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3:19

Chapter 1: Is it very muffled? 284s · Speaker 3

Is it very muffled? Is it very muffled? No? Better? It's the same. Is it better? Is it better? Yeah, but then it will be echoed. Echoed? Now? Now I can hear? Hey, it's very strange. I'm from my laptop. who's it from my my earpiece You are f…
9:10

Chapter 2: Okay. Okay. 301s · Speaker 1

Okay. Okay. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. Okay, then you go. …
14:11

Chapter 3: Okay. Hello, hello. 304s · Speaker 1

Okay. Hello, hello. Jenny, we're waiting for Ching Hyeong, is that right? Yes, yes. Hey, I'm in already. Oh, Chenkyan, you're in already? Yes, I am. Okay, brilliant. Then I think we're good, right? We have quorum already, right? I saw Chiwi…
19:16

Chapter 4: were appropriately reflected. 119s · Speaker 5

were appropriately reflected. The issues that we have actually noted was actually mainly from the stock counts. We had a stock count of the items and we actually detected that there were differences between the records as well as the physic…
21:16

Chapter 5: Okay. You can hear me, right? 144s · Speaker 3

Okay. You can hear me, right? Yes, we can hear you. Go ahead. okay okay yeah so okay so this logo items right logo items usually after the event carry very little value or no value at all right so we are saying that since they are of very l…
23:40

Chapter 6: It would be good also to have some idea as to what these items are. 81s · Speaker 8

It would be good also to have some idea as to what these items are. Because some of these items are quite high value items. And even though after the event, the euphoria of the event has died down. You know, it will progressively decrease i…
25:01

Chapter 7: correct? Yeah. 240s · Speaker 7

correct? Yeah. Yeah. The original starting value. Yeah. Okay. I think Gary went in the lift, but he should be back on soon. Okay. Anything else from other members before we... If Gary is okay. Hello. Yeah. Gary, anything else to add before …
29:02

Chapter 8: Can I chime in on this? 73s · Speaker 2

Can I chime in on this? I think you can say that there's no policy because these are things that were discussed and resolved at Scout Council that we have to do this. So if the Scout Council has made a decision on this, it is a policy. This…
30:16

Chapter 9: Yeah, I remember this. 237s · Speaker 1

Yeah, I remember this. I remember this, Jinkiel. That's why I'm asking. So therefore, you cannot say that there was no policy, right? In fact, the decision that was taken is that we want to do it only once a year. So that itself is also a p…
34:13

Chapter 10: Not from our findings. 61s · Speaker 4

Not from our findings. So basically, our procedures involve a lot of management representation in terms of relationships. Because this is an association, right? So in the context of a commercial company, then relationships can be clearly de…
35:14

Chapter 11: Okay. As an ex -auditor, I think that you don't have. 71s · Speaker 3

Okay. As an ex -auditor, I think that you don't have... strong basis to do your audit work. That's why you're recommending formalizing the policy. Correct, if I'm wrong? Yes, correct. Okay. Now, my comment to the management will be that ple…
36:25

Chapter 12: Thanks, Jiwi. 68s · Speaker 5

Thanks, Jiwi. Okay. Thank you. We can move to the next one. So the next point is on restricted funds. The restricted funds of the association mainly comprise the building fund, the Scalp Foundation Fund, the Benjamin Henry Shears Scholarshi…
37:33

Chapter 13: That's right. 111s · Speaker 7

That's right. Okay, if the others don't have, I'm okay to move on. Okay, the final point is just an observation we had from the audit. So we conducted the stock tape, and as in the previous years, this is not the first time, we have actuall…
39:27

Chapter 14: Yeah, percent of incoming funds or some appropriate measure. 82s · Speaker 6

Yeah, percent of incoming funds or some appropriate measure. I'm trying to understand how material this is. Okay, so based on the variances that we had actually extrapolated from our samples, because we didn't do 100 % count, it amounted to…
40:50

Chapter 15: Can I try to understand? 78s · Speaker 3

Can I try to understand? Okay, I'm actually more concerned about the Serenbum Scout Camp. When you talk about these variations, what kind of items are these? Because the Serenbum Scout Camp don't really carry stock or anything like that. Th…
42:08

