518234199)

And what's your assessment?

47:09

S… Speaker 1 (video1518234199)

But in this case,

47:09

S… Speaker 1 (video1518234199)

it was because of a specific termite thing that is why it has been impacted.

47:14

S… Speaker 3 (video1518234199)

Yes.

47:14

S… Speaker 1 (video1518234199)

Okay. But the amount of the cost is not

47:18

S… Speaker 1 (video1518234199)

significant, right?

47:19

S… Speaker 3 (video1518234199)

Not significant.

47:20

S… Speaker 2 (video1518234199)

Okay.

47:21

S… Speaker 1 (video1518234199)

Yeah.

47:21

S… Speaker 1 (video1518234199)

Case closed.

47:22

S… Speaker 1 (video1518234199)

Thanks.

47:23

S… Speaker 3 (video1518234199)

But because it was our sample and we counted it,

47:27

S… Speaker 3 (video1518234199)

so we are just highlighting our observation.

47:31

S… Speaker 2 (video1518234199)

Got it.

47:32

S… Speaker 1 (video1518234199)

Thank you.

47:33

S… Speaker 3 (video1518234199)

Are there any other points or

47:38

S… Speaker 3 (video1518234199)

questions?

47:38

S… Speaker 5 (video1518234199)

I don't have any further on this point.

47:42

S… Speaker 5 (video1518234199)

But I think it's useful for management just to

47:46

S… Speaker 5 (video1518234199)

revisit this.

47:48

S… Speaker 5 (video1518234199)

We just put a peck on this,

47:49

S… Speaker 5 (video1518234199)

the depreciation policy.

47:51

S… Speaker 5 (video1518234199)

what makes practical sense.

47:52

S… Speaker 5 (video1518234199)

Because I think Chaeng Hyeong's suggestion is a good one to think about this.

47:56

S… Speaker 2 (video1518234199)

I

48:02

S… Speaker 3 (video1518234199)

think this is the last point.

48:04

S… Speaker 3 (video1518234199)

Thank you very much to the AD as well as the

48:08

S… Speaker 3 (video1518234199)

finance team for their support over our audit.

48:11

S… Speaker 3 (video1518234199)

It was smooth.

48:12

S… Speaker 2 (video1518234199)

Okay.

48:13

S… Speaker 5 (video1518234199)

Thanks very much,

48:14

S… Speaker 5 (video1518234199)

Yiling. Appreciate it.

48:15

S… Speaker 5 (video1518234199)

Last call for any questions or further comments

48:19

S… Speaker 5 (video1518234199)

to the auditors from our committee.

48:23

S… Speaker 5 (video1518234199)

Chang Keong,

48:24

S… Speaker 1 (video1518234199)

anything?

48:24

S… Speaker 5 (video1518234199)

Chi Wee?

48:25

S… Speaker 5 (video1518234199)

I have nothing further.

48:27

S… Speaker 2 (video1518234199)

Okay.

48:28

S… Speaker 5 (video1518234199)

Then thank you very much to our auditors.

48:31

S… Speaker 5 (video1518234199)

I think you can exit the meeting and we can continue.

48:34

S… Speaker 5 (video1518234199)

Thank you very much.

48:34

S… Speaker 5 (video1518234199)

So Gary,

48:35

S… Speaker 5 (video1518234199)

you have something to say?

48:36

S… Speaker 2 (video1518234199)

No,

48:37

S… Speaker 1 (video1518234199)

I just want to thank Yilin and Jason.

48:39

S… Speaker 1 (video1518234199)

Another successful year.

48:40

S… Speaker 1 (video1518234199)

I think it was pretty smooth.

48:42

S… Speaker 2 (video1518234199)

Thanks for your cooperation.

48:44

S… Speaker 2 (video1518234199)

Yeah,

48:45

S… Speaker 1 (video1518234199)

thank you.

48:46

S… Speaker 2 (video1518234199)

Okay,

48:47

S… Speaker 5 (video1518234199)

thank you very much.

48:47

S… Speaker 4 (video1518234199)

Appreciate it.

48:48

S… Speaker 3 (video1518234199)

Thanks Jenny.

48:49

S… Speaker 2 (video1518234199)

Bye -bye.

48:49

S… Speaker 2 (video1518234199)

Bye.

48:50

S… Speaker 5 (video1518234199)

Bye.

48:57

S… Speaker 2 (video1518234199)

Okay,

48:57

S… Speaker 5 (video1518234199)

Ken,

48:59

S… Speaker 5 (video1518234199)

shall we go then to the main agenda and run through?

49:34

S… Speaker 6 (video1518234199)

Ken,

49:35

S… Speaker 5 (video1518234199)

then you bring us through the reconciliation first and then the audited statements.

49:39

S… Speaker 2 (video1518234199)

Okay,

49:42

S… Speaker 6 (video1518234199)

so this is the reconciliation that we did from

49:46

S… Speaker 6 (video1518234199)

pre -audit status,

49:48

S… Speaker 6 (video1518234199)

which is a deficit of 101719

49:53

S… Speaker 6 (video1518234199)

,000 and with the various,

49:56

S… Speaker 6 (video1518234199)

or rather not the only four audit adjustments.

50:00

S… Speaker 2 (video1518234199)

we ended up in a year with a

50:04

S… Speaker 2 (video1518234199)

small little deficit of 4 to 6 ,000.

50:07

S… Speaker 2 (video1518234199)

So I'll just go through these

50:11

S… Speaker 2 (video1518234199)

four items that was adjusted in the financial statement.

50:14

S… Speaker 3 (video1518234199)

Sorry,

50:16

S… Speaker 1 (video1518234199)

just a correction to your last statement.

50:18

S… Speaker 1 (video1518234199)

I think you mean a small surplus,

50:20

S… Speaker 1 (video1518234199)

right?

50:21

S… Speaker 3 (video1518234199)

Surplus, yeah.

50:24

S… Speaker 2 (video1518234199)

More surplus of $46 ,000.

50:26

S… Speaker 3 (video1518234199)

Okay,

50:27

S… Speaker 1 (video1518234199)

go ahead.

50:27

S… Speaker 2 (video1518234199)

So the first adjustment is the right back of previous

50:31

S… Speaker 2 (video1518234199)

year's grants that were not utilized.

50:34

S… Speaker 2 (video1518234199)

These $56 ,000,

50:37

S… Speaker 2 (video1518234199)

$55 ,900,

50:39

S… Speaker 2 (video1518234199)

these are grants that are

50:43

S… Speaker 2 (video1518234199)

dated more than eight years ago.

50:45

S… Speaker 2 (video1518234199)

We have no idea what are these grants.

50:48

S… Speaker 2 (video1518234199)

So the main one is actually the website grant.

50:52

S… Speaker 2 (video1518234199)

There's also no other documents that we can trace back to.

50:56

S… Speaker 2 (video1518234199)

So the auditors have asked us the status almost

51:00

S… Speaker 2 (video1518234199)

every year.

51:02

S… Speaker 2 (video1518234199)

Are you utilizing it?

51:04

S… Speaker 2 (video1518234199)

If not,

51:04

S… Speaker 2 (video1518234199)

then can we write it back?

51:06

S… Speaker 2 (video1518234199)

So on the eighth year,

51:08

S… Speaker 2 (video1518234199)

which is 2025,

51:10

S… Speaker 2 (video1518234199)

we decided to write it back because

51:14

S… Speaker 2 (video1518234199)

the grants are not being utilized.

51:20

S… Speaker 2 (video1518234199)

We do not think that the agency will actually call

51:24

S… Speaker 2 (video1518234199)

back others because it has passed the eight -year mark.

51:28

S… Speaker 2 (video1518234199)

So that's why we write back this lot

51:35

S… Speaker 2 (video1518234199)

of grants amounted to $55 ,900.

51:38

S… Speaker 3 (video1518234199)

Okay,

51:40

S… Speaker 1 (video1518234199)

thank you.

51:41

S… Speaker 2 (video1518234199)

They're sitting in the balance sheet.

51:42

S… Speaker 3 (video1518234199)

Thank you,

51:44

S… Speaker 1 (video1518234199)

Jenny.

51:45

S… Speaker 2 (video1518234199)

So the next item is the SG Jamboree 2025 grant

51:51

S… Speaker 2 (video1518234199)

that we accrue in the financial statement.

51:55

S… Speaker 2 (video1518234199)

A reason why it will be discussed later,

51:58

S… Speaker 2 (video1518234199)

but the main reason is because when the auditors

52:03

S… Speaker 2 (video1518234199)

came in in early March,

52:04

S… Speaker 2 (video1518234199)

we know that we will get the Jamboree grant,

52:08

S… Speaker 2 (video1518234199)

but there is no certainty of the amount.

52:12

S… Speaker 2 (video1518234199)

So it was not adjusted in our books.

52:15

S… Speaker 2 (video1518234199)

So somewhere in March,

52:17

S… Speaker 2 (video1518234199)

halfway through,

52:18

S… Speaker 2 (video1518234199)

we got the final amount.

52:20

S… Speaker 2 (video1518234199)

That's why we put through this audit adjustment.

52:23

S… Speaker 2 (video1518234199)

The grant is like $2 ,950 for SD Jamboree.

52:28

S… Speaker 3 (video1518234199)

Yeah.

52:29

S… Speaker 3 (video1518234199)

Jenny.

52:30

S… Speaker 3 (video1518234199)

Yes.

52:31

S… Speaker 3 (video1518234199)

What is the accounting entry

52:35

S… Speaker 3 (video1518234199)

for this number two?

52:36

S… Speaker 2 (video1518234199)

Debit,

52:39

S… Speaker 2 (video1518234199)

retirement status,

52:41

S… Speaker 2 (video1518234199)

and credit grant income.

52:44

S… Speaker 3 (video1518234199)

Debit what again?

52:48

S… Speaker 2 (video1518234199)

of AR and we credit the grant income.

52:53

S… Speaker 3 (video1518234199)

Okay,

52:53

S… Speaker 3 (video1518234199)

thank you.

52:54

S… Speaker 2 (video1518234199)

And the next,

52:57

S… Speaker 2 (video1518234199)

the third and fourth item are the small,

53:00

S… Speaker 2 (video1518234199)

really small one.

53:01

S… Speaker 2 (video1518234199)

We forgot to put in this,

53:03

S… Speaker 2 (video1518234199)

forgot to pick up this one.

53:05

S… Speaker 2 (video1518234199)

We missed it out.

53:06

S… Speaker 2 (video1518234199)

So we accrued this catering for DSA

53:11

S… Speaker 2 (video1518234199)

award.

53:11

S… Speaker 2 (video1518234199)

So $235.

53:13

S… Speaker 2 (video1518234199)

And then the last one is we actually

53:18

S… Speaker 2 (video1518234199)

disposed of this medal that was discolored ribbon of

53:25

S… Speaker 1 (video1518234199)

$700.

53:25

S… Speaker 2 (video1518234199)

So all in all,

53:27

S… Speaker 2 (video1518234199)

we made all these adjustments and then we arrived at

53:31

S… Speaker 2 (video1518234199)

a small little surplus of $46 ,217.

53:36

S… Speaker 2 (video1518234199)

And all these items,

53:39

S… Speaker 2 (video1518234199)

all these adjustments actually affected or rather is for

53:44

S… Speaker 2 (video1518234199)

January funds.

53:56

S… Speaker 1 (video1518234199)

Okay.

53:56

S… Speaker 1 (video1518234199)

Any questions from others?

53:59

S… Speaker 1 (video1518234199)

Qiwi has asked some.

54:01

S… Speaker 1 (video1518234199)

Chingjong,

54:02

S… Speaker 1 (video1518234199)

anything else on this particular page?

54:04

S… Speaker 3 (video1518234199)

No.

54:05

S… Speaker 3 (video1518234199)

No,

54:08

S… Speaker 3 (video1518234199)

not from me.

54:09

S… Speaker 1 (video1518234199)

Thanks. Okay.

54:10

S… Speaker 3 (video1518234199)

And this one?

54:12

S… Speaker 1 (video1518234199)

Go ahead.

54:13

S… Speaker 3 (video1518234199)

So,

54:15

S… Speaker 2 (video1518234199)

this is the...

54:21

S… Speaker 2 (video1518234199)

Any questions regarding the statement?

54:24

S… Speaker 1 (video1518234199)

Why don't you show mine,

54:27

S… Speaker 1 (video1518234199)

and then if members have other questions,

54:31

S… Speaker 1 (video1518234199)

they can add on.

54:32

S… Speaker 3 (video1518234199)

Sure.

54:33

S… Speaker 1 (video1518234199)

I mean,

54:34

S… Speaker 1 (video1518234199)

given that the materials were circulated in advance,

54:36

S… Speaker 1 (video1518234199)

I assume that we've had time to review the statements.

54:41

S… Speaker 3 (video1518234199)

Yeah.

54:42

S… Speaker 2 (video1518234199)

This one is the questions

54:47

S… Speaker 2 (video1518234199)

from Chairman.

