KIRANA MANAGEMENT CORPORATION (PTG/WP.20/1934/2002) FINANCIAL STATEMENTS 31 OCTOBER 2011
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1 KIRANA MANAGEMENT CORPORATION FINANCIAL STATEMENTS 31 OCTOBER
2 STATEMENT BY COUNCIL MEMBERS KIRANA MANAGEMENT CORPORATION ( KMC ) was incorporated on 6 January 2006 under the Strata Titles Act, 1985 to manage the common property of KIRANA CONDOMINIUM. With effect from 1 February 2010, KMC took over the management of Kirana Condominium from the developer, AMANAH SCOTT PROPERTIES (KL) SDN BHD ( Developer ). With effect from 1 November 2010, IZRIN & TAN PROPERTIES SDN BHD was appointed the building manager by KMC. We, Chan Sook Phun and Beverly Jones, being two of the council members of KMC, do hereby state that, in the opinion of the Council, the accompanying balance sheet of KMC as at 31 October 2011 and the maintenance fund statement, statements of changes in funds and cash flow statement for the financial period from 1 January 2011 to 31 October 2011, together with the notes thereto, are properly drawn up in accordance with Private Entity Reporting Standards so as to give a true and fair view of the state of affairs of KMC as at 31 October 2011 and of the results and cash flows of KMC for the financial period then ended. On behalf of the Council, Chan Sook Phun Chairman Beverly Jones Treasurer Kuala Lumpur Date: 1
3 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF KIRANA MANAGEMENT CORPORATION Report on the Financial Statements We have audited the financial statements of KIRANA MANAGEMENT CORPORATION ( KMC ) which comprise the balance sheet as at 31 October 2011, the maintenance fund statement, statement of changes in funds and cash flow statement for the period from 1 January 2011 to 31 October 2011, and a summary of significant accounting policies and other explanatory information, as set out on pages 4 to 10. Council members responsibility for the statement The council members of KMC is responsible for the preparation of financial statements that give a true and fair view in accordance with Private Entity Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment, we consider internal control relevant to KMC preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of KMC s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the council members, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are properly drawn up in accordance with Private Entity Reporting Standards so as to give a true and fair view of the state of affairs of KMC as at 31 October 2011 and the results and cash flows of KMC for the financial period from 1 January 2011 to 31 October
4 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF KIRANA MANAGEMENT CORPORATION Emphasis of matter Without qualifying our opinion, we draw your attention to Note 4 to the financial statements concerning the amount due from unit owners of which 603,572 were owing for more than 90 days as at 31 October It is not possible to predict at this time the collectability of the above amounts receivable from the unit owners. Other Matter This report is made solely to the members of KMC and for no other purpose. We do not assume responsibility to any other person for the content of this report. TAM & ASSOCIATES No. AF-1356 Chartered Accountants TAM KOK MENG No. 1875/02/14 (J/PH) Partner of the firm Kuala Lumpur Date: 3
5 BALANCE SHEET AS AT 31 OCTOBER 2011 KIRANA MANAGEMENT CORPORATION Non-current asset Note Plant and equipment 3 35,529 21,763 Current assets Amount receivable from unit owners 4 745, ,773 Other receivables and deposits 5 44,322 24,234 Fixed deposits with a licensed bank 658, ,089 Cash and bank balances 199, ,034 1,648,236 1,371,130 Current liability Payables 6 514, ,760 Net current assets 1,134, ,370 Represented by:- 1,169, ,133 Maintenance fund 999, ,768 Sinking fund 7 170, ,365 1,169, ,133 The accompanying notes form an integral part of this statement. 4
6 MAINTENANCE FUND STATEMENT FOR THE PERIOD FROM 1 JANUARY 2011 TO 31 OCTOBER to to Note Service charges income 8 770, ,728 Other income 9 87,017 69,548 Gross surplus 857, ,276 Maintenance expenses (235,648) (298,000) Administrative expenses (211,416) (252,838) Utilities expenses (167,367) (181,864) Net surplus for the period 243, ,574 The accompanying notes form an integral part of this statement. STATEMENT OF CHANGES IN FUNDS FOR THE PERIOD FROM 1 JANUARY 2011 TO 31 OCTOBER 2011 Maintenance Sinking fund fund Total Balance as at , , ,133 Net surplus / (utilisation) for the period 243,521 (37,006) 206,515 Balance as at , ,359 1,169,648 Balance as at , ,814 1,174,008 Net surplus / (utilisation) for the period 198,574 (409,449) (210,875) Balance as at , , ,133 The accompanying notes form an integral part of this statement. 5