Chapter 16: Okay, maybe I'll just jump in here. 62s · Speaker 7

Okay, maybe I'll just jump in here. Okay, actually the termite infestation, the stocks was actually the sleeping bag. So the sleeping bag was infested with termites because they were kept in the cupboard and inside the carton boxes, the ter…
43:11

Chapter 17: Okay. The method for scout shop is that usually what we do is that if the auditors pick it up as a very slow moving stock, what they will ask us to, I think, what is that word where you're apportionate for it to be, I think, write down the amount, then for us to actually sell it off at a cheaper price. 64s · Speaker 1

Okay. The method for scout shop is that usually what we do is that if the auditors pick it up as a very slow moving stock, what they will ask us to, I think, what is that word where you're apportionate for it to be, I think, write down the …
44:16

Chapter 18: You know, we rent them out for a certain number of years and then after that, they become unusable. 161s · Speaker 5

You know, we rent them out for a certain number of years and then after that, they become unusable. How do you deal with them? Yeah, so actually the differentiation is whether it's for use or it's for sale. So these items were classified as…
46:57

Chapter 19: Yes. Okay. 110s · Speaker 3

Yes. Okay. Yeah, we looked at the aging list, the inventory aging list. Okay. And what's your assessment? But in this case, it was because of a specific termite thing that is why it has been impacted. Yes. Okay. But the amount of the cost i…
48:47

Chapter 20: Appreciate it. 88s · Speaker 4

Appreciate it. Thanks Jenny. Bye -bye. Bye. Bye. Okay, Ken, shall we go then to the main agenda and run through? Ken, then you bring us through the reconciliation first and then the audited statements. Okay, so this is the reconciliation th…
50:16

Chapter 21: just a correction to your last statement. 282s · Speaker 1

just a correction to your last statement. I think you mean a small surplus, right? Surplus, yeah. More surplus of $46 ,000. Okay, go ahead. So the first adjustment is the right back of previous year's grants that were not utilized. These $5…
55:00

Chapter 22: page six of the financial statement the question is to confirm our cash of 7 . 214s · Speaker 4

page six of the financial statement the question is to confirm our cash of 7 .6 million we'll be able to cover approximately 1 .4 years of effect okay so our reply is uh total cash in excess of operating expenses is uh 1 .6 which is one one…
58:37

Chapter 23: I think it is true, the issue of whether we are having too little or too much cash. 82s · Speaker 3

I think it is true, the issue of whether we are having too little or too much cash. And who do we benchmark it against? I think over the years, we have been raising funds, spending, and there's no real policy as to what actually is the idea…
1:00:00

Chapter 24: and we can sustain like this for 1 . 60s · Speaker 4

and we can sustain like this for 1 .6 times, which is the worst case scenario, which is very unlikely to happen. Therefore, we are sitting on quite a fair bit of what do we call current cash and cash equivalent that can be better utilized w…
1:01:00

Chapter 25: deposit. Sorry, 30 % is held in cash. 60s · Speaker 1

deposit. Sorry, 30 % is held in cash. and 70 % is held in deposit. It just happened to be 30 % and 70%. My question, is this intentional or there is some form of thinking behind that shows that 30 % is sufficient for the ongoing monthly cas…
1:02:01

Chapter 26: The second question is on agro -receivables. 126s · Speaker 2

The second question is on agro -receivables. Around 50 % of the receivables are grant receivables. What are the grants and when can we claim them? So, the grant receivables of $213 ,000 is made up as MOE campsite grant $39 ,000 that we rece…
1:04:17

Chapter 27: Yeah, I think there is always no indication of minimum because whatever the organization can hold, but there is always a maximum limit that the NCSS does recommend that organizations do not keep more than that. 65s · Speaker 1

Yeah, I think there is always no indication of minimum because whatever the organization can hold, but there is always a maximum limit that the NCSS does recommend that organizations do not keep more than that. If not, you are really not ut…
1:05:25