54:49

S… Speaker 2 (video1518234199)

that we try our best to answer sure

54:53

S… Speaker 2 (video1518234199)

so uh i'll go to the first item the first question

54:57

S… Speaker 2 (video1518234199)

which is cash and cash

55:00

S… Speaker 4 (video1518234199)

page six of the financial statement the question is to confirm

55:05

S… Speaker 4 (video1518234199)

our cash of 7 .6 million we'll be able to cover

55:09

S… Speaker 4 (video1518234199)

approximately 1 .4 years of effect okay so our reply

55:13

S… Speaker 4 (video1518234199)

is uh total cash in excess of operating expenses

55:18

S… Speaker 4 (video1518234199)

is uh 1 .6 which is one one and

55:22

S… Speaker 1 (video1518234199)

a half years

55:26

S… Speaker 2 (video1518234199)

Okay,

55:26

S… Speaker 5 (video1518234199)

so anyway,

55:28

S… Speaker 5 (video1518234199)

the rough order of magnitude,

55:29

S… Speaker 5 (video1518234199)

I think,

55:30

S… Speaker 5 (video1518234199)

is similar to what I calculated.

55:32

S… Speaker 5 (video1518234199)

Related question to this,

55:36

S… Speaker 5 (video1518234199)

and a bit implied in below,

55:40

S… Speaker 1 (video1518234199)

right?

55:44

S… Speaker 5 (video1518234199)

From your response below,

55:46

S… Speaker 5 (video1518234199)

that the GoGuides reserves actually have operating expenses,

55:49

S… Speaker 5 (video1518234199)

how do you say,

55:52

S… Speaker 5 (video1518234199)

funds in excess of basically 3 .6 times the operating expenses.

55:56

S… Speaker 5 (video1518234199)

Is there a particular view of what

56:02

S… Speaker 5 (video1518234199)

kind of cash balances make sense for the

56:06

S… Speaker 5 (video1518234199)

association?

56:08

S… Speaker 5 (video1518234199)

So 1 .6 science basically just says that our

56:12

S… Speaker 5 (video1518234199)

cash is enough to take us through one and a half years.

56:14

S… Speaker 5 (video1518234199)

There's another question about reserves,

56:18

S… Speaker 5 (video1518234199)

which we'll come to later as well.

56:19

S… Speaker 5 (video1518234199)

But is the general sense that we're operating at a reasonable

56:24

S… Speaker 5 (video1518234199)

point,

56:25

S… Speaker 5 (video1518234199)

or is there further calibration that we need to make?

56:27

S… Speaker 2 (video1518234199)

I

56:42

S… Speaker 5 (video1518234199)

see Puzzle looks on the faces.

56:43

S… Speaker 2 (video1518234199)

This

56:50

S… Speaker 5 (video1518234199)

number hasn't changed too much,

56:51

S… Speaker 5 (video1518234199)

at least from the past year's statements that I've seen.

56:54

S… Speaker 5 (video1518234199)

So generally,

56:55

S… Speaker 5 (video1518234199)

if I read between your lines,

56:57

S… Speaker 5 (video1518234199)

you're saying association has been fine.

56:59

S… Speaker 5 (video1518234199)

We've not been short of cash.

57:00

S… Speaker 5 (video1518234199)

And so this level is an appropriate level.

57:02

S… Speaker 5 (video1518234199)

Would that be the right

57:07

S… Speaker 5 (video1518234199)

statement to make?

57:09

S… Speaker 1 (video1518234199)

It will be good,

57:10

S… Speaker 1 (video1518234199)

definitely good if you have more.

57:11

S… Speaker 1 (video1518234199)

But I think we are always trying to see whether we

57:16

S… Speaker 1 (video1518234199)

slowly put in some money into the

57:20

S… Speaker 1 (video1518234199)

reserves every year.

57:21

S… Speaker 1 (video1518234199)

That's our intention.

57:22

S… Speaker 1 (video1518234199)

$150 ,000 to $200 ,000 every year.

57:24

S… Speaker 1 (video1518234199)

That's what we hope to do.

57:25

S… Speaker 2 (video1518234199)

No,

57:27

S… Speaker 5 (video1518234199)

the reserves is a separate question.

57:28

S… Speaker 5 (video1518234199)

I mean,

57:29

S… Speaker 5 (video1518234199)

this is cash management.

57:30

S… Speaker 5 (video1518234199)

And of course,

57:31

S… Speaker 5 (video1518234199)

Chiwi and others with finance background correct me if I'm wrong.

57:33

S… Speaker 5 (video1518234199)

The salient point here is how much working capital do you need to have,

57:37

S… Speaker 2 (video1518234199)

right?

57:39

S… Speaker 5 (video1518234199)

So the question is,

57:41

S… Speaker 5 (video1518234199)

the cash here is basically,

57:44

S… Speaker 5 (video1518234199)

I mean, it's basically your liquid asset.

57:45

S… Speaker 5 (video1518234199)

So you have effectively one and a half years of a liquid asset that

57:50

S… Speaker 5 (video1518234199)

you can use versus,

57:52

S… Speaker 5 (video1518234199)

and this is theoretical at this point,

57:54

S… Speaker 5 (video1518234199)

but if the investment policy were to change and we were to

57:58

S… Speaker 5 (video1518234199)

consider investing into less liquid investments,

58:01

S… Speaker 5 (video1518234199)

but giving a higher return,

58:03

S… Speaker 5 (video1518234199)

and if we lower this amount to say one year or

58:07

S… Speaker 5 (video1518234199)

half a year,

58:10

S… Speaker 5 (video1518234199)

What would be the tolerance for this?

58:12

S… Speaker 5 (video1518234199)

We don't need to answer that exact question,

58:14

S… Speaker 5 (video1518234199)

but I'm just trying to get a sense from management what the

58:18

S… Speaker 1 (video1518234199)

intent is.

58:18

S… Speaker 5 (video1518234199)

Because if you can flip it the other way around and say that actually having too much cash on

58:23

S… Speaker 5 (video1518234199)

hand is a bad thing.

58:23

S… Speaker 5 (video1518234199)

Because it means that you're not optimizing,

58:26

S… Speaker 5 (video1518234199)

we're not really optimizing what we have as resources.

58:29

S… Speaker 5 (video1518234199)

Happy to hear views from Chiwi and Ching Kyung as well.

58:33

S… Speaker 5 (video1518234199)

I mean, this is just one perspective.

58:37

S… Speaker 3 (video1518234199)

I think it is true,

58:38

S… Speaker 3 (video1518234199)

the issue of whether we are having too little

58:42

S… Speaker 3 (video1518234199)

or too much cash.

58:43

S… Speaker 3 (video1518234199)

And who do we benchmark it against?

58:47

S… Speaker 3 (video1518234199)

I think over the years,

58:49

S… Speaker 3 (video1518234199)

we have been raising funds,

58:53

S… Speaker 3 (video1518234199)

spending, and there's no real policy as to what

58:58

S… Speaker 3 (video1518234199)

actually is the ideal about that we should have in

59:03

S… Speaker 3 (video1518234199)

our reserves.

59:04

S… Speaker 3 (video1518234199)

So, you know,

59:05

S… Speaker 3 (video1518234199)

do we benchmark it?

59:07

S… Speaker 3 (video1518234199)

Do we look at the comparable organizations and decide what

59:11

S… Speaker 3 (video1518234199)

is the optimum amount?

59:12

S… Speaker 2 (video1518234199)

Because frankly,

59:13

S… Speaker 3 (video1518234199)

I don't know.

59:15

S… Speaker 3 (video1518234199)

I have no idea actually what should be the best figure.

59:18

S… Speaker 2 (video1518234199)

Okay,

59:22

S… Speaker 1 (video1518234199)

this is my take on this issue for management

59:26

S… Speaker 1 (video1518234199)

to consider.

59:27

S… Speaker 1 (video1518234199)

Looking at your cash flow for the year,

59:31

S… Speaker 1 (video1518234199)

you have a negative about half a million.

59:34

S… Speaker 1 (video1518234199)

And then for 2024,

59:36

S… Speaker 1 (video1518234199)

you have a positive about 64K.

59:39

S… Speaker 1 (video1518234199)

So when I look at the

59:43

S… Speaker 1 (video1518234199)

amount of cash,

59:45

S… Speaker 1 (video1518234199)

which is the first question that we have

59:49

S… Speaker 1 (video1518234199)

1 .6 years of buffer,

59:52

S… Speaker 1 (video1518234199)

that's on the very big assumption that there's no zero money coming in,

59:55

S… Speaker 2 (video1518234199)

right?

59:57

S… Speaker 1 (video1518234199)

That's on the very big assumption there's no money coming.

1:00:00

S… Speaker 4 (video1518234199)

and we can sustain like this for 1 .6 times,

1:00:03

S… Speaker 4 (video1518234199)

which is the worst case scenario,

1:00:05

S… Speaker 4 (video1518234199)

which is very unlikely to happen.

1:00:08

S… Speaker 5 (video1518234199)

Therefore,

1:00:10

S… Speaker 4 (video1518234199)

we are sitting on quite a

1:00:15

S… Speaker 4 (video1518234199)

fair bit of what do we call current cash and cash equivalent

1:00:20

S… Speaker 4 (video1518234199)

that can be better utilized when the

1:00:24

S… Speaker 4 (video1518234199)

management demonstrate a treasury -like policy.

1:00:31

S… Speaker 4 (video1518234199)

I would suggest for the management to start thinking about

1:00:35

S… Speaker 4 (video1518234199)

our cash flow needs,

1:00:38

S… Speaker 4 (video1518234199)

how to continue make best use of our funds between

1:00:44

S… Speaker 4 (video1518234199)

current and non -current requirements

1:00:48

S… Speaker 5 (video1518234199)

needs.

1:00:49

S… Speaker 5 (video1518234199)

That's the first point.

1:00:51

S… Speaker 4 (video1518234199)

The second point is even within the cash and cash equivalent,

1:00:56

S… Speaker 4 (video1518234199)

I realized 30 % of them are in

1:01:00

S… Speaker 1 (video1518234199)

deposit.

1:01:00

S… Speaker 1 (video1518234199)

Sorry,

1:01:01

S… Speaker 4 (video1518234199)

30 % is held in cash.

1:01:03

S… Speaker 4 (video1518234199)

and 70 % is held in deposit.

1:01:06

S… Speaker 4 (video1518234199)

It just happened to be 30 %

1:01:10

S… Speaker 4 (video1518234199)

and 70%.

1:01:11

S… Speaker 4 (video1518234199)

My question,

1:01:12

S… Speaker 4 (video1518234199)

is this intentional or there is some form of thinking

1:01:17

S… Speaker 4 (video1518234199)

behind that shows that 30 % is

1:01:21

S… Speaker 4 (video1518234199)

sufficient for the ongoing monthly cash flow?

1:01:24

S… Speaker 5 (video1518234199)

Yeah,

1:01:25

S… Speaker 4 (video1518234199)

that can be answered another time.

1:01:28

S… Speaker 1 (video1518234199)

Thanks.

1:01:28

S… Speaker 5 (video1518234199)

Thanks,

1:01:30

S… Speaker 3 (video1518234199)

Jiwi, and thanks,

1:01:31

S… Speaker 1 (video1518234199)

Jinkyo.

1:01:32

S… Speaker 3 (video1518234199)

So perhaps these are broader points.

1:01:34

S… Speaker 3 (video1518234199)

Management, you can take it back.

1:01:36

S… Speaker 3 (video1518234199)

You can note it as matters arising.

1:01:38

S… Speaker 3 (video1518234199)

At the same time,

1:01:38

S… Speaker 3 (video1518234199)

for this particular question,

1:01:39

S… Speaker 3 (video1518234199)

I didn't find anything from an

1:01:44

S… Speaker 3 (video1518234199)

audit or risk perspective other than the management

1:01:49

S… Speaker 3 (video1518234199)

of cash and cash -like assets that we

1:01:54

S… Speaker 3 (video1518234199)

may want to think about and see how to further optimize.

1:01:56

S… Speaker 3 (video1518234199)

Okay,

1:01:58

S… Speaker 3 (video1518234199)

so maybe we move to the next question.

1:02:01

S… Speaker 2 (video1518234199)

The second question is on agro -receivables.

1:02:04

S… Speaker 2 (video1518234199)

Around 50 % of the receivables are grant receivables.

1:02:08

S… Speaker 2 (video1518234199)

What are the grants and when can we claim them?

1:02:11

S… Speaker 2 (video1518234199)

So,

1:02:12

S… Speaker 2 (video1518234199)

the grant receivables

1:02:16

S… Speaker 2 (video1518234199)

of $213 ,000 is made up as MOE campsite grant $39

1:02:21

S… Speaker 2 (video1518234199)

,000 that we received in January 26.

1:02:24

S… Speaker 2 (video1518234199)

And the next one is the Jobbid Fundraising grant from Codequart,

1:02:28

S… Speaker 2 (video1518234199)

$90 ,000 that we actually received in April.

1:02:31

S… Speaker 2 (video1518234199)

And then the third one is the MOE January

1:02:35

S… Speaker 2 (video1518234199)

grant that we mentioned earlier,

1:02:37

S… Speaker 2 (video1518234199)

$93 ,000 that we received in March.

1:02:40

S… Speaker 5 (video1518234199)

Okay.

1:02:43

S… Speaker 3 (video1518234199)

So basically,

1:02:44

S… Speaker 3 (video1518234199)

all these grants have materialized,

1:02:48

S… Speaker 3 (video1518234199)

the receivables have materialized.

1:02:49

S… Speaker 3 (video1518234199)

It's just that it's outside the scope of the audit period.

1:02:52

S… Speaker 6 (video1518234199)

Yes.

