FINANCIAL UPDATE

I am writing on behalf of the Board to provide you with a further update. 

It is very disappointing to have to inform you that in addition to the inappropriate purchase of goods using Club funds previously advised to Members last year, we have recently identified further suspect invoices following a second forensic audit, encompassing the period 2011 to 2018.

This information has been provided to Victoria Police. The charges laid against Peter Stratton, of which you were advised last week, now include these matters.

Our original claim to the Insurers was paid to us in January 2019. A further claim has been submitted to our insurer and their preliminary view is that our insurance policy will respond to this additional claim, which is in the vicinity of $350,000. Forensic investigative work with the assistance of PWC is still underway and the Board is continuing to review and update Lyceum Club policy, processes and business controls. 

As this matter is before the court, we unfortunately are unable to hold an information session for members at this stage. However, if you have any questions, please submit these to me and they will be considered at the June Board meeting. A written response will be provided as we are able.

I know it is frustrating that we cannot provide more detail, but the Board wanted to share what we can now. We will of course keep you abreast of developments as quickly as possible and will share more information with you as it comes to hand. 

Helen Moylan
President