Coogee Sports Club AGM leaves member questions unanswered

BY KRISTEN TSAIMIS
The Annual General Meeting of Coogee Sports Club was held Sunday 23rd October, and left the members with the belief that their Club will likely become insolvent in the near future.
Two weeks ago, City Hub received an anonymous tip from a concerned local who said the future of the club was looking bleak.
The meeting was chaired by the Administrator Greg Parker and alongside him the Clubs Solicitor Mr Tony Johnston and auditor Garry Day.
Members who wanted to ask questions at the meeting had to submit questions a minimum of seven days earlier. City Hub’s source said that they believed the questions were “brushed over and not answered satisfactorily.”
They also said that “any question that related to the board or Management of the Club were ignored as they were viewed as defamatory”
The meeting itself was charged with emotion with Directors and members frustrated as members “continually asked questions to get the answers they believed they weren’t receiving.”
Prior to the commencement of the meeting the Club’s solicitor made it clear the meeting was being recorded, warning attendees to be careful of anything said as members could be liable for any defamation.
The Auditor’s Report to the Members states, “the Administrators has issued a report dated 1st July 2016 setting out his concerns and the accounting deficiencies. During the year little to no accounting records were maintained inlcuding…. relatively few Financial Reports, Balance Sheets, or Profit & Loss Accounts, which lead them to the conclusion that the system of internal control, proper check and balances, especially for receipts and payments were not in place.”
The lack of financial records could have contributed to the club going into administration.
The audited Annual Reports obtained from the Club’s website shows that the funds transferred to the Coogee Sports Club on amalgamation in May of 2015 with the Drummoyne Sports Club totalled $1,215,508. On request, the Administrator advised that the Club’s cash balance as of the AGM was approximately $100,000 plus a frozen investment with Macquarie Portfolio Investment of $32,083.
After the Club pays the administrator for their services, it will leave the Club with less than $25,000.
Control of the club was handed back to the Club the following Monday and the new board has the same four directors that led the club into administration. In accordance with the new constitution only one bowling member can be on the board for two calendar years after completion of the amalgamation between Drummoyne Sports Club Limited and the Coogee Bowling Club Limited in 2015.
The club is no longer in administration, but the future of the club appears shaky. With minimal funds to keep the club going, members fear the club will close its doors within the next year.
The Club declined to comment.