1:02:53

S… Speaker 5 (video1518234199)

Okay.

1:02:55

S… Speaker 3 (video1518234199)

Anything else from Chiwi and Shengkyong on this point?

1:02:57

S… Speaker 5 (video1518234199)

No.

1:02:59

S… Speaker 6 (video1518234199)

Okay, we move on.

1:03:01

S… Speaker 5 (video1518234199)

Okay.

1:03:01

S… Speaker 2 (video1518234199)

The third one is total funds and reserve.

1:03:05

S… Speaker 2 (video1518234199)

When was the reserve policy last

1:03:10

S… Speaker 2 (video1518234199)

week and did we explicitly decide not

1:03:15

S… Speaker 2 (video1518234199)

to have a minimum policy states at a maximum

1:03:19

S… Speaker 2 (video1518234199)

of five years?

1:03:20

S… Speaker 2 (video1518234199)

But there is no minimum that the

1:03:24

S… Speaker 2 (video1518234199)

policy stated.

1:03:25

S… Speaker 2 (video1518234199)

And this policy,

1:03:26

S… Speaker 2 (video1518234199)

this reserve policy,

1:03:28

S… Speaker 2 (video1518234199)

as per the Finance and Accounting Procedure,

1:03:31

S… Speaker 2 (video1518234199)

last updated in May 2020.

1:03:33

S… Speaker 3 (video1518234199)

So just to be very clear,

1:03:36

S… Speaker 3 (video1518234199)

this Finance and Accounting Procedures document in 2020,

1:03:39

S… Speaker 3 (video1518234199)

it was approved by the Finance Committee,

1:03:42

S… Speaker 3 (video1518234199)

by the Council,

1:03:43

S… Speaker 5 (video1518234199)

or by the Management?

1:03:45

S… Speaker 2 (video1518234199)

By the Finance Committee.

1:03:55

S… Speaker 3 (video1518234199)

And was it that there was an explicit decision not to state the minimum i

1:04:00

S… Speaker 3 (video1518234199)

.e. it was discussed or it was not considered from our recollection

1:04:05

S… Speaker 3 (video1518234199)

of this matter or from the notes that we have?

1:04:17

S… Speaker 1 (video1518234199)

Yeah,

1:04:18

S… Speaker 1 (video1518234199)

I think there is always no indication of minimum because

1:04:22

S… Speaker 1 (video1518234199)

whatever the organization can hold,

1:04:24

S… Speaker 1 (video1518234199)

but there is always a maximum limit that the

1:04:28

S… Speaker 1 (video1518234199)

NCSS does recommend that organizations do not keep more than that.

1:04:32

S… Speaker 1 (video1518234199)

If not, you are really not utilizing funds that you have.

1:04:36

S… Speaker 3 (video1518234199)

Gary, I think you may want to correct your first sentence.

1:04:39

S… Speaker 3 (video1518234199)

I don't think there is never a minimum.

1:04:41

S… Speaker 3 (video1518234199)

I've looked,

1:04:42

S… Speaker 3 (video1518234199)

I forget the names of the organizations,

1:04:44

S… Speaker 3 (video1518234199)

but there are some organizations which do indicate a minimum.

1:04:47

S… Speaker 3 (video1518234199)

There are some organizations,

1:04:48

S… Speaker 3 (video1518234199)

some IPCs,

1:04:50

S… Speaker 3 (video1518234199)

that do indicate a minimum.

1:04:52

S… Speaker 3 (video1518234199)

So I don't think it's never.

1:04:54

S… Speaker 3 (video1518234199)

I think it's just a question for us.

1:04:57

S… Speaker 3 (video1518234199)

Do we want to have a view?

1:05:00

S… Speaker 1 (video1518234199)

on it or not.

1:05:01

S… Speaker 1 (video1518234199)

I think the maximum has a different set of considerations,

1:05:04

S… Speaker 1 (video1518234199)

which I am inferring from what you're stating.

1:05:07

S… Speaker 2 (video1518234199)

From my

1:05:11

S… Speaker 5 (video1518234199)

presence with the organization,

1:05:13

S… Speaker 5 (video1518234199)

there was never ever a minimum.

1:05:15

S… Speaker 1 (video1518234199)

This organization.

1:05:16

S… Speaker 1 (video1518234199)

Yeah,

1:05:16

S… Speaker 5 (video1518234199)

this organization.

1:05:17

S… Speaker 1 (video1518234199)

So for the Scout Association,

1:05:19

S… Speaker 1 (video1518234199)

you do not recall there being a discussion about the minimum.

1:05:22

S… Speaker 2 (video1518234199)

No.

1:05:25

S… Speaker 4 (video1518234199)

I don't think so.

1:05:26

S… Speaker 4 (video1518234199)

There has never been a minimum because I think our funds have

1:05:30

S… Speaker 4 (video1518234199)

never dropped to a critical level before.

1:05:33

S… Speaker 4 (video1518234199)

If you ask me,

1:05:35

S… Speaker 4 (video1518234199)

the current recent years,

1:05:38

S… Speaker 4 (video1518234199)

the amount is actually at the lowest in many years.

1:05:41

S… Speaker 4 (video1518234199)

So we used to have actually a lot more.

1:05:43

S… Speaker 2 (video1518234199)

Yeah.

1:05:44

S… Speaker 1 (video1518234199)

But hence the point.

1:05:47

S… Speaker 1 (video1518234199)

Do we...

1:05:49

S… Speaker 1 (video1518234199)

Is it an appropriate juncture?

1:05:50

S… Speaker 1 (video1518234199)

So if 2020 was the last time that this was looked at,

1:05:54

S… Speaker 1 (video1518234199)

is it an appropriate juncture to check in

1:05:58

S… Speaker 1 (video1518234199)

with the,

1:05:59

S… Speaker 1 (video1518234199)

at least with President and the Treasurer,

1:06:01

S… Speaker 1 (video1518234199)

whether it makes sense to have a minimum?

1:06:04

S… Speaker 1 (video1518234199)

My question

1:06:09

S… Speaker 4 (video1518234199)

is this, what can we do if we set a minimum?

1:06:12

S… Speaker 4 (video1518234199)

Does it mean that we cannot touch the money even though we have run

1:06:16

S… Speaker 1 (video1518234199)

out of money?

1:06:20

S… Speaker 1 (video1518234199)

I think it guides the budgeting.

1:06:21

S… Speaker 1 (video1518234199)

In a way,

1:06:23

S… Speaker 1 (video1518234199)

you're correct.

1:06:23

S… Speaker 1 (video1518234199)

It is,

1:06:25

S… Speaker 1 (video1518234199)

and Chiwi,

1:06:27

S… Speaker 1 (video1518234199)

you can add in here as well,

1:06:28

S… Speaker 1 (video1518234199)

my understanding of these types of policies is

1:06:32

S… Speaker 1 (video1518234199)

it is also sort of a safeguard to ensure that

1:06:37

S… Speaker 1 (video1518234199)

there isn't a situation where suddenly

1:06:41

S… Speaker 1 (video1518234199)

in a year,

1:06:42

S… Speaker 1 (video1518234199)

basically we deplete everything fully without due

1:06:46

S… Speaker 1 (video1518234199)

consideration.

1:06:48

S… Speaker 1 (video1518234199)

So today we are all reasonable people and so we are not going to try to deplete

1:06:52

S… Speaker 1 (video1518234199)

it.

1:06:52

S… Speaker 1 (video1518234199)

But that may not always be the case.

1:06:55

S… Speaker 1 (video1518234199)

The people who are here may not always be the people who are involved

1:07:00

S… Speaker 1 (video1518234199)

in making the decisions.

1:07:01

S… Speaker 2 (video1518234199)

I

1:07:05

S… Speaker 4 (video1518234199)

think it's worth considering.

1:07:05

S… Speaker 4 (video1518234199)

I think you have a good point there.

1:07:07

S… Speaker 4 (video1518234199)

Without a policy,

1:07:09

S… Speaker 4 (video1518234199)

people might just spend,

1:07:12

S… Speaker 4 (video1518234199)

spend, spend and next thing you know,

1:07:13

S… Speaker 4 (video1518234199)

we are running out of money.

1:07:14

S… Speaker 4 (video1518234199)

And then we are looking at each other and don't know what to do next.

1:07:21

S… Speaker 4 (video1518234199)

So it's maybe something worthwhile for the scout council to look at it and

1:07:25

S… Speaker 4 (video1518234199)

maybe discuss that.

1:07:26

S… Speaker 2 (video1518234199)

Yeah.

1:07:29

S… Speaker 2 (video1518234199)

Just a point of clarification.

1:07:31

S… Speaker 1 (video1518234199)

Sorry.

1:07:32

S… Speaker 5 (video1518234199)

Okay.

1:07:33

S… Speaker 5 (video1518234199)

So whatever money that we have in the bank that we don't utilize.

1:07:37

S… Speaker 2 (video1518234199)

Okay.

1:07:38

S… Speaker 5 (video1518234199)

Because just now I think you refer to question number one,

1:07:41

S… Speaker 5 (video1518234199)

right? Yeah.

1:07:41

S… Speaker 5 (video1518234199)

In terms of excess of operating expense.

1:07:44

S… Speaker 5 (video1518234199)

In this case,

1:07:45

S… Speaker 5 (video1518234199)

we are using it synonymously,

1:07:47

S… Speaker 5 (video1518234199)

right? Our reserves and excess operating expense.

1:07:54

S… Speaker 1 (video1518234199)

I have to look at your statement,

1:07:55

S… Speaker 1 (video1518234199)

but I think in your statement,

1:07:57

S… Speaker 1 (video1518234199)

you actually define what results are.

1:07:58

S… Speaker 1 (video1518234199)

So there's a line in your statements.

1:08:01

S… Speaker 2 (video1518234199)

Okay.

1:08:03

S… Speaker 2 (video1518234199)

Noted.

1:08:04

S… Speaker 5 (video1518234199)

10 -10.

1:08:04

S… Speaker 1 (video1518234199)

So I think we can take the definition as whatever it is.

1:08:08

S… Speaker 1 (video1518234199)

But yeah, Chiwi,

1:08:08

S… Speaker 1 (video1518234199)

sorry, you wanted to say something?

1:08:10

S… Speaker 2 (video1518234199)

No,

1:08:12

S… Speaker 2 (video1518234199)

not at the moment.

1:08:13

S… Speaker 1 (video1518234199)

Okay.

1:08:15

S… Speaker 1 (video1518234199)

Okay, so maybe we can take this as a follow -up since it's been five years.

1:08:17

S… Speaker 1 (video1518234199)

I think useful to have a relook at this.

1:08:19

S… Speaker 1 (video1518234199)

And I mean,

1:08:20

S… Speaker 1 (video1518234199)

even if we look at the stone and the council decides that,

1:08:23

S… Speaker 1 (video1518234199)

okay, it's better not to stipulate,

1:08:24

S… Speaker 1 (video1518234199)

at least we have made that review and have given it due consideration.

1:08:28

S… Speaker 1 (video1518234199)

Okay, good.

1:08:29

S… Speaker 2 (video1518234199)

Yeah, fair enough.

1:08:30

S… Speaker 5 (video1518234199)

Okay.

1:08:30

S… Speaker 3 (video1518234199)

I think this

1:08:34

S… Speaker 2 (video1518234199)

one

1:08:39

S… Speaker 1 (video1518234199)

has been resolved because the earlier statement,

1:08:41

S… Speaker 1 (video1518234199)

there was a loss.

1:08:42

S… Speaker 1 (video1518234199)

Now there is a...

1:08:45

S… Speaker 1 (video1518234199)

I mean, now there's a small surplus.

1:08:46

S… Speaker 1 (video1518234199)

But I just want to check,

1:08:48

S… Speaker 1 (video1518234199)

I mean, even with the small surplus,

1:08:50

S… Speaker 1 (video1518234199)

can you remind us again what was budgeted for

1:08:54

S… Speaker 1 (video1518234199)

this year?

1:08:55

S… Speaker 1 (video1518234199)

So was this in line with our projection for this year?

1:08:58

S… Speaker 1 (video1518234199)

Is it better?

1:08:59

S… Speaker 2 (video1518234199)

Is it worse?

1:08:59

S… Speaker 3 (video1518234199)

2026?

1:09:01

S… Speaker 2 (video1518234199)

No,

1:09:03

S… Speaker 1 (video1518234199)

for 25.

1:09:04

S… Speaker 1 (video1518234199)

So 25,

1:09:05

S… Speaker 1 (video1518234199)

we would have done a projection,

1:09:06

S… Speaker 2 (video1518234199)

right? And then we would have said that,

1:09:08

S… Speaker 1 (video1518234199)

therefore, the ending...

1:09:09

S… Speaker 1 (video1518234199)

deficit or surplus is going to be how much?

1:09:11

S… Speaker 1 (video1518234199)

So,

1:09:12

S… Speaker 1 (video1518234199)

were we generally on target?

1:09:14

S… Speaker 1 (video1518234199)

Were we over?

1:09:15

S… Speaker 1 (video1518234199)

Were we under?

1:09:16

S… Speaker 2 (video1518234199)

Oh,

1:09:17

S… Speaker 3 (video1518234199)

okay. So,

1:09:17

S… Speaker 3 (video1518234199)

this is based on the forecast that we did in

1:09:21

S… Speaker 3 (video1518234199)

2025.