7 CASH FLOW STATEMENT FOR THE PERIOD FROM 1 JANUARY 2011 TO 31 OCTOBER to to Cash flows from operating activities Net surplus for the period 243, ,574 Adjustment for:- Depreciation 8,020 6,873 Interest received (10,535) (10,236) Sinking fund contributions 85,659 80,519 Net surplus before working capital changes 326, ,730 Increase in receivables (136,065) (91,556) Increase in payables 84, ,680 Cash generated from operating activities 274, ,854 Utilisation of sinking fund (122,665) (489,968) Net cash generated from / (utilised in) operating activities 152,292 (88,114) Cash flows from investing activities Purchase of plant and equipment (21,786) (9,067) Interest received 10,535 10,236 Net cash (utilised in) / generated from investing activities (11,251) 1,169 Net increase / (decrease) in cash and cash equivalents 141,041 (86,945) Cash and cash equivalents at beginning of period 717, ,068 Cash and cash equivalents at end of period 858, ,123 The accompanying notes form an integral part of this statement. Cash and cash equivalents comprise:- Fixed deposits 658, ,089 Bank balances 198, ,034 Cash on hand 1,000 1, , ,123 Cash & Cash Equivalent Per B/Sheet 858, ,123 Difference (Cash Flow Statement vs B/Sheet amount) - - 6
8 NOTES TO THE FINANCIAL STATEMENTS - 31 OCTOBER OBJECTIVE OF KIRANA MANAGEMENT CORPORATION ( KMC ) The objective of KMC is to maintain and upkeep the common property of the Kirana Condominium at No. 7, Jalan Pinang, Kuala Lumpur. KMC is managed by a building manager, Izrin & Tan Properties Sdn Bhd, whose business office is located at 1-1, Jalan 5/76B, Desa Pandan, Kuala Lumpur. The financial statements were authorised for issue by the council members in accordance with a resolution of the Council on Date Month SIGNIFICANT ACCOUNTING POLICIES (a) Basis of accounting The financial statements have been prepared under the historical cost convention and comply with Private Entity Reporting Standards. (b) Plant and equipment and depreciation Plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight line basis calculated to write off the cost of each asset over its estimated useful life. The principal annual depreciation rates are as follows:- Office and operating equipment, furniture and fittings 20% Computer equipment and software 33% Household and building equipment 10% Upon disposal of an item of plant or equipment, the difference between the net disposal proceeds and the net carrying amount is recognised in the maintenance fund statement and unutilised portion of the revaluation surplus on that item is taken directly to maintenance fund. (c) Sinking fund The sinking fund represents contributions made by owners. The fund may only be utilised for the following matters as stated in Section 46 of the Strata Title Act, 1985 (Act 318):- (i) For painting or repainting any part of the common property which is a building or other structure. (ii) For the acquisition of any moveable property for the use in relation with the common property. (iii) For the renewal or replacement of any fixtures or fittings comprised in any common property and any moveable property vested in the body corporate. (iv) For any other expenditure not being expenditure incurred under subsection (5) of Section 43 of the Strata Title Act, 1985 (Act 318) to meet a liability for maintenance or for settling any defaults in payment by unit owners. 7
9 (d) Amounts receivable from unit owners Unit owners are purchasers of the properties of Kirana condominium. Amount receivable from unit owners are carried at anticipated realisable values. Known bad debts are written off and specific allowance is made for any considered to be doubtful collection. (e) Payables Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received. (f) Cash and cash equivalents For the purpose of the cash flow statement, cash and cash equivalents include cash on hand and at bank, deposits at call and short term highly liquid investments that are readily convertible to known amounts of cash and which have an insignificant risk of changes in value. 3. PLANT AND EQUIPMENT Office and operating Computer equipment, equipment Household furniture and and and building fittings software equipment Total Cost As at ,102 16,660 49,555 90,317 Additions 21, ,786 As at ,888 16,660 49, ,103 Accumulated depreciation As at ,515 12,332 36,707 68,554 Charges 2,607 2,148 3,265 8,020 As at ,122 14,480 39,972 76,574 Net book value as at ,766 2,180 9,583 35,529 Net book value as at ,587 4,328 12,848 21,763 8
10 4. AMOUNTS RECEIVABLE FROM UNIT OWNERS KIRANA MANAGEMENT CORPORATION Included in the amounts receivable from unit owners are amounts totaling 603,572 (2010: 567,826) owing more than 90 days. 5. OTHER RECEIVABLES AND DEPOSITS Other receivables 2,939 7,759 Deposits 33,075 16,475 Prepayment 2,120 - Work in progress 6,188-44,322 24, PAYABLES Accruals 32,103 26,423 Advance payment from unit owners 83,542 - Amount due to service providers 65,733 49,884 Other payables 218, ,791 Deposits 113, , , ,337 9
11 7. SINKING FUND Balance as at / , ,814 Sinking fund contributions 85,659 80,519 Sinking fund expenditures (122,665) (489,968) Balance as at / , ,365 The sinking fund expenditures are as follows:- Exterior repainting 106, ,875 Lobby refurbishment - 319,663 Upgrading of facilities - 60,430 Interior renovation 8,890 - Equipment replacement 6, , , SERVICE CHARGES INCOME Service charges income represents monthly service charges received and receivable during the financial period. 9. OTHER INCOME to to Interest income 10,535 10,236 Overdue interest 4,270 6,104 Other income ,208 Recovery of electric bill overcharged 60,000 - Write-off brought forward balance for water bill payable 11,240-87,019 69,548 10
12 CONTENTS PAGE STATEMENT BY COUNCIL MEMBERS 1 AUDITORS REPORT 2-3 BALANCE SHEET 4 MAINTENANCE FUND STATEMENT 5 STATEMENT OF CHANGES IN FUNDS 5 CASH FLOW STATEMENT 6 NOTES TO THE FINANCIAL STATEMENTS
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