Monday, June 27, 2011

AGM Update and 2010 Accounts

Firstly many thanks to everybody who attended the AGM.

We are currently awaiting the completion of the minutes and other formalities and will endeavour to update this site asap.

Although the accounts handover has not yet been completed we are able to publish the 2009/10 audited accounts which Mr Philip from SPM presented last Saturday.

The 2010 accounts are available here: 2010_audited_accounts


  1. Hi Robert, sorry for such late reply. Below are some of my comments regarding the Balance Sheet and Income Statement of our condo: -

    - NON CURRENT ASSET - did anyone go and inspect the physical assets after handover? i.e. quantity and condition
    - Receivables (owing by purchasers) - I remember that Mr Philip has mentioned we have yet to receive the detailed listing of purchasers, do we have it now? Tie to the total amount? Wondering why there is a negative amount under assessment.
    - Other receivables and deposits - any other info (breakdown) regarding this item?
    - FD - hopefully there is a statement to prove on the balance
    - Cash and bank balances - any discrepancy during the handover?
    - Other payable and accruals - any other info (breakdown) regarding this item?
    - Refundable deposits - any other info (breakdown) regarding this item?
    - Sinking fund - any other info (breakdown) regarding this item?
    - Why do we have INCOME on "insurance received" and "insurance claimed"? Same Q goes to "quit rent and assessment"
    - Any details on "Sundry income"?
    - Security charges - RM861,394 for the year, meaning RM71,782 per month, assuming one guard costs us RM2,000 then we should have about 35 guards!
    - is it justifiable to have such high electricity charges? I am not sure on the rate. But this amount (RM751K) seems hurt to me
    - Waste disposal - what is this?

    haha... more like questions, instead of comments..


  2. Thanks for your comments

    The accounts handover is still in progress so we don’t have any further info regarding many of the items.

    I will have to ask some of the previous committee regarding the current assets but Its probable that no list was submitted because these accounts were only passed to us just before the AGM.

    The TNB costs are about right based on our findings and the security charge seems a little high considering the poor service that we received. Our current guards cost 70-80k per month so it’s about right.

    I believe that waste disposal is the cost of removing the rubbish but without the details we are not sure.

  3. when is centralised Astro Byond to be installed? I moved back here since 4 months ago and been paying the service for nothing as i already have the account contracted for 1 year, as the committee still hasn't approved the installer. Any longer and i might as well install the dish at my unit then paying for nothing. Or will the committee pay me the difference?

  4. Dear Shadarin

    Thank you for your feedback.

    We are currently looking into the feasibility of upgrading the system and are speaking to several vendors.

    Due to some issues the collection of quotations is taking longer than expected however we plan to complete the collection of quotations within next month. Once we have all the facts then a decision can be made.

    To set expectation we have very limited funds with the situation compounded by the parcel owners refusing to increase the sinking fund so this may have to be postponed due to higher priority projects that need to take place if the costs are very high.

    As soon are the quotations phase is complete we will communicate the outcome with all residents.