1:09:22

S… Speaker 3 (video1518234199)

Actually,

1:09:23

S… Speaker 3 (video1518234199)

SSA forecasted a profit,

1:09:24

S… Speaker 2 (video1518234199)

is

1:09:28

S… Speaker 2 (video1518234199)

it? A deficit.

1:09:29

S… Speaker 2 (video1518234199)

A deficit of 220.

1:09:31

S… Speaker 1 (video1518234199)

Okay.

1:09:32

S… Speaker 1 (video1518234199)

Yeah.

1:09:33

S… Speaker 3 (video1518234199)

Before, we came in with a small little surplus because

1:09:37

S… Speaker 3 (video1518234199)

of the Jamboree grant that I mentioned

1:09:41

S… Speaker 1 (video1518234199)

earlier.

1:09:41

S… Speaker 3 (video1518234199)

And then we write back the previous year's grant also.

1:09:44

S… Speaker 3 (video1518234199)

And then in C4,

1:09:46

S… Speaker 3 (video1518234199)

we have some donations that we received,

1:09:48

S… Speaker 3 (video1518234199)

which is about 32k.

1:09:50

S… Speaker 3 (video1518234199)

All this helps to bring the deficit,

1:09:54

S… Speaker 3 (video1518234199)

to turn the deficit into a small little surplus.

1:10:00

S… Speaker 1 (video1518234199)

Yeah.

1:10:00

S… Speaker 7 (video1518234199)

Okay.

1:10:04

S… Speaker 4 (video1518234199)

Right back.

1:10:05

S… Speaker 5 (video1518234199)

But the right back of previous year's grants,

1:10:09

S… Speaker 4 (video1518234199)

why would

1:10:14

S… Speaker 5 (video1518234199)

that be positive?

1:10:15

S… Speaker 4 (video1518234199)

Yeah,

1:10:18

S… Speaker 3 (video1518234199)

that's right.

1:10:18

S… Speaker 3 (video1518234199)

Because it actually increases our income.

1:10:21

S… Speaker 4 (video1518234199)

Yeah,

1:10:22

S… Speaker 3 (video1518234199)

of the grant.

1:10:24

S… Speaker 3 (video1518234199)

And same for the January grant also.

1:10:27

S… Speaker 3 (video1518234199)

It actually adds more,

1:10:30

S… Speaker 3 (video1518234199)

adds on to the grant income.

1:10:33

S… Speaker 3 (video1518234199)

Oh, I forgot.

1:10:34

S… Speaker 3 (video1518234199)

And this NYC 40K that we received.

1:10:37

S… Speaker 3 (video1518234199)

So all this actually helps in the

1:10:42

S… Speaker 1 (video1518234199)

circle.

1:10:42

S… Speaker 7 (video1518234199)

Okay,

1:10:43

S… Speaker 5 (video1518234199)

but does this mean that,

1:10:45

S… Speaker 5 (video1518234199)

does this transfer over to next year?

1:10:47

S… Speaker 5 (video1518234199)

That means when we forecasted the grants,

1:10:50

S… Speaker 5 (video1518234199)

I mean, I'm assuming we forecasted we will receive some grants,

1:10:53

S… Speaker 5 (video1518234199)

right? So this is a bit of timing issue here.

1:10:56

S… Speaker 4 (video1518234199)

Is it not?

1:10:58

S… Speaker 5 (video1518234199)

Or we assume that when we budgeted,

1:11:00

S… Speaker 5 (video1518234199)

that we wouldn't receive any grants?

1:11:02

S… Speaker 3 (video1518234199)

When we did the budget,

1:11:04

S… Speaker 3 (video1518234199)

or rather the forecast,

1:11:06

S… Speaker 3 (video1518234199)

which is related somewhere in November or October,

1:11:10

S… Speaker 3 (video1518234199)

we were not

1:11:14

S… Speaker 3 (video1518234199)

sure of all these grants and donation

1:11:18

S… Speaker 3 (video1518234199)

amounts coming in.

1:11:20

S… Speaker 3 (video1518234199)

So we did not include that in our forecast.

1:11:23

S… Speaker 7 (video1518234199)

Okay.

1:11:26

S… Speaker 5 (video1518234199)

And is that a general practice?

1:11:27

S… Speaker 5 (video1518234199)

That means generally when we budget,

1:11:29

S… Speaker 5 (video1518234199)

we don't factor in grant money that...

1:11:34

S… Speaker 5 (video1518234199)

I guess we haven't applied for.

1:11:36

S… Speaker 3 (video1518234199)

Yeah.

1:11:36

S… Speaker 4 (video1518234199)

That's the general practice,

1:11:38

S… Speaker 1 (video1518234199)

is it?

1:11:39

S… Speaker 1 (video1518234199)

Okay.

1:11:39

S… Speaker 2 (video1518234199)

I don't know whether is that the right way to do

1:11:43

S… Speaker 2 (video1518234199)

it because if we do an event like a jamboree,

1:11:48

S… Speaker 1 (video1518234199)

we, number one,

1:11:49

S… Speaker 2 (video1518234199)

we know that we are going to apply for the grant.

1:11:51

S… Speaker 2 (video1518234199)

Number two,

1:11:52

S… Speaker 2 (video1518234199)

we know from past practices that we normally will get the grant.

1:11:56

S… Speaker 2 (video1518234199)

So even though you cannot say for certain,

1:11:59

S… Speaker 2 (video1518234199)

you know,

1:12:00

S… Speaker 2 (video1518234199)

because the making of the grant is not ourselves,

1:12:02

S… Speaker 2 (video1518234199)

right? To somebody else.

1:12:04

S… Speaker 2 (video1518234199)

But, you know,

1:12:05

S… Speaker 2 (video1518234199)

I mean,

1:12:07

S… Speaker 2 (video1518234199)

if you are talking about will we get it,

1:12:09

S… Speaker 2 (video1518234199)

the chances, the probability is actually very high that we will get the grant.

1:12:14

S… Speaker 2 (video1518234199)

So when we do our budgeting and all that,

1:12:17

S… Speaker 2 (video1518234199)

I'm not sure,

1:12:17

S… Speaker 2 (video1518234199)

is it correct then for us to budget ignoring that these

1:12:22

S… Speaker 2 (video1518234199)

are grants that we will be applying for and very likely to receive?

1:12:31

S… Speaker 6 (video1518234199)

Okay, usually I'll discuss with the auditors,

1:12:33

S… Speaker 6 (video1518234199)

right? The auditors,

1:12:35

S… Speaker 6 (video1518234199)

that means if there is no certainty of the grant

1:12:39

S… Speaker 1 (video1518234199)

being there,

1:12:40

S… Speaker 6 (video1518234199)

they usually take a conservative approach of not putting

1:12:44

S… Speaker 1 (video1518234199)

it there.

1:12:44

S… Speaker 6 (video1518234199)

Unless there is quite a large certainty that you're going to get it,

1:12:48

S… Speaker 6 (video1518234199)

and so on,

1:12:50

S… Speaker 6 (video1518234199)

then they usually will allow you to put it in.

1:12:54

S… Speaker 6 (video1518234199)

So generally,

1:12:55

S… Speaker 6 (video1518234199)

we take that line of forecasting.

1:12:57

S… Speaker 2 (video1518234199)

So your certainty is at what level?

1:13:00

S… Speaker 2 (video1518234199)

100 %?

1:13:00

S… Speaker 6 (video1518234199)

No,

1:13:02

S… Speaker 1 (video1518234199)

okay.

1:13:02

S… Speaker 6 (video1518234199)

Our certainty,

1:13:03

S… Speaker 6 (video1518234199)

it was, okay,

1:13:04

S… Speaker 6 (video1518234199)

for the Jambri grant,

1:13:05

S… Speaker 6 (video1518234199)

because we were not hitting the numbers of local

1:13:09

S… Speaker 6 (video1518234199)

students as what we had hoped,

1:13:12

S… Speaker 6 (video1518234199)

and there was quite a bit of international,

1:13:14

S… Speaker 6 (video1518234199)

we were not sure of MOE's position on it.

1:13:17

S… Speaker 7 (video1518234199)

Okay?

1:13:19

S… Speaker 6 (video1518234199)

So we were quite wary of it.

1:13:22

S… Speaker 6 (video1518234199)

And on top of that,

1:13:23

S… Speaker 6 (video1518234199)

for the NYC one in particular,

1:13:26

S… Speaker 6 (video1518234199)

NYC wanted us,

1:13:28

S… Speaker 6 (video1518234199)

I think,

1:13:28

S… Speaker 6 (video1518234199)

okay,

1:13:30

S… Speaker 6 (video1518234199)

you give me something,

1:13:32

S… Speaker 6 (video1518234199)

I give you something kind of thing.

1:13:33

S… Speaker 1 (video1518234199)

Okay.

1:13:34

S… Speaker 6 (video1518234199)

We were not certain that we could hit their mark.

1:13:38

S… Speaker 6 (video1518234199)

So we were not quite certain of whether they would actually give

1:13:43

S… Speaker 6 (video1518234199)

us that grant.

1:13:44

S… Speaker 7 (video1518234199)

Okay.

1:13:46

S… Speaker 6 (video1518234199)

Or they might claw back or something like that.

1:13:48

S… Speaker 6 (video1518234199)

So we didn't put it in.

1:13:52

S… Speaker 2 (video1518234199)

So this year is a very peculiar year because previously we don't have this kind of experience.

1:13:56

S… Speaker 1 (video1518234199)

Yeah, we don't.

1:13:57

S… Speaker 1 (video1518234199)

We don't usually have it.

1:13:58

S… Speaker 2 (video1518234199)

Because usually MOE and NYC grants are quite certain.

1:14:02

S… Speaker 2 (video1518234199)

I will put the certainty at like 80 -90%.

1:14:06

S… Speaker 1 (video1518234199)

Yeah.

1:14:07

S… Speaker 6 (video1518234199)

So anyway,

1:14:10

S… Speaker 6 (video1518234199)

this MOE one,

1:14:11

S… Speaker 6 (video1518234199)

it was I think about 30 -40 ,000 lower than

1:14:15

S… Speaker 6 (video1518234199)

what we had hoped to receive.

1:14:17

S… Speaker 6 (video1518234199)

But that is what they gave.

1:14:25

S… Speaker 2 (video1518234199)

And that's largely because of the number of local participants.

1:14:28

S… Speaker 6 (video1518234199)

Yes,

1:14:30

S… Speaker 6 (video1518234199)

and the way,

1:14:31

S… Speaker 6 (video1518234199)

the peculiar way that they calculate,

1:14:33

S… Speaker 6 (video1518234199)

and then they don't want to negotiate,

1:14:37

S… Speaker 6 (video1518234199)

talk any further,

1:14:37

S… Speaker 6 (video1518234199)

so they kind of insisted on this.

1:14:40

S… Speaker 6 (video1518234199)

And they were quick to,

1:14:44

S… Speaker 6 (video1518234199)

they wanted to close it by their financial year.

1:14:47

S… Speaker 4 (video1518234199)

Okay.

1:14:48

S… Speaker 7 (video1518234199)

Okay,

1:14:51

S… Speaker 1 (video1518234199)

thanks for that.

1:14:52

S… Speaker 1 (video1518234199)

I mean,

1:14:52

S… Speaker 5 (video1518234199)

Chiwi, anything else to add on this point?

1:14:55

S… Speaker 1 (video1518234199)

I just have a comment.

1:14:56

S… Speaker 1 (video1518234199)

Even though it's a surplus of 46k,

1:15:00

S… Speaker 1 (video1518234199)

Essentially,

1:15:01

S… Speaker 1 (video1518234199)

it's because of the amortization of the building fund.

1:15:03

S… Speaker 1 (video1518234199)

So if I put it very focused on,

1:15:07

S… Speaker 1 (video1518234199)

this year we did have a net outflow of 172k,

1:15:13

S… Speaker 1 (video1518234199)

which means that resources have spent is more than incoming resource.

1:15:17

S… Speaker 1 (video1518234199)

Simple as that.

1:15:18

S… Speaker 1 (video1518234199)

So my question to the management

1:15:22

S… Speaker 1 (video1518234199)

is, have we reached a point that this type

1:15:27

S… Speaker 1 (video1518234199)

of deficit will continue?

1:15:29

S… Speaker 1 (video1518234199)

or is this likely a one time off or maybe two time off because

1:15:34

S… Speaker 1 (video1518234199)

if this is a symptom then

1:15:38

S… Speaker 1 (video1518234199)

it is something for us to take manage it's something for management to take action to

1:15:42

S… Speaker 1 (video1518234199)

reverse it back to surplus yeah this can be a small

1:15:46

S… Speaker 1 (video1518234199)

red flag you know you do health check right then this could be the small red flag okay

1:15:52

S… Speaker 2 (video1518234199)

i think it's definitely a small red flag

1:15:55

S… Speaker 1 (video1518234199)

All right.

1:15:55

S… Speaker 2 (video1518234199)

SLDC was hit,

1:15:57

S… Speaker 2 (video1518234199)

I think,

1:15:58

S… Speaker 2 (video1518234199)

massively by the increase in costs in various areas

1:16:03

S… Speaker 2 (video1518234199)

that for their,

1:16:04

S… Speaker 2 (video1518234199)

I think,

1:16:05

S… Speaker 2 (video1518234199)

their operating costs,

1:16:07

S… Speaker 2 (video1518234199)

operating expenses.