Chapter 28: I don't think so. 127s · Speaker 4

I don't think so. There has never been a minimum because I think our funds have never dropped to a critical level before. If you ask me, the current recent years, the amount is actually at the lowest in many years. So we used to have actual…
1:07:32

Chapter 29: Okay. So whatever money that we have in the bank that we don't utilize. 148s · Speaker 5

Okay. So whatever money that we have in the bank that we don't utilize. Okay. Because just now I think you refer to question number one, right? Yeah. In terms of excess of operating expense. In this case, we are using it synonymously, right…
1:10:00

Chapter 30: Okay. Right back. 99s · Speaker 7

Okay. Right back. But the right back of previous year's grants, why would that be positive? Yeah, that's right. Because it actually increases our income. Yeah, of the grant. And same for the January grant also. It actually adds more, adds o…
1:11:39

Chapter 31: I don't know whether is that the right way to do it because if we do an event like a jamboree, we, number one, we know that we are going to apply for the grant. 98s · Speaker 2

I don't know whether is that the right way to do it because if we do an event like a jamboree, we, number one, we know that we are going to apply for the grant. Number two, we know from past practices that we normally will get the grant. So…
1:13:17

Chapter 32: Okay? So we were quite wary of it. 89s · Speaker 7

Okay? So we were quite wary of it. And on top of that, for the NYC one in particular, NYC wanted us, I think, okay, you give me something, I give you something kind of thing. Okay. We were not certain that we could hit their mark. So we wer…
1:14:47

Chapter 33: Okay. Okay, thanks for that. 64s · Speaker 4

Okay. Okay, thanks for that. I mean, Chiwi, anything else to add on this point? I just have a comment. Even though it's a surplus of 46k, Essentially, it's because of the amortization of the building fund. So if I put it very focused on, th…
1:15:52

Chapter 34: i think it's definitely a small red flag All right. 173s · Speaker 2

i think it's definitely a small red flag All right. SLDC was hit, I think, massively by the increase in costs in various areas that for their, I think, their operating costs, operating expenses. So it's definitely a red flag that we are loo…
1:18:45

Chapter 35: I second the two members' points. 73s · Speaker 4

I second the two members' points. One additional question, but I'm also mindful of time, so I do want to try and manage the meeting timing. Some of these are not new issues. Is the Finance Committee or SLDC actively looking at some of these…
1:20:00

Chapter 36: and eventually whether SLDC might be an entity in and of itself. 302s · Speaker 2

and eventually whether SLDC might be an entity in and of itself. So all these things may change the original plans that we had. So it may be useful for us to, it may not be an audit committee's role to do this, but I think it is our role to…
1:25:02

Chapter 37: It is a broader point. 302s · Speaker 2

It is a broader point. The broader point that I'm alluding to here is the sustainability of our income structures. So if this is a substantial chunk of our incoming resources, is it the right level, basically? So 22 % or whatever figure it …
1:30:05

Chapter 38: well. And just make sure that the questions are adequately addressed. 300s · Speaker 1

well. And just make sure that the questions are adequately addressed. Okay. Okay. Let's move on. Okay. Minutes of last meeting circulated already. So do members have any amendments or comments? Chiwi, Ching Hyung? No. No from me. No? Okay. …
1:35:07

Chapter 39: Commissioner of Charities, there's still no hard reporting necessary. 132s · Speaker 1

Commissioner of Charities, there's still no hard reporting necessary. They are still guiding charities to do whatever they can in terms of ESG reporting. Gary, can you just help refresh my memory? Yes. Because the last line of this said you…
1:37:30

Chapter 40: AR aging and AP aging. 68s · Speaker 2

AR aging and AP aging. So for AR, we take the latest aging that we have, which is 21st March, we have about 177 ,000 of AR, out of which only 54 ,000 outstanding as of probably today, because we updated the payment status as of June, the ye…
1:38:38

Chapter 41: Okay, this is basically a grant from the CDC. 274s · Speaker 1

Okay, this is basically a grant from the CDC. Is that correct? Yeah. So other than that, the rest, we are still following up on payment. Okay, and the Weeming one is, when will the Weeming one be gone? Or it will just perpetually be there f…