Committee Critique of Mr Castro’s Accounts published 11 Dec 2017
|Owners may or may not be aware that Roger Barrow, Las Casitas President and leader of the opposition to the committee at Los Claveles, has had a meeting with Ona WimPen to review the accounts and books of account at WimPen. He has stated that the accounts are correct and in good order.|
Similarly, the self-styled Los Claveles Club – Official Opposition Group’s Accountant, Sue Mackenzie, who is a recently retired qualified Accountant, sings the praises of the fantastic financial achievements of Onagrup.
In contrast, no other owner, or for that matter the Committee, has been allowed to review the accounts and books of account by Ona WimPen. Therefore, Mr Barrow is in an extremely privileged position but has he interpreted the Accounts correctly?
It is exceedingly obvious to anyone with a modicum of accountancy knowledge that the Accounts have been contrived by Ona WimPen to show everything in the best possible light to support their case.
Firstly, they have chosen to show the accounts for 2013 to 2016, which is erroneous. They should have started the comparison from 2014 (the last year of the old WimPen), which if they had, would reduce their claimed income rise by €38,701. Similarly, there is an ‘apples and pears’ comparison between electricity income in 2014 and 2016, which again overstates the income rise by €16,837. Also, “Other Income” has shot up by €67,450 without explanation!
Taking all of this together, it seems Mr Castro’s claimed income rise due to Onagrup’s superior management of €168,180 is in actual fact closer to €112,642 (or €45,192 if ‘Other Income’ is included.
That is some difference !!!!!!!!!!!!!!
A similar situation arises on the expenditure, where using 2014 as the baseline instead of 2013 and assuming a constant level of Villa Renewals (whereas they have actually dropped dramatically between 2014 and 2016 by +€99,210). The total expenditure change from 2014 to 2016 using Mr Castro’s accountancy techniques is a reduction of €5,128, which supports Mr Castro’s claim of expenditure being constant over the review period except for legal costs (which have not been paid !!!!).
Again, using the revised 2014 baseline instead of 2013, and assuming constant Villa Renewals, then Mr Castro’s expenditure figures are dramatically understated by at least €100,000 and that is a conservative estimate !!!
Based on the above Mr Castro’s Accounts should be taken with a large pinch of salt.