1:16:08

S… Speaker 2 (video1518234199)

So it's definitely a red flag that we are looking into.

1:16:12

S… Speaker 2 (video1518234199)

All right.

1:16:13

S… Speaker 2 (video1518234199)

And we are addressing it quite,

1:16:14

S… Speaker 2 (video1518234199)

I think,

1:16:16

S… Speaker 2 (video1518234199)

quite trying to get as aggressive as we can in terms of addressing those issues.

1:16:20

S… Speaker 3 (video1518234199)

I think...

1:16:23

S… Speaker 3 (video1518234199)

Yeah, actually Chiwi brought up a very good point.

1:16:26

S… Speaker 3 (video1518234199)

I think in recent years,

1:16:29

S… Speaker 3 (video1518234199)

we were hit by certain policies concerning

1:16:33

S… Speaker 3 (video1518234199)

our scouts' ability to participate in Job

1:16:37

S… Speaker 3 (video1518234199)

Week. And that has actually impacted our income

1:16:41

S… Speaker 3 (video1518234199)

quite substantially.

1:16:43

S… Speaker 3 (video1518234199)

Because we used to make something like $800

1:16:47

S… Speaker 3 (video1518234199)

,000 at this peak for Job Week.

1:16:50

S… Speaker 3 (video1518234199)

And the figures have dropped.

1:16:52

S… Speaker 3 (video1518234199)

Very much.

1:16:53

S… Speaker 3 (video1518234199)

Several hundred thousand,

1:16:54

S… Speaker 1 (video1518234199)

I believe.

1:16:54

S… Speaker 3 (video1518234199)

So we don't seem to have been able to plug that hole.

1:16:58

S… Speaker 3 (video1518234199)

So income -wise,

1:17:01

S… Speaker 3 (video1518234199)

that is quite a substantial drop from just job

1:17:05

S… Speaker 1 (video1518234199)

week alone.

1:17:06

S… Speaker 3 (video1518234199)

And I don't see in

1:17:10

S… Speaker 3 (video1518234199)

the immediate near future any change as

1:17:14

S… Speaker 3 (video1518234199)

far as that is concerned.

1:17:15

S… Speaker 3 (video1518234199)

Unless there's some drastic...

1:17:19

S… Speaker 3 (video1518234199)

idea or strategy from the management.

1:17:21

S… Speaker 3 (video1518234199)

Otherwise,

1:17:22

S… Speaker 3 (video1518234199)

I think management really need to look at their spending

1:17:26

S… Speaker 3 (video1518234199)

and budgeting and take into account this fact because this

1:17:31

S… Speaker 3 (video1518234199)

low income might be here to stay for quite a while.

1:17:39

S… Speaker 2 (video1518234199)

So I think it's not only one issue,

1:17:42

S… Speaker 2 (video1518234199)

it's several things as well.

1:17:44

S… Speaker 2 (video1518234199)

Our membership fees have also not kept

1:17:48

S… Speaker 2 (video1518234199)

pace. I think our membership fees is more than one

1:17:52

S… Speaker 2 (video1518234199)

decade old, right?

1:17:54

S… Speaker 2 (video1518234199)

So that we have not changed,

1:17:56

S… Speaker 2 (video1518234199)

more than one decade old that we have not changed.

1:17:57

S… Speaker 2 (video1518234199)

And we have not caught up with in terms of increasing costs that has

1:18:02

S… Speaker 2 (video1518234199)

gone up quite tremendously as well.

1:18:05

S… Speaker 2 (video1518234199)

So yeah,

1:18:06

S… Speaker 2 (video1518234199)

it's a multitude of factors that we need to address.

1:18:08

S… Speaker 3 (video1518234199)

Membership fee is not changing,

1:18:11

S… Speaker 3 (video1518234199)

it's not decreasing our income.

1:18:13

S… Speaker 3 (video1518234199)

It's just that changing the membership fee will be a strategy to

1:18:17

S… Speaker 3 (video1518234199)

increase.

1:18:18

S… Speaker 3 (video1518234199)

an additional source of income.

1:18:20

S… Speaker 3 (video1518234199)

So that does not actually lower,

1:18:22

S… Speaker 3 (video1518234199)

but there are other things that are causing us to actually lose

1:18:26

S… Speaker 3 (video1518234199)

our traditional income.

1:18:28

S… Speaker 3 (video1518234199)

And those are the ordering things.

1:18:30

S… Speaker 3 (video1518234199)

So if we cannot plug that loss,

1:18:32

S… Speaker 3 (video1518234199)

then we have to come up with new strategies to find other alternative sources of income.

1:18:36

S… Speaker 3 (video1518234199)

And if we cannot do that,

1:18:37

S… Speaker 3 (video1518234199)

then we have to start thinking about tightening our belt and not spend on things

1:18:42

S… Speaker 3 (video1518234199)

that we used to spend.

1:18:45

S… Speaker 1 (video1518234199)

Yeah.

1:18:45

S… Speaker 4 (video1518234199)

I second the two members' points.

1:18:47

S… Speaker 4 (video1518234199)

One additional question,

1:18:50

S… Speaker 4 (video1518234199)

but I'm also mindful of time,

1:18:52

S… Speaker 4 (video1518234199)

so I do want to try and manage the meeting timing.

1:18:54

S… Speaker 4 (video1518234199)

Some of these are not new issues.

1:18:58

S… Speaker 4 (video1518234199)

Is the Finance Committee or SLDC

1:19:03

S… Speaker 4 (video1518234199)

actively looking at some of these things,

1:19:05

S… Speaker 4 (video1518234199)

for example?

1:19:08

S… Speaker 4 (video1518234199)

Yeah, and I wonder then whether it is useful then,

1:19:11

S… Speaker 4 (video1518234199)

maybe as a matter of rising,

1:19:14

S… Speaker 4 (video1518234199)

just to get a sense of how those committees are looking at the

1:19:18

S… Speaker 4 (video1518234199)

overall fiscal sustainability of the association going forward

1:19:23

S… Speaker 4 (video1518234199)

in the current environment.

1:19:24

S… Speaker 4 (video1518234199)

Because I think membership,

1:19:26

S… Speaker 4 (video1518234199)

I mean, we did talk about this,

1:19:27

S… Speaker 4 (video1518234199)

there's membership fees,

1:19:28

S… Speaker 4 (video1518234199)

there's investment income,

1:19:30

S… Speaker 4 (video1518234199)

there's SLDC.

1:19:31

S… Speaker 4 (video1518234199)

And if I recall the discussion,

1:19:32

S… Speaker 4 (video1518234199)

prior to COVID,

1:19:34

S… Speaker 4 (video1518234199)

there was a sense that SLDC could be a big...

1:19:38

S… Speaker 4 (video1518234199)

potential source of income for the association.

1:19:41

S… Speaker 4 (video1518234199)

Then COVID hit,

1:19:43

S… Speaker 4 (video1518234199)

and then there were various constraints,

1:19:45

S… Speaker 4 (video1518234199)

and then we were picking up steam again.

1:19:46

S… Speaker 4 (video1518234199)

But then I noticed this year,

1:19:49

S… Speaker 4 (video1518234199)

which is linked to my next question,

1:19:50

S… Speaker 4 (video1518234199)

then the profit margins went down again.

1:19:52

S… Speaker 4 (video1518234199)

And beyond a certain point,

1:19:54

S… Speaker 4 (video1518234199)

we were also internally talking in the association about the corporate structures,

1:19:58

S… Speaker 4 (video1518234199)

if I recall correctly.

1:20:00

S… Speaker 2 (video1518234199)

and eventually whether SLDC might be an entity in and of itself.

1:20:03

S… Speaker 2 (video1518234199)

So all these things may change the original

1:20:08

S… Speaker 2 (video1518234199)

plans that we had.

1:20:09

S… Speaker 2 (video1518234199)

So it may be useful for us to,

1:20:11

S… Speaker 2 (video1518234199)

it may not be an audit committee's role to do this,

1:20:15

S… Speaker 2 (video1518234199)

but I think it is our role to flag that this is an issue that

1:20:19

S… Speaker 2 (video1518234199)

is something that the association should look at.

1:20:22

S… Speaker 2 (video1518234199)

And perhaps you just get back to us as a matter arising

1:20:26

S… Speaker 2 (video1518234199)

on what the status is.

1:20:33

S… Speaker 1 (video1518234199)

Okay, let's move on.

1:20:33

S… Speaker 3 (video1518234199)

So we go to E.

1:20:37

S… Speaker 1 (video1518234199)

Yeah,

1:20:38

S… Speaker 2 (video1518234199)

sure, go ahead.

1:20:38

S… Speaker 1 (video1518234199)

Yeah.

1:20:39

S… Speaker 3 (video1518234199)

So I'm sure this SLDC reconciliation

1:20:43

S… Speaker 3 (video1518234199)

comparing 2025 versus 2024.

1:20:47

S… Speaker 3 (video1518234199)

Okay,

1:20:48

S… Speaker 1 (video1518234199)

this one is

1:20:52

S… Speaker 1 (video1518234199)

for the,

1:20:53

S… Speaker 1 (video1518234199)

for the January?

1:20:54

S… Speaker 1 (video1518234199)

SLDC.

1:20:56

S… Speaker 1 (video1518234199)

Okay,

1:20:56

S… Speaker 1 (video1518234199)

SLDC, yeah.

1:20:57

S… Speaker 1 (video1518234199)

Okay,

1:20:58

S… Speaker 1 (video1518234199)

so I think SLDC,

1:20:59

S… Speaker 1 (video1518234199)

like what we said just now,

1:21:00

S… Speaker 1 (video1518234199)

I think income basically was better than in 2024.

1:21:05

S… Speaker 1 (video1518234199)

But what didn't pan out well was the increase in cost in terms

1:21:09

S… Speaker 1 (video1518234199)

of running the programs that we had.

1:21:11

S… Speaker 1 (video1518234199)

So the direct expenses,

1:21:13

S… Speaker 1 (video1518234199)

which are the variable expenses,

1:21:16

S… Speaker 1 (video1518234199)

hit us very hard in terms of manpower costs because during

1:21:21

S… Speaker 1 (video1518234199)

certain peak periods,

1:21:22

S… Speaker 1 (video1518234199)

they were actually all scrambling to get freelancers.

1:21:25

S… Speaker 1 (video1518234199)

So basically,

1:21:26

S… Speaker 1 (video1518234199)

everybody was out beating each other because non -complying,

1:21:31

S… Speaker 1 (video1518234199)

not being able to roll out that program.

1:21:34

S… Speaker 1 (video1518234199)

with a shortage of freelancers would be even more detrimental

1:21:38

S… Speaker 1 (video1518234199)

in terms of contract -wise with MOE.

1:21:40

S… Speaker 1 (video1518234199)

So those were the issues that we faced.

1:21:43

S… Speaker 1 (video1518234199)

That's why at SLDC also,

1:21:46

S… Speaker 1 (video1518234199)

in terms of food costs,

1:21:49

S… Speaker 1 (video1518234199)

even though food costs per person didn't go up much,

1:21:52

S… Speaker 1 (video1518234199)

but there was a reduce in the quantity of food that

1:21:56

S… Speaker 1 (video1518234199)

they provide for each person.

1:21:58

S… Speaker 1 (video1518234199)

So in the end,

1:21:59

S… Speaker 1 (video1518234199)

of course,

1:22:00

S… Speaker 1 (video1518234199)

we were negotiating,

1:22:01

S… Speaker 1 (video1518234199)

but we had to,

1:22:04

S… Speaker 1 (video1518234199)

in the end,

1:22:05

S… Speaker 1 (video1518234199)

order more for a lesser number of people just to make

1:22:09

S… Speaker 1 (video1518234199)

sure that we comply with the contracts for the schools.

1:22:13

S… Speaker 1 (video1518234199)

So that all those things hit us very hard.

1:22:15

S… Speaker 1 (video1518234199)

In the end,

1:22:16

S… Speaker 1 (video1518234199)

I think we came up with a surplus of supposed to be about 200

1:22:20

S… Speaker 1 (video1518234199)

,000, but we ended up with a surplus of about...

1:22:24

S… Speaker 1 (video1518234199)

About what?

1:22:25

S… Speaker 1 (video1518234199)

30 over 1 ,000?

1:22:26

S… Speaker 1 (video1518234199)

Jenny, correct?

1:22:27

S… Speaker 3 (video1518234199)

Yeah,

1:22:28

S… Speaker 1 (video1518234199)

32.

1:22:28

S… Speaker 1 (video1518234199)

Yeah,

1:22:29

S… Speaker 1 (video1518234199)

32 ,000.

1:22:30

S… Speaker 1 (video1518234199)

So that was how SLDC ended.

1:22:32

S… Speaker 1 (video1518234199)

Maybe I take questions.

1:22:36

S… Speaker 1 (video1518234199)

From the other members,

1:22:40

S… Speaker 1 (video1518234199)

anything? Chipin,

1:22:45

S… Speaker 1 (video1518234199)

I also got this,

1:22:46

S… Speaker 1 (video1518234199)

I identified this issue that

1:22:50

S… Speaker 1 (video1518234199)

SLDC 32K this year,

1:22:53

S… Speaker 1 (video1518234199)

last year was 198K.

