The Sport Company of Trinidad and Tobago were quick out of the blocks in submitting their audited statements for the period of 2015 to the Ministry of Finance today. The newly constituted Board held their first AGM where the audited statements were handed over to Chairman Michael Phillips by Jason Williams of the accounting firm PKF. When questioned as to the findings within the report, Phillips commented that there was nothing “untoward” within the document which was basically a documentation of expenditure prior to his appointment.
However, what emerged of interest is that the spending for the year 2014 was approximately $463Million TT while 2015 was just $298M in comparison. These figures include both the recurrent expenditure and development funds. The difference between the two years though was basically down to expenditure on one notorious line item – Life Sport.
When pressed on this particular issue, Phillips re-affirmed that this issue was actually the subject of a forensic audit and not addressed by these particular financials but merely listed. The SporTT company is presently co-operating with that process.
While this early submittal of documents in no way guarantees early release of funds by the Ministry of Finance to the Sport Company, Phillips vowed to press ahead with his current team that have been meeting twice a month for the past 4 months, along with committee meeting in the interim, to find new and creative ways to assist sport in the country. The board is focused on moving away from being primarily a facility building company and more on athletes, programmes and events, which Phillips emphasised is the key to bringing in revenue and making facilities self sustainable. Progress on the three sporting facilities (aquatic, cycling and hockey) continues and is expected to be handed over hopefully by mid May.
The Chairman was accompanied by board members Jason Julien, Marcus Phillips and the head of the audit committee, Anthony Subero.