1:22:55

S… Speaker 1 (video1518234199)

So moving forward,

1:22:59

S… Speaker 1 (video1518234199)

I think the key question is what is the management going to do about it?

1:23:03

S… Speaker 1 (video1518234199)

Because if it starts going to tilt to deficit,

1:23:06

S… Speaker 1 (video1518234199)

then SLDC will be loss -making.

1:23:08

S… Speaker 1 (video1518234199)

Correct.

1:23:10

S… Speaker 1 (video1518234199)

So,

1:23:11

S… Speaker 1 (video1518234199)

okay, anyway,

1:23:11

S… Speaker 1 (video1518234199)

I spoke to the SLDC chairman about it.

1:23:14

S… Speaker 1 (video1518234199)

President knows about it as well.

1:23:16

S… Speaker 1 (video1518234199)

So we are looking at it,

1:23:18

S… Speaker 1 (video1518234199)

trying to look at it in a strategic way so

1:23:22

S… Speaker 1 (video1518234199)

that to turn it,

1:23:23

S… Speaker 1 (video1518234199)

not for it to continue to decrease in terms of

1:23:27

S… Speaker 1 (video1518234199)

its surpluses, but back to increasing.

1:23:29

S… Speaker 1 (video1518234199)

So

1:23:43

S… Speaker 1 (video1518234199)

any more questions?

1:23:46

S… Speaker 2 (video1518234199)

I don't have further questions.

1:23:49

S… Speaker 2 (video1518234199)

I think they're on the assumption that we,

1:23:51

S… Speaker 2 (video1518234199)

I mean,

1:23:52

S… Speaker 2 (video1518234199)

you'll get back to us on the overall approach.

1:23:54

S… Speaker 2 (video1518234199)

I think that's the Chiwis was asking more or less the same kind of question

1:23:59

S… Speaker 2 (video1518234199)

that we were asking earlier,

1:24:01

S… Speaker 2 (video1518234199)

which is,

1:24:01

S… Speaker 2 (video1518234199)

we know this is a situation.

1:24:03

S… Speaker 2 (video1518234199)

There is a certain,

1:24:04

S… Speaker 2 (video1518234199)

potentially a red flag.

1:24:06

S… Speaker 2 (video1518234199)

So what are we going to do about it?

1:24:08

S… Speaker 2 (video1518234199)

So you take it back and let us know.

1:24:11

S… Speaker 1 (video1518234199)

Okay,

1:24:11

S… Speaker 1 (video1518234199)

we'll do that.

1:24:12

S… Speaker 1 (video1518234199)

Okay.

1:24:13

S… Speaker 1 (video1518234199)

Okay,

1:24:16

S… Speaker 2 (video1518234199)

we move on.

1:24:21

S… Speaker 3 (video1518234199)

I want to collect to say that the 2 % on the incoming

1:24:25

S… Speaker 3 (video1518234199)

resources come from government grants and this

1:24:29

S… Speaker 3 (video1518234199)

has already been steady for three years.

1:24:33

S… Speaker 3 (video1518234199)

Is this our desired level?

1:24:35

S… Speaker 3 (video1518234199)

So,

1:24:36

S… Speaker 3 (video1518234199)

OSA actually on average received grant

1:24:40

S… Speaker 3 (video1518234199)

income of 1 .1 million to 1 .2 million for

1:24:44

S… Speaker 3 (video1518234199)

various grants.

1:24:47

S… Speaker 3 (video1518234199)

So it is also dependable on whether there are new projects or events

1:24:52

S… Speaker 3 (video1518234199)

during the year that,

1:24:54

S… Speaker 3 (video1518234199)

as I say,

1:24:55

S… Speaker 3 (video1518234199)

can tap on these additional grants.

1:24:56

S… Speaker 1 (video1518234199)

Okay.

1:24:57

S… Speaker 2 (video1518234199)

In the interest of time,

1:24:59

S… Speaker 2 (video1518234199)

can I suggest you...

1:25:00

S… Speaker 2 (video1518234199)

Take that together with the previous two follow -ups.

1:25:02

S… Speaker 2 (video1518234199)

It is a broader point.

1:25:04

S… Speaker 2 (video1518234199)

The broader point that I'm alluding to here is the

1:25:08

S… Speaker 2 (video1518234199)

sustainability of our income structures.

1:25:10

S… Speaker 2 (video1518234199)

So if this is a substantial chunk of

1:25:15

S… Speaker 2 (video1518234199)

our incoming resources,

1:25:16

S… Speaker 2 (video1518234199)

is it the right level,

1:25:19

S… Speaker 2 (video1518234199)

basically?

1:25:20

S… Speaker 2 (video1518234199)

So 22 % or whatever figure it is.

1:25:22

S… Speaker 2 (video1518234199)

Is this about right for us or do we need to diversify even further?

1:25:26

S… Speaker 2 (video1518234199)

The good thing is that it does not appear to be like the majority

1:25:30

S… Speaker 2 (video1518234199)

of the income.

1:25:31

S… Speaker 2 (video1518234199)

So there are other income sources,

1:25:32

S… Speaker 2 (video1518234199)

but as we have just covered earlier,

1:25:34

S… Speaker 2 (video1518234199)

those also are under pressure or have changed over the last few years.

1:25:38

S… Speaker 2 (video1518234199)

So it is useful to just take this holistically in a review of the financial

1:25:42

S… Speaker 2 (video1518234199)

sustainability of the association.

1:25:44

S… Speaker 1 (video1518234199)

Okay?

1:25:45

S… Speaker 3 (video1518234199)

Okay.

1:25:46

S… Speaker 1 (video1518234199)

Okay,

1:25:49

S… Speaker 2 (video1518234199)

let's move on.

1:25:50

S… Speaker 3 (video1518234199)

So this one,

1:25:51

S… Speaker 3 (video1518234199)

the G you need to run through,

1:25:54

S… Speaker 3 (video1518234199)

it's actually stating where the audit adjustments are

1:25:59

S… Speaker 3 (video1518234199)

in the financial statements.

1:26:01

S… Speaker 3 (video1518234199)

So from like item 1,

1:26:04

S… Speaker 3 (video1518234199)

the previous year grant went to grant income.

1:26:06

S… Speaker 3 (video1518234199)

Adjustment 2 went to grant income also.

1:26:09

S… Speaker 3 (video1518234199)

Adjustment 3,

1:26:10

S… Speaker 3 (video1518234199)

which is it went into expense as an international scout event

1:26:14

S… Speaker 3 (video1518234199)

and program expenses.

1:26:16

S… Speaker 3 (video1518234199)

Item 4,

1:26:17

S… Speaker 3 (video1518234199)

it went to expense,

1:26:20

S… Speaker 3 (video1518234199)

it went to other resources as funded.

1:26:22

S… Speaker 1 (video1518234199)

Okay,

1:26:25

S… Speaker 2 (video1518234199)

and anyway the auditors reviewed these adjustments and these are in line with the financial,

1:26:30

S… Speaker 2 (video1518234199)

I mean the

1:26:34

S… Speaker 1 (video1518234199)

Yes.

1:26:35

S… Speaker 3 (video1518234199)

So for Jamboree,

1:26:38

S… Speaker 3 (video1518234199)

Jamboree income fall under fees from participants and

1:26:42

S… Speaker 3 (video1518234199)

Jamboree grant reported under grant income.

1:26:46

S… Speaker 1 (video1518234199)

Okay.

1:26:47

S… Speaker 1 (video1518234199)

Got it.

1:26:49

S… Speaker 2 (video1518234199)

I think KH we covered earlier I believe.

1:26:52

S… Speaker 1 (video1518234199)

Yes.

1:26:53

S… Speaker 1 (video1518234199)

Okay.

1:26:58

S… Speaker 3 (video1518234199)

with the statement of cash flow,

1:27:00

S… Speaker 3 (video1518234199)

where did audit adjustment fit before in the cash flow?

1:27:04

S… Speaker 1 (video1518234199)

Do I need to go through this?

1:27:07

S… Speaker 2 (video1518234199)

I don't think it's necessary.

1:27:10

S… Speaker 2 (video1518234199)

I think we've covered substantially what we're talking about,

1:27:13

S… Speaker 2 (video1518234199)

which is the overall resources for the association.

1:27:15

S… Speaker 1 (video1518234199)

Okay,

1:27:17

S… Speaker 1 (video1518234199)

Jenny.

1:27:17

S… Speaker 1 (video1518234199)

For the audit adjustment,

1:27:21

S… Speaker 1 (video1518234199)

are there audit adjustment proposed by the auditors that you

1:27:25

S… Speaker 1 (video1518234199)

refuse?

1:27:26

S… Speaker 1 (video1518234199)

Good point.

1:27:29

S… Speaker 1 (video1518234199)

Good point.

1:27:30

S… Speaker 3 (video1518234199)

No.

1:27:31

S… Speaker 1 (video1518234199)

No,

1:27:32

S… Speaker 3 (video1518234199)

there isn't any.

1:27:33

S… Speaker 1 (video1518234199)

Okay,

1:27:33

S… Speaker 1 (video1518234199)

thank you.

1:27:34

S… Speaker 3 (video1518234199)

So the last one,

1:27:36

S… Speaker 3 (video1518234199)

which is question six,

1:27:38

S… Speaker 3 (video1518234199)

is what level of cash in

1:27:42

S… Speaker 3 (video1518234199)

the bank is safe for us?

1:27:43

S… Speaker 3 (video1518234199)

It's a safe level.

1:27:44

S… Speaker 3 (video1518234199)

And below which,

1:27:46

S… Speaker 3 (video1518234199)

it should be a concern.

1:27:48

S… Speaker 3 (video1518234199)

So our monthly expenses,

1:27:52

S… Speaker 3 (video1518234199)

fixed expenses,

1:27:53

S… Speaker 3 (video1518234199)

is the salary cost,

1:27:54

S… Speaker 1 (video1518234199)

the recurring.

1:27:56

S… Speaker 3 (video1518234199)

G &A cost,

1:27:57

S… Speaker 3 (video1518234199)

which is about $200 ,000 a month.

1:27:59

S… Speaker 3 (video1518234199)

And then for the association,

1:28:02

S… Speaker 3 (video1518234199)

the safe level is to maintain the cash of about three

1:28:06

S… Speaker 3 (video1518234199)

months. And we should be of concern if

1:28:10

S… Speaker 3 (video1518234199)

only one month of cash remains in the bank

1:28:14

S… Speaker 1 (video1518234199)

account. Okay.

1:28:15

S… Speaker 2 (video1518234199)

I mean,

1:28:19

S… Speaker 2 (video1518234199)

the point is noted.

1:28:21

S… Speaker 2 (video1518234199)

Although I would say one month...

1:28:24

S… Speaker 2 (video1518234199)

No, I wouldn't be concerned.

1:28:26

S… Speaker 2 (video1518234199)

I'd be very concerned.

1:28:27

S… Speaker 1 (video1518234199)

Actually,

1:28:30

S… Speaker 2 (video1518234199)

I think you can feed it into the earlier discussion we were

1:28:34

S… Speaker 2 (video1518234199)

having about cash flow.

1:28:35

S… Speaker 2 (video1518234199)

The cash,

1:28:37

S… Speaker 2 (video1518234199)

what you have on hand,

1:28:38

S… Speaker 2 (video1518234199)

the splits,

1:28:39

S… Speaker 1 (video1518234199)

right?

1:28:40

S… Speaker 2 (video1518234199)

How much of it is liquid?

1:28:42

S… Speaker 2 (video1518234199)

How much of it is in bank accounts?

1:28:43

S… Speaker 2 (video1518234199)

Things like that.

1:28:44

S… Speaker 2 (video1518234199)

There are different permutations.

1:28:45

S… Speaker 2 (video1518234199)

And I think to Chiwi's point,

1:28:47

S… Speaker 2 (video1518234199)

there's also,

1:28:48

S… Speaker 2 (video1518234199)

I mean, what is recorded as cash,

1:28:51

S… Speaker 2 (video1518234199)

actually, there are multiple

1:29:04

S… Speaker 2 (video1518234199)

No, I

1:29:19

S… Speaker 1 (video1518234199)

have nothing to add.

1:29:20

S… Speaker 1 (video1518234199)

Chiwi?

1:29:21

S… Speaker 1 (video1518234199)

I will include my comments and,

1:29:24

S… Speaker 1 (video1518234199)

I mean, questions separately on the email.

1:29:26

S… Speaker 1 (video1518234199)

Thanks.

1:29:27

S… Speaker 1 (video1518234199)

Okay,

1:29:28

S… Speaker 1 (video1518234199)

thank you.

1:29:28

S… Speaker 1 (video1518234199)

Okay,

1:29:30

S… Speaker 2 (video1518234199)

if not, then we move on to the next statement.

1:29:32

S… Speaker 2 (video1518234199)

Okay,

1:29:33

S… Speaker 2 (video1518234199)

what I will say is then subject to,

1:29:35

S… Speaker 2 (video1518234199)

I mean, subject to then management addressing any further queries

1:29:41

S… Speaker 2 (video1518234199)

that Chiwi or members have over email.

1:29:45

S… Speaker 2 (video1518234199)

Do we agree that we can pass the financial statements?

1:29:49

S… Speaker 2 (video1518234199)

Because I think the management will need to record this,

1:29:51

S… Speaker 2 (video1518234199)

endorse the audited financial statements.

1:30:00

S… Speaker 1 (video1518234199)

management, you can record that.

1:30:01

S… Speaker 1 (video1518234199)

But do get the questions from Chiwi and if Ching Hyung has any further ones as

1:30:05

S… Speaker 1 (video1518234199)

well. And just make sure that the questions are adequately addressed.

1:30:08

S… Speaker 1 (video1518234199)

Okay.

1:30:09

S… Speaker 3 (video1518234199)

Okay.

1:30:12

S… Speaker 1 (video1518234199)

Let's move on.

1:30:14

S… Speaker 2 (video1518234199)

Okay.

1:30:15

S… Speaker 1 (video1518234199)

Minutes of last meeting circulated

1:30:20

S… Speaker 1 (video1518234199)

already. So do members have any amendments or comments?

1:30:23

S… Speaker 1 (video1518234199)

Chiwi,

1:30:26

S… Speaker 1 (video1518234199)

Ching Hyung?

1:30:27

S… Speaker 1 (video1518234199)

No.

1:30:28

S… Speaker 2 (video1518234199)

No from me.

1:30:28

S… Speaker 3 (video1518234199)

No?

1:30:30

S… Speaker 1 (video1518234199)

Okay.

1:30:30

S… Speaker 1 (video1518234199)

Then we go quickly to matters arising.

1:30:35

S… Speaker 1 (video1518234199)

Go to the mental story,

1:30:36

S… Speaker 1 (video1518234199)

I think only the minutes.

1:30:37

S… Speaker 3 (video1518234199)

No,

1:30:45

S… Speaker 1 (video1518234199)

that's...

1:30:46

S… Speaker 1 (video1518234199)

Okay, never mind.

1:30:49

S… Speaker 2 (video1518234199)

I just want to take up something that I would like to update on enterprise

1:30:53

S… Speaker 2 (video1518234199)

risk management.

1:30:54

S… Speaker 1 (video1518234199)

Okay.

1:30:55

S… Speaker 2 (video1518234199)

Okay, Ken.

1:30:56

S… Speaker 2 (video1518234199)

Okay, so recently at the last Finance Committee meeting,

1:31:00

S… Speaker 2 (video1518234199)

about a week and a half ago,

1:31:01

S… Speaker 2 (video1518234199)

the Finance Committee approved the anti -money laundering and

1:31:06

S… Speaker 2 (video1518234199)

countering the financing of terrorism policy.

1:31:09

S… Speaker 2 (video1518234199)

Okay,

1:31:10

S… Speaker 2 (video1518234199)

so that is one additional one that I think will add to our...

1:31:15

S… Speaker 2 (video1518234199)

list of policies that we need to do to make sure that we are in terms of

1:31:20

S… Speaker 2 (video1518234199)

ERM, we are cared for in that sense.

1:31:23

S… Speaker 2 (video1518234199)

Okay,

1:31:24

S… Speaker 2 (video1518234199)

so just to give members an update,

1:31:26

S… Speaker 2 (video1518234199)

as well as we have a privacy policy which was done in June

1:31:30

S… Speaker 2 (video1518234199)

2022.

1:31:30

S… Speaker 2 (video1518234199)

It's on our website.

1:31:32

S… Speaker 2 (video1518234199)

Okay,

1:31:33

S… Speaker 2 (video1518234199)

so these are all links to our website.

1:31:35

S… Speaker 2 (video1518234199)

We are safe on harm policy which was updated in September 2024.

1:31:39

S… Speaker 2 (video1518234199)

This is for youth and adult members.

1:31:42

S… Speaker 2 (video1518234199)

code of conduct in terms of behavior,

1:31:44

S… Speaker 2 (video1518234199)

which will be required to be done by all adults.

1:31:47

S… Speaker 2 (video1518234199)

Then we also have a whistleblowing policy,

1:31:50

S… Speaker 2 (video1518234199)

which was done in July 2019,

1:31:53

S… Speaker 2 (video1518234199)

also on our website.

1:31:54

S… Speaker 1 (video1518234199)

Sorry.

1:31:56

S… Speaker 2 (video1518234199)

Hang on,

1:31:57

S… Speaker 1 (video1518234199)

this is not ERM though.

1:31:58

S… Speaker 2 (video1518234199)

I think what the last time was,

1:32:02

S… Speaker 2 (video1518234199)

matters arising,

1:32:03

S… Speaker 2 (video1518234199)

was to have certain policies in place so that we

1:32:07

S… Speaker 2 (video1518234199)

can address the risk management part of it.

1:32:14

S… Speaker 1 (video1518234199)

That's not my interpretation of this follow -up.

1:32:16

S… Speaker 1 (video1518234199)

I think the question is...

1:32:19

S… Speaker 1 (video1518234199)

Okay, never mind.

1:32:20

S… Speaker 1 (video1518234199)

So what you're saying is...

1:32:22

S… Speaker 1 (video1518234199)

Okay, so for cybersecurity,

1:32:23

S… Speaker 1 (video1518234199)

do you have a policy?

1:32:24

S… Speaker 2 (video1518234199)

Cybersecurity,

1:32:25

S… Speaker 2 (video1518234199)

don't have.

1:32:26

S… Speaker 2 (video1518234199)

We are going to do that after our SMS is

1:32:30

S… Speaker 1 (video1518234199)

being done.

1:32:30

S… Speaker 1 (video1518234199)

Data privacy?

1:32:31

S… Speaker 2 (video1518234199)

Data privacy,

1:32:32

S… Speaker 1 (video1518234199)

yes.

1:32:33

S… Speaker 2 (video1518234199)

It's being there.

1:32:33

S… Speaker 3 (video1518234199)

Okay.

1:32:35

S… Speaker 1 (video1518234199)

Then use and safety,

1:32:38

S… Speaker 1 (video1518234199)

you already have a policy?

1:32:39

S… Speaker 2 (video1518234199)

Correct. Yes,

1:32:40

S… Speaker 1 (video1518234199)

we do have.

1:32:40

S… Speaker 1 (video1518234199)

Okay, so I think this is two parts.

1:32:43

S… Speaker 1 (video1518234199)

I think one part of it is whether you have a policy.

1:32:46

S… Speaker 1 (video1518234199)

But I think the other point was that we today do not have an

1:32:51

S… Speaker 1 (video1518234199)

ERM that strings together a strategic view of all the risks the

1:32:55

S… Speaker 1 (video1518234199)

association is facing.

1:32:56

S… Speaker 2 (video1518234199)

Correct.

1:32:56

S… Speaker 1 (video1518234199)

Okay,

1:32:57

S… Speaker 1 (video1518234199)

so that is a separate follow -up.

1:33:00

S… Speaker 1 (video1518234199)

So you're just saying there's an existing policy for these things,

1:33:02

S… Speaker 1 (video1518234199)

but we don't have an existing policy for cybersecurity,

1:33:04

S… Speaker 1 (video1518234199)

which will be developed in the next few months.

1:33:07

S… Speaker 1 (video1518234199)

But the question then is still...

1:33:10

S… Speaker 1 (video1518234199)

What about the ERM itself?

1:33:12

S… Speaker 1 (video1518234199)

Okay.

1:33:13

S… Speaker 1 (video1518234199)

And your response to that?

1:33:16

S… Speaker 2 (video1518234199)

I think we are looking at developing in the next with a

1:33:20

S… Speaker 2 (video1518234199)

new president coming to take over.

1:33:21

S… Speaker 2 (video1518234199)

Then we will be discussing that further together with maybe

1:33:26

S… Speaker 2 (video1518234199)

a strategic review of all the things that is going on in the organization.

1:33:30

S… Speaker 1 (video1518234199)

Are you saying this is going to happen

1:33:34

S… Speaker 1 (video1518234199)

in the coming months?

1:33:35

S… Speaker 2 (video1518234199)

It will happen in early next year.

1:33:37

S… Speaker 3 (video1518234199)

Okay.

1:33:39

S… Speaker 1 (video1518234199)

For members,

1:33:40

S… Speaker 1 (video1518234199)

do we...

1:33:42

S… Speaker 1 (video1518234199)

any comments on the responses?

1:33:43

S… Speaker 3 (video1518234199)

No,

1:33:48

S… Speaker 2 (video1518234199)

from me.

1:33:49

S… Speaker 3 (video1518234199)

Chen

1:33:53

S… Speaker 1 (video1518234199)

Kyong okay?

1:33:54

S… Speaker 1 (video1518234199)

Is Chen Kyong still?

1:33:55

S… Speaker 1 (video1518234199)

No ah?

1:33:56

S… Speaker 1 (video1518234199)

Yeah. I'm trying to see...

1:33:59

S… Speaker 1 (video1518234199)

Oh, that is a video.

1:34:00

S… Speaker 1 (video1518234199)

Okay.

1:34:01

S… Speaker 2 (video1518234199)

Sorry.

1:34:02

S… Speaker 1 (video1518234199)

I forgot whether that was a photo or video.

1:34:05

S… Speaker 1 (video1518234199)

Okay.

1:34:07

S… Speaker 1 (video1518234199)

Then I think you can record that as the

1:34:12

S… Speaker 1 (video1518234199)

follow -ups and we can close the item.

1:34:14

S… Speaker 3 (video1518234199)

Okay.

1:34:15

S… Speaker 3 (video1518234199)

Thanks,

1:34:16

S… Speaker 3 (video1518234199)

Chairman. Next one.

1:34:23

S… Speaker 2 (video1518234199)

I think not on the minutes anymore.

1:34:25

S… Speaker 2 (video1518234199)

Maybe go on the agenda.

1:34:27

S… Speaker 3 (video1518234199)

I

1:34:47

S… Speaker 2 (video1518234199)

think in terms of AR,

1:34:48

S… Speaker 2 (video1518234199)

I think we have all this.

1:34:50

S… Speaker 2 (video1518234199)

Jenny, there's none,

1:34:51

S… Speaker 1 (video1518234199)

right? Hang on,

1:34:52

S… Speaker 1 (video1518234199)

hang on.

1:34:53

S… Speaker 1 (video1518234199)

So sustainability ESG reporting?

1:34:55

S… Speaker 2 (video1518234199)

ESG reporting.

1:34:57

S… Speaker 2 (video1518234199)

A check with...

1:35:00

S… Speaker 1 (video1518234199)

check with is it still that means they will play by year because

1:35:07

S… Speaker 1 (video1518234199)

Commissioner of Charities,

1:35:08

S… Speaker 1 (video1518234199)

there's still no hard reporting necessary.

1:35:10

S… Speaker 1 (video1518234199)

They are still guiding charities to do whatever they can in terms

1:35:14

S… Speaker 1 (video1518234199)

of ESG reporting.

1:35:15

S… Speaker 1 (video1518234199)

Gary,

1:35:17

S… Speaker 1 (video1518234199)

can you just help refresh my memory?

1:35:19

S… Speaker 1 (video1518234199)

Yes.

1:35:19

S… Speaker 1 (video1518234199)

Because the last line of this said you report back by end of the month.

1:35:23

S… Speaker 1 (video1518234199)

Yeah,

1:35:23

S… Speaker 1 (video1518234199)

correct. Was this information given to me or to the ARC?

1:35:27

S… Speaker 1 (video1518234199)

No,

1:35:28

S… Speaker 1 (video1518234199)

no. Okay.

1:35:28

S… Speaker 1 (video1518234199)

So what happened was that I checked back with Commissioner of Charities.

1:35:33

S… Speaker 1 (video1518234199)

Sorry,

1:35:34

S… Speaker 1 (video1518234199)

I didn't update the last time.

1:35:36

S… Speaker 1 (video1518234199)

They say that there's still no change in terms of their status.

1:35:40

S… Speaker 1 (video1518234199)

Charities still report whatever they can in terms of

1:35:44

S… Speaker 1 (video1518234199)

ESG.

1:35:45

S… Speaker 1 (video1518234199)

There is no structure.

1:35:50

S… Speaker 1 (video1518234199)

Anyway, I'm attending a course by Nian Polly in

1:35:55

S… Speaker 1 (video1518234199)

next week so that to kind of find out,

1:35:58

S… Speaker 1 (video1518234199)

to put some structure into our ESG reporting.

1:36:00

S… Speaker 1 (video1518234199)

Hopefully,

1:36:01

S… Speaker 1 (video1518234199)

I have a structure that we can work on.

1:36:03

S… Speaker 1 (video1518234199)

Then we can focus on our ESG reporting in that

1:36:08

S… Speaker 1 (video1518234199)

way.

1:36:08

S… Speaker 1 (video1518234199)

Okay.

1:36:10

S… Speaker 1 (video1518234199)

This one, I recall Chiwi you had.

1:36:12

S… Speaker 1 (video1518234199)

I mean,

1:36:13

S… Speaker 1 (video1518234199)

originally partly from things that you may have raised.

1:36:15

S… Speaker 1 (video1518234199)

Do you have any comments on Gary's update?

1:36:18

S… Speaker 1 (video1518234199)

No, my key concern is what is required

1:36:22

S… Speaker 1 (video1518234199)

for charity organization and then we just report on it.

1:36:27

S… Speaker 1 (video1518234199)

We don't have to be the best practices on the market.

1:36:33

S… Speaker 1 (video1518234199)

Currently, they just say that they leave charities to manage

1:36:38

S… Speaker 1 (video1518234199)

on their own at this point in time.

1:36:39

S… Speaker 1 (video1518234199)

But I'm hoping that to attend after the course,

1:36:43

S… Speaker 1 (video1518234199)

then we have maybe a structure that I can share with audit committee that

1:36:47

S… Speaker 1 (video1518234199)

maybe it's something that we want to adopt.

1:36:49

S… Speaker 1 (video1518234199)

Sounds good.

1:36:51

S… Speaker 1 (video1518234199)

Thank you.

1:36:52

S… Speaker 1 (video1518234199)

Okay.

1:36:52

S… Speaker 1 (video1518234199)

Cheng Keung,

1:36:54

S… Speaker 1 (video1518234199)

anything else on this point before we move on?

1:36:55

S… Speaker 1 (video1518234199)

No.

1:36:56

S… Speaker 1 (video1518234199)

Okay, so Gary,

1:36:58

S… Speaker 1 (video1518234199)

I think you can close this item,

1:36:59

S… Speaker 1 (video1518234199)

but I just want to register a point when there's follow -ups and there's timelines.

1:37:02

S… Speaker 1 (video1518234199)

Please,

1:37:03

S… Speaker 1 (video1518234199)

can management please get back to us based on the timelines?

1:37:06

S… Speaker 1 (video1518234199)

Okay.

1:37:07

S… Speaker 1 (video1518234199)

And if you're not able to meet it,

1:37:08

S… Speaker 1 (video1518234199)

then at least send an email to the committee or something saying,

1:37:11

S… Speaker 1 (video1518234199)

we know that it was due end of the month,

1:37:13

S… Speaker 1 (video1518234199)

we're still consulting charities or something like that.

1:37:15

S… Speaker 1 (video1518234199)

Okay,

1:37:16

S… Speaker 1 (video1518234199)

Ken. Discipline.

1:37:17

S… Speaker 1 (video1518234199)

Thanks.

1:37:18

S… Speaker 1 (video1518234199)

Next item.

1:37:30

S… Speaker 2 (video1518234199)

AR aging and AP aging.

1:37:32

S… Speaker 2 (video1518234199)

So for AR,

1:37:33

S… Speaker 2 (video1518234199)

we take the latest aging

1:37:37

S… Speaker 2 (video1518234199)

that we have, which is 21st March,

1:37:39

S… Speaker 2 (video1518234199)

we have about 177 ,000 of AR,

1:37:43

S… Speaker 2 (video1518234199)

out of which only 54 ,000 outstanding

1:37:48

S… Speaker 2 (video1518234199)

as of probably today,

1:37:50

S… Speaker 2 (video1518234199)

because we updated the payment status as of June,

1:37:53

S… Speaker 2 (video1518234199)

the year of April.

1:37:54

S… Speaker 2 (video1518234199)

So out of this outstanding amount of 54 ,954,

1:38:02

S… Speaker 2 (video1518234199)

Actually, there is

1:38:04

S… Speaker 2 (video1518234199)

Nothing much.

1:38:05

S… Speaker 2 (video1518234199)

Only this 10 ,000,

1:38:06

S… Speaker 2 (video1518234199)

which is from North East CDC,

1:38:09

S… Speaker 2 (video1518234199)

they are still outstanding.

1:38:11

S… Speaker 2 (video1518234199)

Okay.

1:38:12

S… Speaker 2 (video1518234199)

Because the team needs

1:38:16

S… Speaker 2 (video1518234199)

to prepare the consolidated statement of account

1:38:20

S… Speaker 2 (video1518234199)

before North East CDC will

1:38:24

S… Speaker 2 (video1518234199)

release the funds to us.

1:38:25

S… Speaker 2 (video1518234199)

And the last update is that they are actually finalizing

1:38:30

S… Speaker 2 (video1518234199)

the statement of account.

1:38:31

S… Speaker 2 (video1518234199)

So we expect the payment to be in our bank

1:38:35

S… Speaker 2 (video1518234199)

account probably by 10 months.

1:38:38

S… Speaker 1 (video1518234199)

Okay,

1:38:40

S… Speaker 1 (video1518234199)

this is basically a grant from the CDC.

1:38:41

S… Speaker 1 (video1518234199)

Is that correct?

1:38:44

S… Speaker 1 (video1518234199)

Yeah.

1:38:44

S… Speaker 2 (video1518234199)

So other than that,

1:38:47

S… Speaker 2 (video1518234199)

the rest,

1:38:50

S… Speaker 2 (video1518234199)

we are still following up on payment.

1:38:52

S… Speaker 1 (video1518234199)

Okay,

1:38:53

S… Speaker 1 (video1518234199)

and the Weeming one is,

1:38:54

S… Speaker 1 (video1518234199)

when will the Weeming one be gone?

1:38:56

S… Speaker 1 (video1518234199)

Or it will just perpetually be there for the rest of,

1:38:59

S… Speaker 1 (video1518234199)

I don't know,

1:38:59

S… Speaker 1 (video1518234199)

for the foreseeable future?

1:39:06

S… Speaker 1 (video1518234199)

Yeah, I think no.

1:39:07

S… Speaker 1 (video1518234199)

I think we'll probably close it out.

1:39:08

S… Speaker 1 (video1518234199)

Give

1:39:13

S… Speaker 1 (video1518234199)

me a sense, yeah.

1:39:14

S… Speaker 1 (video1518234199)

So you'll have to write it off,

1:39:14

S… Speaker 1 (video1518234199)

is it? Yeah.

1:39:15

S… Speaker 1 (video1518234199)

Okay.

1:39:17

S… Speaker 1 (video1518234199)

Just one question then on the policy for grants.

1:39:21

S… Speaker 1 (video1518234199)

Actually,

1:39:22

S… Speaker 1 (video1518234199)

the accounts receivable clock starts when?

1:39:24

S… Speaker 1 (video1518234199)

It starts from the time you

1:39:29

S… Speaker 1 (video1518234199)

submitted, the time you've done the work,

1:39:30

S… Speaker 1 (video1518234199)

or the time that they have approved that you are eligible to receive the grant.

1:39:38

S… Speaker 2 (video1518234199)

Talking about this,

1:39:39

S… Speaker 2 (video1518234199)

North East CDC?

1:39:40

S… Speaker 1 (video1518234199)

Yeah, North East CDC.

1:39:41

S… Speaker 1 (video1518234199)

I mean,

1:39:42

S… Speaker 1 (video1518234199)

I'm asking in general for policy on grants.

1:39:43

S… Speaker 1 (video1518234199)

Usually

1:39:47

S… Speaker 2 (video1518234199)

for this one,

1:39:48

S… Speaker 2 (video1518234199)

they are quite prompt in their payment.

1:39:51

S… Speaker 1 (video1518234199)

I'm not asking that.

1:39:52

S… Speaker 1 (video1518234199)

I'm asking what's our policy on grants.

1:39:54

S… Speaker 1 (video1518234199)

I'm asking that.

1:39:56

S… Speaker 1 (video1518234199)

So our policy is the zeroth day for the receivable

1:40:00

S… Speaker 1 (video1518234199)

clock to start ticking is when we submit to them

1:40:04

S… Speaker 1 (video1518234199)

or is when,

1:40:05

S… Speaker 1 (video1518234199)

I mean, what part of the process is it?

1:40:07

S… Speaker 2 (video1518234199)

When we submit to them.

1:40:13

S… Speaker 1 (video1518234199)

Okay.

1:40:14

S… Speaker 1 (video1518234199)

And that's consistent across all the grants.

1:40:16

S… Speaker 1 (video1518234199)

Even if the grant,

1:40:19

S… Speaker 1 (video1518234199)

even if the grant organization says that when you submit to us,

1:40:22

S… Speaker 1 (video1518234199)

give us up to 60 days or 90 days to pay you.

1:40:25

S… Speaker 2 (video1518234199)

They don't say that.

1:40:28

S… Speaker 1 (video1518234199)

You know,

1:40:29

S… Speaker 2 (video1518234199)

yeah,

1:40:30

S… Speaker 2 (video1518234199)

we submit to them.

1:40:31

S… Speaker 2 (video1518234199)

They leave it when they leave.

1:40:33

S… Speaker 2 (video1518234199)

If there's no question.

1:40:34

S… Speaker 1 (video1518234199)

Okay.

1:40:36

S… Speaker 1 (video1518234199)

I mean,

1:40:37

S… Speaker 1 (video1518234199)

I'll take that at face value.

1:40:39

S… Speaker 1 (video1518234199)

Any other questions or queries from Ching Kiong or Chiwi on these

1:40:44

S… Speaker 1 (video1518234199)

receivables?

1:40:55

S… Speaker 1 (video1518234199)

Okay thanks,

1:40:56

S… Speaker 1 (video1518234199)

let's move on.

1:40:57

S… Speaker 2 (video1518234199)

So the most fun is the account stable is this,

1:41:01

S… Speaker 2 (video1518234199)

since the 31st of March,

1:41:04

S… Speaker 2 (video1518234199)

payment status updated as of 20th of April.

1:41:07

S… Speaker 2 (video1518234199)

Please can you move down to the bottom,

1:41:09

S… Speaker 2 (video1518234199)

the total one.

1:41:14

S… Speaker 2 (video1518234199)

So out of the AP aging of the 31st of March

1:41:18

S… Speaker 2 (video1518234199)

of $256 ,000,

1:41:20

S… Speaker 2 (video1518234199)

we have already paid most of it.

1:41:24

S… Speaker 2 (video1518234199)

So the outstanding is $40 ,882,

1:41:27

S… Speaker 2 (video1518234199)

which is representing 50 % of our suppliers that we

1:41:31

S… Speaker 2 (video1518234199)

will be processing payment in May or in June,

1:41:35

S… Speaker 2 (video1518234199)

depending on the credit terms of

1:41:40

S… Speaker 2 (video1518234199)

the invoices.

1:41:45

S… Speaker 1 (video1518234199)

Okay, any comments from Jingkyong and Jiwi on this chart?

1:41:48

S… Speaker 1 (video1518234199)

No.

1:41:49

S… Speaker 1 (video1518234199)

No.

1:41:50

S… Speaker 1 (video1518234199)

Okay,

1:41:52

S… Speaker 1 (video1518234199)

go ahead.

1:41:53

S… Speaker 2 (video1518234199)

Yeah,

1:41:55

S… Speaker 2 (video1518234199)

that's all for the two aging.

1:41:59

S… Speaker 1 (video1518234199)

Okay.

1:42:00

S… Speaker 1 (video1518234199)

Just quickly run through,

1:42:02

S… Speaker 1 (video1518234199)

so any other MAs that we have not yet addressed?

1:42:05

S… Speaker 1 (video1518234199)

No.

1:42:12

S… Speaker 1 (video1518234199)

There is one point though.

1:42:13

S… Speaker 1 (video1518234199)

So I think 4 .4,

1:42:15

S… Speaker 1 (video1518234199)

you have addressed it.

1:42:16

S… Speaker 1 (video1518234199)

But 4 .3,

1:42:17

S… Speaker 1 (video1518234199)

so has the Finance Committee prepared a

1:42:21

S… Speaker 1 (video1518234199)

debt collection policy?

1:42:22

S… Speaker 2 (video1518234199)

We're still in the midst of preparing

1:42:27

S… Speaker 2 (video1518234199)

the debt policy.

1:42:27

S… Speaker 2 (video1518234199)

Okay.

1:42:28

S… Speaker 1 (video1518234199)

So you keep that one open?

1:42:31

S… Speaker 1 (video1518234199)

Okay.

1:42:35

S… Speaker 1 (video1518234199)

That's it,

1:42:37

S… Speaker 1 (video1518234199)

right? Yeah,

1:42:38

S… Speaker 1 (video1518234199)

that's it.

1:42:38

S… Speaker 1 (video1518234199)

Okay.

1:42:40

S… Speaker 1 (video1518234199)

Any other business from members?

1:42:45

S… Speaker 1 (video1518234199)

Not from my end.

1:42:46

S… Speaker 1 (video1518234199)

Okay,

1:42:47

S… Speaker 1 (video1518234199)

Chen Keong and Jiwi don't have.

1:42:49

S… Speaker 1 (video1518234199)

Okay,

1:42:49

S… Speaker 1 (video1518234199)

then if not,

1:42:50

S… Speaker 1 (video1518234199)

from management,

1:42:51

S… Speaker 1 (video1518234199)

anything else you want to bring up or that we haven't covered that you would like covered

1:42:55

S… Speaker 1 (video1518234199)

today? No,

1:42:57

S… Speaker 1 (video1518234199)

I think there are several things that we'll follow up on.

1:42:59

S… Speaker 1 (video1518234199)

Okay,

1:43:00

S… Speaker 1 (video1518234199)

thank you.

1:43:02

S… Speaker 1 (video1518234199)

Okay,

1:43:03

S… Speaker 1 (video1518234199)

if not,

1:43:03

S… Speaker 1 (video1518234199)

then we call the meeting to a close.

1:43:04

S… Speaker 1 (video1518234199)

Thank you everyone for your time.

1:43:05

S… Speaker 1 (video1518234199)

Sorry that it dragged a little bit.

1:43:08

S… Speaker 1 (video1518234199)

Yep.

1:43:09

S… Speaker 1 (video1518234199)

Thank you.

1:43:10

S… Speaker 1 (video1518234199)

Bye -bye.

1:43:12

S… Speaker 1 (video1518234199)

Bye.

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